“Kamoa-Kakula’s operations crew continues to realize a really uncommon feat in our trade, delivering world-scale copper growth initiatives forward of schedule, whereas additionally advancing easily by way of to business manufacturing at a formidable price,” Robert Friedland, Ivanhoe’s govt co-chair, mentioned in a launch.
He added that the mine’s record-setting manufacturing in July of 35,941 tonnes marked the fast copper development within the second half of the 12 months, with the stage three concentrator prepared to lift Kamoa-Kakula’s annual capability from about 450,000 tonnes to greater than 600,000 tonnes.
“This feat extends Ivanhoe’s strong observe document of delivering initiatives forward of schedule,” BMO Capital Markets mining analyst Andrew Mikitchook wrote in a observe on Monday. “We see a robust manufacturing with document quarterly efficiency on this 12 months’s second half for Ivanhoe.”
The manufacturing milestone additional solidifies Kamoa-Kakula’s standing, wherein China’s Zijin Mining holds an equal stake to Ivanhoe, after the world’s prime two copper mines Escondida in Chile and Grasberg in Indonesia. The mine’s additionally the biggest copper operation in Africa.
Restoration price rising
The concentrator itself is anticipated to supply about 150,000 tonnes of the pink metallic yearly. The achievement of the ultimate state of ramp-up — regular state manufacturing — which might enhance restoration from about 80% to the nameplate goal of 86%, is to occur when the positive grinding mills are commissioned on the finish of August. These mills at the moment are being put in.
The engineering crew at Kamoa plans research work geared toward boosting the stage three concentrators’ restoration price to greater than 90% and rising its processing capability.
The concentrator has up to now produced greater than 11,000 tonnes of copper in focus, with the primary sale of focus in July.
Plans for the mine’s stage 4 enlargement are underway, Friedland mentioned.
All focus produced up to now was smelted on the Lualaba Copper Smelter in Kolwezi, about 50 km east of Kamoa-Kakula.
Shares in Ivanhoe have been up 2.4% to C$17.66 apiece on Monday morning, valuing the corporate at C$23.5 billion. Its shares have traded in a 52-week vary of C$9.89 and C$21.32.