Ivanhoe Mines Ltd

IVN

Equity

ISIN CA46579R1047 / Valor 22252140

Toronto Stock Exchange (2024-12-24)

CAD 17.77+0.45%

Ivanhoe Mines Ltd
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About company

Ivanhoe Mines Ltd is a mining company that focuses on copper exploration and production. The company owns the Western Foreland Exploration Project, which is adjacent to the Kamoa-Kakula Copper Complex. Ivanhoe Mines has identified copper discoveries in the Western Foreland area, including the Makoko, Kiala, and Kitoko copper deposits. The company has allocated approximately US$90 million for its 2024 exploration program. Additionally, Ivanhoe Mines owns the Platreef Project in South Africa, which is the world's largest undeveloped precious metals project with significant nickel reserves. The Kamoa-Kakula Copper Complex, operated by Ivanhoe Mines, is known for being the world's fastest-growing, highest-grade, lowest-carbon major copper mine, producing 393,551 tonnes of copper in concentrate in 2023.

Summarized from source with an LLMView SourceSector: Non-Energy Materials

Quarterly Profit

Ivanhoe Mines Ltd reported a quarterly profit of $108 million for the third quarter of 2024, showing a significant increase from the $67 million profit recorded in the second quarter of 2024. This improvement highlights the company's strong financial performance during this period.

Revenue and Sales

In Q3 2024, Ivanhoe Mines Ltd's Kamoa-Kakula Copper Complex achieved record sales of 103,106 tonnes of payable copper, resulting in a record quarterly revenue of $828 million. This marks a substantial achievement in the company's sales performance.

Production Milestones

The Kamoa-Kakula Copper Complex produced a record 116,313 tonnes of copper in Q3 2024, contributing to a year-to-date production of 303,328 tonnes. This production milestone underscores the complex's capacity and efficiency in copper production.

Cost of Sales

Ivanhoe Mines Ltd reported a cost of sales of $1.80 per pound of payable copper for Q3 2024. The cash cost (C1) per pound was $1.69, reflecting an increase due to the Phase 3 expansion ramp-up, yet remaining aligned with the company's annual guidance.

Adjusted EBITDA

For the third quarter of 2024, Ivanhoe Mines Ltd recorded an Adjusted EBITDA of $160 million, compared to $203 million in the previous quarter. This figure includes the attributable share of EBITDA from the Kamoa-Kakula operations, indicating a robust financial position.

Summarized from source with an LLMView Source

Key figures

36.9%1Y

75.6%3Y

332%5Y

Performance

43.0%1Y

47.0%3Y

48.5%5Y

Volatility