Ivanhoe Mines Ltd (OTCPK:IVPAF)
$ 12.84 -0.36 (-2.73%) Market Cap: 17.35 Bil Enterprise Value: 17.79 Bil PE Ratio: 107.00 PB Ratio: 3.63 GF Score: 44/100
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Q2 2024 Ivanhoe Mines Ltd Earnings Call Transcript

Jul 31, 2024 / 02:30PM GMT
Release Date Price: $13.08 (+3.32%)

Key Points

Positve
  • Ivanhoe Mines Ltd (IVPAF) reported a record EBITDA of $547 million for Q2 2024, driven by increased production and higher copper prices.
  • The company successfully commissioned the Phase 3 plant, boosting annualized copper production to approximately 600,000 tonnes.
  • Ivanhoe Mines Ltd (IVPAF) maintained a low cash cost of $1.52 per pound of copper produced, close to the bottom of their guidance.
  • The company has secured additional power supply from Zambia, improving operational stability and supporting future growth.
  • Ivanhoe Mines Ltd (IVPAF) announced its first dividend distribution, amounting to $98 million, with 20% payable to the DRC government.
Negative
  • The company recorded a fatality in Q2 2024 due to a breach in safety protocol, highlighting ongoing safety challenges.
  • Kipushi concentrator faced operational challenges, struggling to achieve desired concentrate grades and stable production.
  • Ivanhoe Mines Ltd (IVPAF) increased its capital guidance at Kamoa-Kakula by $300 million for Project 95, indicating higher-than-expected capital expenditures.
  • The company deferred some Phase 2 spending at Platreef, potentially delaying future production increases.
  • Ivanhoe Mines Ltd (IVPAF) continues to face power stability issues in the DRC, requiring significant investments in diesel generation and imported power solutions.
Operator

Good day, and thank you for standing by. Welcome to the Ivanhoe Mines' second quarter 2024 final results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to Matt Keevil, Director of Investor Relations, Corporate Communications. Please go ahead.

Matthew Keevil
Ivanhoe Mines Ltd - Director, Investor Relations & Corporate Communications

Thank you, operator and it's my pleasure, everyone, to welcome you to the Ivanhoe Mines second quarter 2024 financial results conference call. My name is Matthew Keevil. I'm the Director of Investor Relations and Corporate Communications with Ivanhoe Mines.

On the line today, from the company, we have Founder and Executive Co-Chairman, Robert Friedland; President, Marna Cloete; Chief Financial Officer, David van Heerden; Chief Operating Officer, Mark Farren; Executive Vice President, Corporate Development and Investor Relations, Alex Pickard; and Executive Vice President-Project, Steve Amos.

We will finish today

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