Ivanhoe Mines reported that initial production from Kakula copper mine is on track for the third quarter of 2021.
Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF) has announced its financial results for the year ended December 31, 2019.
As highlighted in the press release:
- Excellent development progress being made at the high-grade Kakula copper mine in Democratic Republic of the Congo, with initial production on track for third quarter of 2021
- February 2020 independent resource estimate boosts the combined Kamoa-Kakula project indicated mineral resources to 1.4 billion tonnes grading 2.7 percent copper, at a 1 percent cut-off
- Initial indicated mineral resource estimate for the Kamoa North Bonanza Zone includes 1.5 million tonnes grading 10.7 percent copper, at a 5 percent cut-off
- Drilling extends the new high-grade Kamoa Far North extension discovery on Ivanhoe’s Western Foreland licences to at least 800 metres and the mineralized trend remains open
On finances, the company had this to say as quoted in the press release:
The company recorded total comprehensive income of US$20.2 million for the year ended December 31, 2019, compared to a total comprehensive loss of US$13.6 million for the year ended December 31, 2018. The main reason for the loss for the year ended December 31, 2018, was the exchange loss on translation of foreign operations of US$33.0 million, resulting from the weakening of the South African Rand by 17 percent from December 31, 2017, to December 31, 2018, compared to an exchange gain on translation of foreign operations recognized in 2019 of US$8.8 million.