Q3 2024 Ivanhoe Mines Ltd Earnings Call Transcript
Key Points
- Ivanhoe Mines Ltd (IVPAF) achieved record quarterly revenue of $828 million for Q3, despite a decrease in realized copper prices.
- The company is on track to complete its new smelter by December, with commissioning expected early next year, enhancing production capabilities.
- Ivanhoe Mines Ltd (IVPAF) has made significant progress in ramping up its phase three concentrator, achieving nameplate capacity in early October.
- The company has a strong focus on sustainability, with initiatives to increase green energy usage and reduce reliance on diesel power.
- Ivanhoe Mines Ltd (IVPAF) is actively expanding its exploration efforts, with 11 rigs drilling in the Western Forelands, indicating potential for future resource growth.
- Ivanhoe Mines Ltd (IVPAF) had to reduce its production guidance due to intermittent power issues experienced earlier in the year.
- The company experienced a fatality during the quarter, highlighting ongoing safety challenges despite having impressive safety statistics.
- There was an increase in unsold copper stock in inventory at the end of Q3, impacting financial results.
- Cash costs increased to $1.69 per pound of payable copper in the third quarter, partly due to higher power costs.
- The company faced challenges in commissioning its Kipushi zinc mine, initially struggling with metallurgical issues and excess fines in the run of mine.
(Operator Instructions)
Good day, everybody. Just a reminder that the conference call will start in approximately three minutes. Please refer to the website for the presentation materials on www.ivanhoemines.com. Thank you.
Good day, and thank you for and welcome to the Ivanhoe Mines third-quarter, 2024 financial results. (Operator Instructions) Please be advised that today's conference is being recorded.
I know I had the conference over to your speaker today. Matthew Keevil, Director of Investor Relations. Please go ahead.
Matthew, your line is on unmute.
Thanks, operator. Yeah, everybody. Thanks very much for joining us today. Our apologies. There was a slight technical glitch on the back end of the system. We will ask you today to refer to the slides that are posted to our website at www dot Ivanhoe Mines dotcom. You can click on investors and you'll see the deck there. If you could follow along
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