Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) has reported a record profit of $434 million for its 2022 operations, primarily attributable to copper sales from the Kamoa-Kakula mining complex.
The Canadian mining company announced its financial results on Monday for the year ending December 31, 2022 and says its Kamoa-Kakula copper mine generated $2.15 billion in 2022 through the sale of 323,733 tonnes of copper.
The Kamoa-Kakula mine is operated by Kamoa Copper, a joint venture between Ivanhoe (39.6 per cent), China’s Zijin Mining Group (SHA: 601899) which has a 39.6 per cent stake as well, the Democratic Republic of Congo (20 per cent) and Crystal River Global Limited (0.8 per cent).
FACT: Kamoa-Kakula Copper Mine in the Democratic Republic of Congo is set to become the second largest copper mining complex in the world with annual copper production of more than 800,000 tonnes.
It began commercial production in July 2021. It's powered by renewable energy. pic.twitter.com/sBx7OtxrX5
— Facts East Africa (@east_facts) June 13, 2022
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The Kamoa-Kakula mine generated 215 per cent more copper in 2022 than it did in 2021 and Ivanhoe expects that it will produce even more copper in 2023 than last year with an annual estimate of between 390,000-430,000 tonnes.
The Democratic Republic of Congo (DRC) where Kamoa-Kakula is situated produces some of the world’s highest grade copper. According to the United States International Trade Administration, the DRC has mines that contain grades above 3 per cent, substantially higher than the global average of 0.7 per cent.
Natural Resources Canada says the DRC sits in spot number four of the world’s top copper producers, accounting for six per cent of the world’s copper.
Ivanhoe Mines was founded by the billionaire mining industry financier Robert Friedland. He is also the co-chair of and non-executive director of Australia’s Sunrise Energy Metals Ltd (ASX: SRL).
Ivanhoe’s stock rose by 3.81 per cent today to $11.58 on the Toronto Stock Exchange.