Ivanhoe Mines’ (TSX: IVN) Kamoa-Kakula copper complex in the Democratic Republic of Congo achieved a monthly production record of 40,347 tonnes in concentrate and a combined monthly milling record of 1.1 million tonnes in August.
On August 31, the Phase 1, 2, and 3 concentrators produced a combined daily production record of 2,096 tonnes of copper. This included 1,760 tonnes from the Phase 1 and 2 concentrators, which also marked a new daily production record for these units.
The ramp-up of the Phase 3 concentrator to steady-state production is progressing well, with approximately 350,000 tonnes of ore milled in August, the company said in a press release. This equates to an annualized throughput of 4.2 million tonnes per year.
By the end of the month, the average daily milling rate was approaching the nameplate annualized processing rate of 5 million tonnes, with the potential to exceed this capacity, Ivanhoe said.
Year-to-date, the combined production from the Kamoa-Kakula operation is approximately 263,000 tonnes of copper, with 14,000 tonnes produced by the Phase 3 concentrator.
The company also said it is on track to achieve its 2024 production guidance for Kamoa-Kakula of between 440,000 and 490,000 tonnes of copper.
Shares of Ivanhoe Mines rose 1% by 12:10 p.m. EDT. The miner has a market capitalization of C$22.2 billion ($16.4 billion).
