Ivanhoe records $108m third-quarter profit

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the quarter ended September 30 was $152 million, compared with $85 million in the third quarter of 2022 but lower than the EBITDA of $172 million reported for Q2 2023.

The Kamoa-Kakula copper complex sold 96,509 tonnes of payable copper in Q3 2023, with a recognized quarterly revenue of $695 million and EBITDA of $423 million.

Kamoa-Kakula reported year-to-date production of 301,336 tonnes. Kamoa-Kakula’s cost of sales per pound (lb.) of payable copper sold was $1.34/lb. for Q3 2023 compared with $1.24 and $1.05 in Q2 2023 and Q3 2022, respectively.

“With the Phase 3 concentrator expansion now well ahead of schedule, our teams are striving to further expedite copper production ramp-up into the second half of 2024, en route to becoming the world’s third-largest, lowest-carbon emitting copper complex by 2027,” Ivanhoe founder and executive co-chairman Robert Friedland said in the statement.

Ivanhoe reported last week that a greenhouse gas (GHG) emissions assessment has established its Kamoa-Kakula complex as the market-leading major copper producer in terms of carbon footprint.

The assessment — carried out by independent consultants Skarn Associates of London, England, and WSP Group of Montreal, Canada — confirms that in 2022, Kamoa-Kakula produced among the lowest emissions per unit of copper out of any major copper mine in the world.

Shares of Ivanhoe Mines rose 2.4% by 11:36 a.m. EDT. The company has a market capitalization of C$13.5 billion ($9.87 billion).