Q3 2024 Ivanhoe Mines Ltd Earnings Call Transcript
Key Points
- Ivanhoe Mines Ltd (IVPAF) achieved record quarterly revenue of $828 million for Q3 2024, despite a decrease in realized copper prices.
- The company successfully ramped up its Phase 3 concentrator, achieving nameplate capacity in early October, which is expected to significantly boost production.
- Ivanhoe Mines Ltd (IVPAF) has made substantial progress on its smelter construction, which is 94% complete and expected to be operational by Q1 2025.
- The company has a strong focus on sustainability, with initiatives to increase green energy usage, including solar projects and hydroelectric power imports.
- Ivanhoe Mines Ltd (IVPAF) is in a strong financial position with minimal debt and has secured additional liquidity through new working capital facilities.
- The company had to reduce its production guidance due to intermittent power issues, resulting in a loss of approximately 36,000 tons of copper production.
- Ivanhoe Mines Ltd (IVPAF) experienced a fatality during the quarter, highlighting ongoing safety challenges despite having impressive safety statistics compared to industry averages.
- The ramp-up of the Phase 3 concentrator involved higher costs, including increased power costs due to reliance on diesel generators.
- There is uncertainty regarding the timeline for Phase 4 of the Kamoa-Kakula project, with no definitive answer on its commencement.
- The company faces challenges in stabilizing power supply, requiring significant investment in backup generation and grid stability projects.
(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.ivanhoe.ines.com. You can click on investors
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