Ivanhoe Mines issues 2022 fourth quarter and annual financial results, plus overview of construction and exploration activities.

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Overig advies 13/03/2023 16:09
Kamoa-Kakula Copper Complex sold 323,733 tonnes of
payable copper in 2022 and recognized record annual revenue
of $2.15 billion and record EBITDA of $1.39 billion
?
Ivanhoe Mines recognized a record profit of $434 million in
2022, driven by record income from the Kamoa-Kakula joint
venture of $405 million
?
Kamoa-Kakula’s 2022 cost of sales total $1.09 per lb. of
payable copper; C1 cash costs of $1.39 per lb. within guidance
?
Kamoa-Kakula sold 92,208 tonnes of payable copper in Q4
2022 for record quarterly revenue of $673 million and record
EBITDA of $451 million at a margin of 67%
?
Kamoa-Kakula’s Phase 3 expansion on target for Q4 2024
completion; increasing copper production to a ten-year
average of 620,000 tonnes per annum,
at C1 cash cost of $1.22/lb.
?
Ivanhoe Mines commences optimization work to accelerate
Phase 2 expansion of the Tier-One Platreef palladium, nickel,
platinum, rhodium, copper and gold mine in South Africa;
Phase 1 on target for first production in Q3 2024
?
Construction ongoing at ultra-high-grade Kipushi zinc-coppergermanium-silver mine; on track for Q3 2024 production
2
JOHANNESBURG, SOUTH AFRICA ? Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF)
today announced its financial results for the year ended December 31, 2022.
Ivanhoe Mines is a leading Canadian mining company that is advancing its four
principal mining and exploration projects in Southern Africa: the Phase 3
expansion of the Kamoa-Kakula Copper Complex in the Democratic Republic of
Congo (DRC) that commenced commercial operations in July 2021; the
construction of the Platreef palladium, nickel, platinum, rhodium, copper and gold
project in South Africa, scheduled for first production in the third quarter of 2024;
the restart of the historic Kipushi zinc-copper-lead-germanium mine in the DRC,
also scheduled for first production in the third quarter of 2024; and the
exploration for new copper discoveries on Ivanhoe’s 2,407-square-kilometre
Western Foreland exploration project, which is adjacent to Kamoa-Kakula.
All figures are in U.S. dollars unless otherwise stated.
FINANCIAL HIGHLIGHTS
• Ivanhoe Mines reported a record profit of $434 million for 2022, compared
with a profit of $45 million for 2021. Ivanhoe’s profit in Q4 2022 was $37
million compared to a profit of $24 million in Q3 2022.
• Kamoa-Kakula sold 323,733 tonnes of copper in 2022, and recognized record
revenue of $2.15 billion, record operating profit of $1.27 billion and record
EBITDA of $1.39 billion.
• During Q4 2022, Kamoa-Kakula sold 92,208 tonnes of payable copper and
recognized record revenue of $673 million, record operating profit of $418
million and record EBITDA of $451 million.
• Kamoa-Kakula’s cost of sales per pound (lb.) of payable copper sold was
$1.08/lb. for Q4 2022 compared with $1.05/lb. in Q3 2022. Cash costs (C1) per
pound of payable copper produced in Q4 2022 totalled $1.42/lb., compared to
$1.43/lb. in Q3 2022.
• Ivanhoe Mines presents adjusted EBITDA for the group of $489 million for
2022, and $162 million for Q4 2022, which includes an attributable share of
EBITDA from Kamoa-Kakula.
• Since entering Phase 1 commercial production on July 1, 2021, the KamoaKakula joint venture has generated $1.22 billion of net cash from operating
activities, which has funded both the Phase 2 and Phase 3 expansion
activities to date.
• Ivanhoe Mines has a strong balance sheet with cash and cash equivalents of
$597 million on hand as at December 31, 2022, and total debt of $739 million,
the majority of which relates to the $575 million of unsecured 2.5%
convertible notes that mature in April 2026, unless redeemed earlier.
OPERATIONAL HIGHLIGHTS
• Production at the Kamoa-Kakula Copper Complex for the fourth quarter of
2022 was 92,761 tonnes of copper in concentrate.

see & read more on
https://ivanhoemines.com/site/assets/files/5750/20230313_ivanhoe_mines_2022_year-end_financials_release-c.pdf



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