Kamoa-Kakula Copper Complex Produced 393,551 Tons In Concentrate

RIYADH, SAUDI ARABIA - Ivanhoe Mines reported that the Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo (DRC) produced 393,551 tonnes of copper in concentrate in 2023, inside the 2023 production guidance range of 390,000 to 430,000 tonnes. Kamoa-Kakula's 2023 production achievement represents a year-over-year increase of 18%. The 2024 annual production guidance for Kamoa-Kakula is estimated at between 440,000 to 490,000 tonnes of copper in concentrate, following the anticipated completion of the Phase 3 concentrator during the third quarter of 2024.

During 2023, Kamoa-Kakula Phase 1 and 2 concentrators milled approximately 8.5 million tonnes of ore at an average feed grade of 5.2% copper, producing 824,382 dry metric tonnes of copper concentrate. Copper flotation recoveries for the year averaged 87.4%, above the Phase 1 and 2 concentrator design recovery rate of 86.0%.

During the fourth quarter, a total of 2.1 million ore tonnes were milled at an average feed grade of 4.9% copper, producing 92,215 tonnes of copper in concentrate. Quarterly production was impacted by intermittent grid instability, particularly in November where plant utilization was significantly hampered by unplanned outages.

As with previous quarters, ore is drawn as required from surface stockpiles to maximize copper production. Kamoa-Kakula's high- and medium-grade ore surface stockpiles totaled approximately 4.13 million tonnes at an estimated, blended average grade of 3.5% copper. Contained copper in the stockpiles at the end of December totaled more than 143,000 tonnes. After year-end, a daily milling record was achieved on January 1, 2024. 31,084 tonnes of ore were processed by the Phase 1 and 2 concentrators over 24 hours, which is equivalent to an annual milling rate of 10.4 million tonnes (after accounting for availability).