Ivanhoe Mines‘ (TSX: IVN) Kamoa-Kakula copper complex in the Democratic Republic of Congo has achieved a monthly production record of 40,347 tonnes of copper in concentrate and a combined monthly milling record of 1.1 million tonnes in August.
On Aug. 31, the stage 1, 2, and 3 concentrators produced a combined daily production record of 2,096 tonnes of copper, the company said Wednesday. That included 1,760 tonnes from the stage 1 and 2 concentrators, which also marked a new daily production record for these units.
The ramp-up of the stage 3 concentrator to steady-state production is progressing well, with approximately 350,000 tonnes of ore milled in August. 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.
The news comes just over two weeks since the stage three concentrator reached commercial production, and marks the second month in a row the mine achieved record production after it produced 35,941 tonnes in July.
Year-to-date, the combined production from Kamoa-Kakula is approximately 263,000 tonnes of copper, with 14,000 tonnes produced by the stage 3 concentrator.
The company stated it’s 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 almost 1% to $16.47 apiece on Wednesday afternoon, valuing the company at $22.2 billion. Its shares have traded in a 52-week range of $9.89 to $21.32.
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