Johannesburg, South Africa - Ivanhoe Mines' (TSX: IVN) (OTCQX: IVPAF) President Marna Cloete and Chief Financial Officer David van Heerden are pleased to present the company's financial results for the three months ended March 31, 2023. Ivanhoe Mines is a leading Canadian mining company that is advancing its four principal mining and exploration projects in Southern Africa: the Phase 3 expansion of the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC) that commenced commercial operations in July 2021; the construction of the Platreef palladium, nickel, platinum, rhodium, copper and gold project in South Africa, scheduled for first production in the third quarter of 2024; the restart of the historic Kipushi zinc-copper-lead-germanium mine in the DRC, also scheduled for first production in the third quarter of 2024; and the exploration for new copper discoveries on Ivanhoe's 2,407-square-kilometre Western Foreland exploration project, which is adjacent to Kamoa-Kakula. All figures are in U.S. dollars unless otherwise stated.
- Ivanhoe Mines recorded a profit of $82 million for Q1 2023, compared to a profit of $22 million for the same period in 2022. The profit in the quarter is net of a $31 million non-cash loss on the fair value adjustment of the embedded derivative financial liability of the convertible bond, resulting predominantly from a 14% increase in the share price from C$10.70 per share to C$12.21 per share at quarter end. The profit includes Ivanhoe Mines' share of profit and finance income from the Kamoa-Kakula joint venture of $130 million for Q1 2023.
- Adjusted Q1 2023 EBITDA for the Ivanhoe Mines group of $168 million, compared to $145 million for the same period in 2022, and $162 million for Q4 2022, which includes an attributable share of EBITDA from Kamoa-Kakula.
- During Q1 2023, Kamoa-Kakula sold 86,777 tonnes of payable copper and recognized record revenue of $689 million, with an operating profit of $416 million and record quarterly EBITDA of $452 million.
- Kamoa-Kakula's cost of sales per pound (lb.) of payable copper sold was $1.25/lb. for Q1 2023 compared with $1.08/lb. and $1.08/lb. in Q4 2022 and Q1 2022, respectively. Cash costs (C1) per pound of payable copper produced in Q1 2023 totalled $1.42/lb., compared to $1.42/lb. and $1.21/lb. in Q4 2022 and Q1 2022, respectively.
- Ivanhoe Mines has a strong balance sheet with cash and cash equivalents of $497 million on hand as at March 31, 2023, and expects Kamoa-Kakula's Phase 1 and Phase 2 cash flow to be sufficient to fund the Phase 3 expansion capital cost requirements at current copper prices.
- Off-take and financing terms agreed with Gécamines and Glencore to return Ivanhoe's ultra-high-grade Kipushi Mine to production in Q3 2024; off-take term sheet for 100% of Kipushi's zinc concentrate, together with a $250-million facility to finance construction.
- Kamoa-Kakula produced 93,603 tonnes of copper in Q1 2023, including a record 34,915 tonnes of copper in March 2023, following the completion of the debottlenecking program in late February 2023, ahead of schedule and on-budget.
- Kamoa-Kakula's Phase 1 and 2 concentrators have continued to perform strongly, achieving a daily mill throughput record of over 29,000 tonnes, and also achieving recoveries in excess of 88% during March and April, significantly higher than the design rate of 86%.
- Construction for Platreef's Phase 1 concentrator is advancing well and is on track for first production in Q3 2024. The Shaft 2 headgear concrete structure is complete to a height of approximately 79 metres. Shaft 2's overall height will be approximately 100 metres above ground, including the steel structure housing the main winders.
- Ivanhoe initiated an optimization study at Platreef to potentially accelerate production from the Phase 2 expansion. The study will consider the implications of converting the 5.1-metre-diameter ventilation shaft (Shaft 3), which is under construction, to a production shaft with the capability to hoist.
- Surface construction activities and underground development of the Big Zinc orebody at Kipushi are advancing ahead of schedule, with first concentrate production expected in Q3 2024.
- Ivanhoe continues its expansive copper exploration program on its Western Foreland licences that cover approximately 2,407 square kilometres adjacent to Kamoa-Kakula. Diamond drilling commenced in early January with a single contractor rig, which was increased to three rigs by the end of March, together with an Ivanhoe Land Cruiser mounted diamond drill rig. A total of 4,883 meters of diamond core was drilled during the quarter, which was wet season.
- Ivanhoe Mines published its sixth annual Sustainability Report, underscoring the company's ongoing commitment to "mining with a greater purpose" and its pursuit to be a global leader in responsible mining. Please visit www.ivanhoemines.com to view the report.
Watch a Q1 2023 video of operations and construction activities at Kamoa-Kakula: https://vimeo.com/823071306/8b676323fb
Read Ivanhoe's First Quarter 2023 Sustainability Update: https://bit.ly/40XMxeC
Q1 2023 conference call for investors
Ivanhoe Mines will hold an investor conference call to discuss its Q1 2023 financial results at 10:30 a.m. Eastern time / 7:30 a.m. Pacific time on Wednesday, May 3. The conference call will conclude with a question-and-answer (Q&A) session. Media are invited to attend on a listen-only basis.
To view the webcast please use the following link: https://edge.media-server.com/mmc/p/i6yyz97g
Analysts are invited to join by phone for the Q&A using the following link: https://register.vevent.com/register/BI639b8647ae7c4cf6802991597dd26b68
An audio webcast recording of the conference call, together with supporting presentation slides, will be available on Ivanhoe Mines' website at www.ivanhoemines.com.
After issuance, the Financial Statements and Management's Discussion and Analysis will be available at www.ivanhoemines.com and www.sedar.com.
Principal projects and review of activities
1. Kamoa-Kakula Copper Complex
39.6%-owned by Ivanhoe Mines
Democratic Republic of Congo
The Kamoa-Kakula Copper Complex operated as the Kamoa Holding joint venture between Ivanhoe Mines and Zijin Mining, has been independently ranked as the world's third-largest copper deposit by international mining consultant Wood Mackenzie in 2027. The project is approximately 25 kilometres southwest of the town of Kolwezi and about 270 kilometres west of Lubumbashi. Kamoa-Kakula Copper Complex's Phase 1 concentrator began producing copper in May 2021 and achieved commercial production on July 1, 2021. The Phase 2 concentrator, which doubled nameplate production capacity, was commissioned in April 2022.
Ivanhoe sold a 49.5% share interest in Kamoa Holding Limited (Kamoa Holding) to Zijin Mining and a 1% share interest in Kamoa Holding to privately owned Crystal River in December 2015. Kamoa Holding holds an 80% interest in the project. Ivanhoe and Zijin Mining each hold an indirect 39.6% interest in Kamoa-Kakula, Crystal River holds an indirect 0.8% interest, and the DRC government holds a direct 20% interest. Kamoa-Kakula's employee workforce is currently 97% Congolese.
Aerial view of Kamoa-Kakula's Copper Complex, which is now operating at a recently increased processing capacity of 9.2 million tonnes per annum, and production capacity of up to 450,000 tonnes of copper per annum.
Kamoa-Kakula summary of operating and financial data
|Q1 2023||Q4 2022||Q3 2022||Q2 2022||Q1 2022|
|Ore tonnes milled (000's tonnes)||1,930||2,006||2,082||1,950||1,083|
|Copper ore grade processed (%)||5.42%||5.40%||5.60%||5.44%||5.91%|
|Copper recovery (%)||87.1%||86.1%||85.9%||84.0%||87.1%|
|Copper in concentrate produced (tonnes)||93,603||92,761||97,820||87,314||55,602|
|Payable copper sold (tonnes)||86,777||92,208||93,812||85,794||51,919|
|Cost of sales per pound ($ per lb.)||1.25||1.08||1.05||1.15||1.08|
|Cash cost (C1) ($ per lb.)||1.42||1.42||1.43||1.42||1.21|
|Realized copper price ($ per lb.)||4.04||3.54||3.50||4.34||4.51|
|Sales revenue before remeasurement ($'000)||659,529||619,997||570,504||699,381||467,453|
|Remeasurement of contract receivables ($'000)||29,594||53,473||(110,031)||(205,248)||52,142|
|Sales revenue after remeasurement ($'000)||689,123||673,470||460,473||494,133||519,595|
|EBITDA margin (% of sales revenue)||66%||67%||55%||58%||77%|
All figures in the above tables are on a 100%-project basis. Metal reported in concentrate is before refining losses or deductions associated with smelter terms. This MD&A includes "EBITDA", "Adjusted EBITDA", "EBITDA margin" and "Cash costs (C1)" which are non-GAAP financial performance measures. For a detailed description of each of the non-GAAP financial performance measures used herein and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the non-GAAP Financial Performance Measures section in the MD&A .
C1 cash cost per pound of payable copper produced can be further broken down as follows:
|Q1 2023||Q4 2022||Q3 2022||Q2 2022||Q1 2022|
|Mining||($ per lb.)||0.41||0.40||0.41||0.39||0.30|
|Processing||($ per lb.)||0.19||0.16||0.12||0.14||0.15|
|Logistics charges (delivered to China)||($ per lb.)||0.46||0.50||0.56||0.51||0.36|
|Treatment, refining and smelter charges||($ per lb.)||0.23||0.23||0.21||0.21||0.20|
|General and administrative expenditure||($ per lb.)||0.13||0.13||0.13||0.17||0.20|
|C1 cash cost per pound of payable|
|($ per lb.)||1.42||1.42||1.43||1.42||1.21|
C1 cash costs are prepared on a basis consistent with the industry standard definitions by Wood Mackenzie cost guidelines but are not measures recognized under IFRS. In calculating the C1 cash cost, the costs are measured on the same basis as the Company's share of profit from the Kamoa Holding joint venture that is contained in the financial statements. C1 cash costs are used by management to evaluate operating performance and include all direct mining, processing, and general and administrative costs. Smelter charges and freight deductions on sales to the final port of destination, which are recognized as a component of sales revenues, are added to C1 cash cost to arrive at an approximate cost of delivered, finished metal. C1 cash costs exclude royalties and production taxes and non-routine charges as they are not direct production costs.
John Katumbwe, Scooptram (LHD) driver, developing the twin decline to the new Kamoa 1 and Kamoa 2 underground mines, which will be the source of copper ore for Kamoa-Kakula's Phase 3 concentrator. Total copper production from Kamoa-Kakula is expected to increase to 600,000 tonnes per annum in Q4 2024.
Kamoa-Kakula produced 93,603 tonnes of copper in Q1 2023, including a record 34,915 tonnes of copper in March 2023
Kamoa-Kakula's Phase 1 and 2 concentrators are now regularly operating at the increased processing rate of 9.2 million tonnes per annum (Mtpa), following the completion of the debottlenecking program. The $50-million Phase 1 and 2 concentrator debottlenecking program was completed on budget and ahead of schedule in late February 2023, increasing production capacity up to 450,000 tonnes of copper in concentrate per annum. All figures are on a 100% project basis and metal reported in concentrate is before refining losses or deductions associated with smelter terms.
Following the completion of the debottlenecking program in February, Kamoa-Kakula's Phase 1 and 2 concentrators had a record-breaking month in March for copper production, including a monthly production record of 34,915 tonnes of copper in concentrate, in addition to a weekly production record of 9,016 tonnes in mid-March, and a daily production record of 1,563 tonnes on March 25, 2023. These records were achieved following two scheduled plant shutdowns during the first quarter to tie in the new debottlenecking equipment. During the month of April, strong concentrator performance continued with a record daily mill throughput achieved of 29,206 tonnes of ore.
Kamoa-Kakula's Phase 1 and 2 concentrators milled approximately 1.93 million tonnes of ore during the first quarter at an average feed grade of 5.42% copper. This included approximately 255,000 tonnes of ore from the surface stockpiles.
(L-R) Chris Tshibanda, Control Room Supervisor; Linda Malumda, Senior Operator Larox; Rachelle Museka, Mill Operator; Serge Mukembe, Control Room Supervisor at Kamoa-Kakula's Phase 1 and Phase 2 concentrator facility, which is now operating at a throughput capacity of 9.2 Mtpa following the successful debottlenecking program.
The Phase 1 and Phase 2 concentrators also substantially outperformed design specifications in terms of copper recovery during the months of March and April. Copper recoveries averaged 88% and periodically exceeded 90% over a 24-hour periods. These record recoveries are significantly above Kamoa-Kakula's nameplate 86% recovery rate.
The record monthly production in March was also achieved despite previously reported instability within the southern DRC grid.
In response to the instability in the southern DRC grid experienced since December 2022, Kamoa-Kakula, together with DRC state-owned power company SNEL, completed a study to tackle the vulnerabilities exposed in the grid network.
Grid stability improved during the month of April, following some initial infrastructure management and maintenance initiatives that SNEL introduced with support from Kamoa Copper. In addition, 60 MW of additional generation capacity from the recently refurbished Nseke hydroelectric power station was introduced into the DRC network. Further initiatives will continue to be implemented over the coming year, benefiting not only the Kamoa-Kakula Copper Complex, but all users of the DRC's southern grid.
Kamoa-Kakula is also planning to protect operations from potential future grid instability with significantly increased on-site power generation capacity. The current installed backup generation capacity on-site is approximately 32 MW. Over time there is a plan to increase this to over 200 MW in a phased roll-out to achieve sufficient redundancy to meet the total power requirement for Phases 1, 2 and 3, excluding the smelter in situations where extended supply interruptions may occur.
(L-R) Johan Prinsloo, Mine Overseer, and Thabo Kgaladi, Foreman, inspecting newly-installed panels at the new Kamoa 1 underground substation.
In the roll-out plan, an additional 11 MW is expected to be commissioned in Q2 2023 with a further 49 MW planned to be delivered to site towards the end of 2023. Study work is underway on further options for additional on-site backup power capacity, including renewable options, such as solar and hydro, together with battery storage.
Discussions are well advanced to secure up to an additional 100 MW of power from Copperbelt Energy Corporation (CEC) of Zambia, via the DRC-Zambia interconnector. An agreement is expected to be in place shortly.
Draw-down of surface ore stockpiles at Kakula continues as required; stockpiles hold approximately 4.2 million tonnes grading 3.9% copper, containing more than 161,000 tonnes of copper
Kamoa-Kakula's high- and medium-grade ore surface stockpiles totaled approximately 4.2 million tonnes at an estimated grade of 3.9% copper as of the end of March 2023. Excluding any stockpile material, during Q1 2023 the operation mined 2.02 million tonnes of ore from the Kakula and Kansoko mines, grading 5.2% copper. This comprised of 1.83 million tonnes of ore grading 5.6% copper from the Kakula Mine, including 0.75 million tonnes grading 6.7% copper from the mine's high-grade centre.
While the ongoing expansion of underground infrastructure at the Kakula mine takes place, ore will be drawn as required from the stockpile to maximize copper production.
Civil construction for the Phase 3 concentrator plant and associated infrastructure is well advanced
Kamoa-Kakula's ongoing Phase 3 expansion is expected to be commissioned in Q4 2024 and includes a new 5.0-million-tonne-per-annum (Mtpa) concentrator at Kamoa, which is approximately 10 kilometres north of the Phase 1 and 2 concentrators.
The process design of the Phase 3 concentrator is very similar to that of the Phase 1 and 2 concentrators, only larger. The front end of the concentrator (stockpile, crushing and screening) is being built to a capacity of 10 Mtpa, double the required capacity for Phase 3, in anticipation of the future Phase 4 expansion. This follows the same construction approach as that of Phase 1 and Phase 2. The bulk of the equipment is the same or similar to that installed in the Phase 1 and 2 concentrators, resulting in a commonality of spare parts, while leveraging prior operational and maintenance experience.
Detailed design is nearing completion and procurement activities are advancing on schedule with all major equipment ordered and the first steel erection expected around June 2023. Earthworks are essentially complete and civil construction is well-advanced. The structural steel, piping and plate work (SMPP) construction contract is expected to be rewarded shortly.
Erection of Kamoa-Kakula's Phase 3 high-pressure grinding rolls (HPGR) building is well underway.
Civil construction on the foundation for Kamoa-Kakula's Phase 3 flotation cells is also advancing well.
Following the commissioning of Phase 3, Kamoa-Kakula will have a total design processing capacity of 14.2 Mtpa. The completion of Phase 3 is expected to increase annualized copper production to an average of approximately 620,000 tonnes per year over the next ten years, which will position Kamoa Copper as the world's third-largest copper mining complex in 2027, and the largest copper mine on the African continent.
Kamoa 1 underground mining crew installing geotechnical support to the roof of an advancing development drive. The mining crews developing the new Kamoa 1 and 2 mines, as part of the Phase 3 expansion, recently achieved 365 lost-time-injury-free days.
Construction of the twin declines to the Kamoa 1 and Kamoa 2 underground mines and excavation to access the Phase 3 mining areas is advancing well. The Kamoa 1 and Kamoa 2 mines share a single box cut with a twin service-and-conveyor decline. Over 2,000 metres of development across both declines has been completed to date and access to the Kamoa 2 mine has been achieved. Underground mining activities are expected to commence at Kamoa 1 in late 2023 and Kamoa 2 in 2025, which will both involve the same mechanized drift-and-fill mining methods used at the Kakula Mine.
Figure 1. World's projected top 10 copper mines in 2027, by key metrics.
Note: Kamoa-Kakula production and grade are based on the Kamoa-Kakula 2023 PFS. The 'Cu Head Grade' for the projects benchmarked by Wood Mackenzie reflects the average reserve grade.
Source: Wood Mackenzie, 2023 (based on public disclosure, the Kamoa-Kakula 2023 PFS has not been reviewed by Wood Mackenzie).
Construction activities for Kamoa-Kakula's direct-to-blister flash copper smelter and the refurbishment of the Inga II hydroelectric facility are advancing on schedule
Kamoa-Kakula's Phase 3 expansion includes a direct-to-blister flash copper smelter that will incorporate leading-edge technology supplied by Metso Outotec of Espoo, Finland. The smelter is projected to be one of the largest, single-line copper flash smelters in the world, and the largest in Africa, with a production capacity of 500,000 tonnes per annum of 99+%-pure blister copper anodes. The 100-hectare smelter complex is being constructed adjacent to the Phase 1 and Phase 2 concentrator plants and is designed to meet the International Finance Corporation's (IFC) emissions standards.
Smelter engineering, procurement and fabrication are advancing well and on schedule, with all major equipment currently being fabricated. Construction activities on the direct-to-blister flash copper smelter are advancing on schedule and the overall project is approximately 42% complete. The bulk of the terracing earthworks for the smelter complex were completed in 2022 and the civil construction is now well advanced, with the erection of structural steel well underway. The first batch of furnace steel arrived on site in January 2023. The smelter is on schedule for commissioning by the end of 2024.
The smelter will have a processing capacity of approximately 1.2 Mtpa of dry concentrate feed and is designed to run on a blend of concentrate produced from the Kakula (Phase 1 and 2) and Kamoa (Phase 3 and future Phase 4) concentrators. Under the Kamoa-Kakula 2023 PFS, the smelter is projected to accommodate approximately 80% of Kamoa-Kakula's total concentrate production, including that from Phase 3 and the future Phase 4 expansion. Kamoa-Kakula will continue to toll-treat concentrates under the 10-year agreement with the Lualaba Copper Smelter, located near the town of Kolwezi approximately 50 kilometres from Kamoa-Kakula, which is expected to account for approximately 150,000 tonnes of copper concentrate annually. The balance of copper production will be exported as concentrate.
Construction of the smelter building, which will house Kamoa-Kakula's direct-to-blister furnace, is progressing well.
As a by-product, the smelter will also produce between 650,000 and 800,000 tonnes per annum of high-strength sulphuric acid that is expected to be sold in the domestic DRC market.
The on-site smelter will offer transformative financial benefits for the Kamoa-Kakula Copper Complex, most notably of which is a material reduction in logistics costs, and to a lesser extent reduced concentrate treatment charges and local taxes, as well as revenue from the acid sales. Logistics costs alone accounted for 32% of Kamoa-Kakula's total cash costs (C1) during Q1 2023, and the volume of shipments per unit of copper will be more than halved by selling 99+%-pure blister copper anodes instead of copper concentrate. According to the Kamoa-Kakula 2023 PFS, smelter commissioning is expected to drive a decrease in average cash costs (C1) over the first five years (from 2025) to approximately $1.15/lb. of copper, a 21% reduction from the midpoint of the 2023 guidance of $1.45/lb. of payable copper produced.
Kamoa-Kakula's Phase 3 expansion also includes the replacement of Turbine #5 at the Inga II hydroelectric power station. The turbine replacement will supply an additional 178 megawatts (MW) of clean hydroelectric power to the national grid and provide power for Phase 3.
Rehabilitation work at the Inga II facility is advancing well, with the team from lead-contractor Voith Hydro mobilized to the Inga II site in Q4 2022. Dismantling works on the existing alternator are ongoing, as well as the fabrication of a new runner. Study work is also progressing well to upgrade the transmission capacity of the existing grid infrastructure between the Inga II hydropower facility and the Kamoa site.
Manufacturing is underway on Kamoa-Kakula's anode furnace shell for the direct-to-blister smelter.
Outstanding economic results of updated, independent Integrated Development Plan (2023 IDP) for world-leading Kamoa-Kakula Copper Complex
Ivanhoe Mines announced the results of an updated independent Integrated Development Plan (2023 IDP) for the Kamoa-Kakula Copper Complex on January 30, 2023. The 2023 IDP consists of a Pre-Feasibility Study (Kamoa-Kakula 2023 PFS) for the Phase 3 and Phase 4 expansions of the Kamoa-Kakula Copper Complex over a 33-year mine life, as well as an updated Preliminary Economic Assessment (Kamoa-Kakula 2023 PEA) that includes a life-of-mine extension case to 42 years overall.
The Kamoa-Kakula 2023 PFS (Phase 3 and 4 expansion) plans for a staged increase in nameplate processing capacity from the current combined capacity of 9.2 Mtpa, up to a total of 19.2 Mtpa. The Phase 1 and 2 concentrators will continue to process ore from the Kakula Mine, as well as the new adjacent Kakula West Mine from 2029. The Phase 3, 5.0 Mtpa concentrator, which is under construction and on target for the first concentrate in Q4 2024, will be fed with ore from the existing Kansoko Sud Mine (formerly Kansoko Mine), as well as new mines currently under development in the Kamoa area, known as Kamoa 1 and 2. The Phase 4 expansion consists of an additional 5.0 Mtpa concentrator that will take the total processing capacity of the Kamoa-Kakula Copper Complex up to 19.2 Mtpa. The Phase 4 concentrator will be fed by new mines in the Kamoa area.
The completion of the Phase 3 expansion in Q4 2024 is planned to coincide with the commissioning of an on-site, direct-to-blister flash copper smelter capable of producing 500,000 tonnes per annum of copper anode.
Highlights of the Kamoa-Kakula 2023 PFS (Phase 3 and 4 expansion) include:
- Phase 1 and 2 at steady-state throughput (9.2 Mtpa) for the first two years, following the completion of the debottlenecking program by Q2 2023, generating cash flow to fund the ongoing capital expenditures.
- Phase 3 expansion to 14.2 Mtpa processing capacity from late 2024 drives a significant increase in copper production, which is forecast to average 620,000 tonnes during the first ten years.
- Commissioning of the 500,000 tonne-per-annum smelter in conjunction with Phase 3 results in a significant improvement in operating cost.
- A significant period of cash flow generation in the first five years following Phase 3 (2025 to 2029) with copper production averaging approximately 650,000 tonnes at a cash cost (C1) of $1.15/lb.
- Phase 4 expansion, ramping up 19.2 Mtpa processing capacity after 2030, will allow sustained copper production of over 500,000 tonnes per year through 2047.
- The remaining Phase 3 capital cost, including contingency, is $3.04 billion, excluding $255 million already spent through December 2022. Of the $3.04 billion, $2.53 billion is spent during 2023 and 2024 up to the commissioning of the Phase 3 concentrator, with the remaining capital cost for the continuing ramp-up of the mining operations thereafter.
- After-tax NPV, at an 8% discount rate, of $19.1 billion and a mine life of 33 years at a long-term copper price of $3.70/lb.
The Kamoa-Kakula 2023 PEA (Life-of-mine extension case) projects a nine-year mine life extension of the Kamoa-Kakula Copper Complex, in addition to the Kamoa-Kakula 2023 PFS. This case includes the addition of four new underground mines in the Kamoa area (called Kamoa 3, 4, 5 and 6) to maintain the overall throughput rate of up to 19.2 Mtpa.
Highlights of the Kamoa-Kakula 2023 PEA (Life-of-mine extension case) include:
- Life-of-mine extension case shows the potential to maintain the processing rate at up to 19.2 Mtpa for an additional 9 years beyond the 33 years in the Kamoa-Kakula 2023 PFS.
- The sequential ramp-up of four new underground mines in the Kamoa area (called Kamoa 3, 4, 5 and 6) providing an additional 181.2 Mt of feed to the Kamoa and Kakula concentrators at an average grade of 3.1% copper, producing an additional 4.8 Mt of contained copper in concentrate.
- After-tax NPV, at an 8% discount rate, of $20.2 billion and mine life of 42 years.
The Kamoa-Kakula 2023 PEA is preliminary and includes an economic analysis that is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically for the application of economic considerations that would allow them to be categorized as Mineral Reserves - and there is no certainty that the results will be realized. Mineral Resources do not have demonstrated economic viability and are not Mineral Reserves.
The Kamoa-Kakula 2023 PFS and Kamoa-Kakula 2023 PEA were independently prepared by OreWin Pty Ltd. of Adelaide, Australia; China Nerin Engineering Co., Ltd., of Jiangxi, China; DRA Global of Johannesburg, South Africa; Epoch Resources of Johannesburg, South Africa; Golder Associates Africa of Midrand, South Africa; Metso-Outotec Oyj of Helsinki, Finland; Paterson and Cooke of Cape Town, South Africa; SRK Consulting Inc. of Johannesburg, South Africa; and MSA Group of Johannesburg, South Africa. The National Instrument 43-101 technical report dated March 6, 2023, was filed on SEDAR at www.sedar.com and on the Ivanhoe Mines website at www.ivanhoemines.com.
Copper production and cash cost guidance for 2023
|Kamoa-Kakula 2023 Guidance|
|Contained copper in concentrate (tonnes)||390,000 to 430,000|
|Cash cost (C1) ($ per pound)||1.40 to 1.50|
The figures are on a 100%-project basis and metal reported in concentrate is before refining losses or deductions associated with smelter terms. Kamoa-Kakula's 2023 guidance is based on several assumptions and estimates and involves estimates of known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially.
Production guidance is based on assumptions about the disruption of power supply, among other things. The Kamoa-Kakula joint venture produced a total of 333,497 tonnes of copper in concentrate for the year ending December 31, 2022, and 93,603 tonnes in the first quarter of 2023 including 34,915 tonnes of copper in concentrate in March 2023.
Cash costs (C1) per pound of payable copper amounted to $1.42 for Q1 2023 and to $1.42 for the fourth quarter of 2022.
Cash cost (C1) guidance is based on assumptions including, among other things, prevailing logistics costs based on estimated regional trucking capacity, particularly as regional idled operations are expected to come online, as well as increased benchmark treatment and refining charges, and inflation in consumables and other inputs.
C1 cash cost is a non-GAAP measure used by management to evaluate operating performance and includes all direct mining, processing, stockpile rehandling charges, and general and administrative costs. Smelter charges and freight deductions on sales to the final port of destination (typically China), which are recognized as a component of sales revenues, are added to C1 cash cost to arrive at an approximate cost of delivered finished metal.
For historical comparatives, see the non-GAAP Financial Performance Measures section of the MD&A.
2. Platreef Project
64%-owned by Ivanhoe Mines
The Platreef Project is owned by Ivanplats (Pty) Ltd (Ivanplats), which is 64%-owned by Ivanhoe Mines. A 26% interest is held by Ivanplats' historically disadvantaged, broad-based, black economic empowerment (B-BBEE) partners, which include 20 local host communities with approximately 150,000 people, project employees and local entrepreneurs. A Japanese consortium of ITOCHU Corporation, Japan Oil, Gas and Metals National Corporation, and Japan Gas Corporation, owns a 10% interest in Ivanplats, which it acquired in two tranches for a total investment of $290 million.
The Platreef Project hosts an underground deposit of thick, platinum-group metals, nickel, copper, and gold mineralization on the Northern Limb of the Bushveld Igneous Complex in Limpopo Province - approximately 280 kilometres northeast of Johannesburg and eight kilometres from the town of Mokopane.
On the Northern Limb, platinum-group metals mineralization is primarily hosted within the Platreef, a mineralized sequence traced for more than 30 kilometres along the strike. Ivanhoe's Platreef Project, within the Platreef's southern sector, is comprised of two contiguous properties: Turfspruit and Macalacaskop. Turfspruit, the northernmost property, is contiguous with, and along strike from, Anglo Platinum's Mogalakwena group of mining operations and properties.
Aerial photo dated April 2023 of the Platreef mine site, with Shaft 1 on the right and Shaft 2, which has reached 79 metres in height, on the left.
Since 2007, Ivanhoe has focused its exploration and development activities on defining and advancing the down-dip extension of its original discovery at Platreef, now known as the Flatreef Deposit, which is amenable to highly mechanized, underground mining methods. With Shaft 1, the initial access to the deposit, now in operation and hoisting development rock from underground, Ivanhoe is focusing on construction activities to bring Phase 1 of Platreef into production by Q3 2024.
Platreef development is currently funded by $300-million stream financing, with efforts to finalize an additional senior debt facility targeted for completion in mid-2023.
Surface construction activities and lateral underground mine development are progressing well
Underground development work has been focused on the vertical development of waste passes between the 750-metre, 850-metre and 950-metre levels, and lateral development towards the orebody, as well as lateral development required for underground infrastructure on each level including access to the bottom of Shaft 3 on the 950-metre level. Shaft 3, with a diameter of 5.1 metres, is currently being reamed with approximately 150 metres of 950 metres completed to date, with planned completion in Q4 2023. More than 1,700 metres of lateral development has been completed to date across all three levels, as well as over 200 metres of vertical development between the three levels.
Construction for Platreef's Phase 1 concentrator has commenced, including the concentrate thickener and tailings thickener (on the left) and the flotation cells (on the right).
Construction for Platreef's Phase 1 concentrator has commenced, with the first production on schedule for Q3 2024. Earthworks and civils are well advanced and progressing on schedule. Long-lead equipment orders were placed with the majority of items scheduled for delivery in Q3 2023. The SMPP contractor has been appointed and mobilization to the site has commenced. Over 800 tonnes of structural steel are in fabrication, with over 160 tonnes ready for delivery. The electrical, control & instrumentation (EC&I) contract award is planned for mid-2023 with site mobilization expected in Q3 2023.
The 10-metre diameter Shaft 2 currently under construction will have a hoisting capacity of 8 Mtpa. Shaft 2 will be utilized in subsequent development phases and will be among the largest hoisting shafts in the world. The Shaft 2 headgear concrete structure has been completed to a height of approximately 79 metres. Shaft 2's overall height will be approximately 100 metres above ground, including the steel structure housing the main winders.
Drilling of the pilot drill in Shaft 2 down to the shaft bottom commenced in Q1 2023. A total of 680 metres have already been completed with drilling on schedule to finish during Q2 2023, whereafter reaming of a 3.1-metre diameter hole is planned.
Construction of Platreef's first 5 MW solar-power plant commenced in Q4 2022 with commissioning expected later this year. The power generated by this plant will support development activities and operations, together with other renewable energy sources to be introduced over time.
Mining crew underground on Platreef's 950-metre level, where mine development is underway ahead of Phase 1 first production, which is expected in Q3 2024.
Optimization work is underway to potentially accelerate Platreef's Phase 2 expansion
Ivanhoe has initiated optimization work to identify value-accretive options for installing hoisting capacity in Shaft 3. Shaft 3, originally planned as a ventilation and second escape shaft, is currently under construction and is now planned to be equipped for hoisting, which will provide additional hoisting capacity to remove ore and waste from the underground mine. This has the benefit of de-risking the development and ramp-up of the Phase 1 mine and may be used to accelerate the ramp-up of underground mining activities for Phase 2, in advance of the completion of Shaft 2, which is expected in 2027.
The Shaft 3 design and engineering order has been placed and the required rock winder for Shaft 3 has been secured.
3. Kipushi Project
68%-owned by Ivanhoe Mines
Democratic Republic of Congo
The Kipushi zinc-copper-germanium-silver-lead mine in the DRC is adjacent to the town of Kipushi, approximately 30 kilometres southwest of Lubumbashi on the Central African Copper Belt. Kipushi is approximately 250 kilometres southeast of the Kamoa-Kakula Copper Complex and less than one kilometre from the Zambian border. Ivanhoe acquired its 68% interest in the Kipushi Project in November 2011, through Kipushi Holding which is 100%-owned by Ivanhoe Mines. The balance of 32% in the Kipushi Project is held by the state-owned mining company, Gécamines.
The 2022 feasibility study focuses on the mining of Kipushi's zinc-rich Big Zinc and Southern Zinc zones, with an estimated 11.8 million tonnes of Measured and Indicated Mineral Resources grading 35.3% zinc. Kipushi's exceptional zinc grade is more than twice that of the world's next- highest-grade zinc project, according to Wood Mackenzie, a leading, international industry research and consulting group.
On April 27, 2023, Ivanhoe Mines announced the signing of a tri-partite off-take and financing term sheet between Kipushi Corporation SA, Gécamines and Glencore International AG (Glencore) to return the historic Kipushi zinc-copper-lead-germanium mine to production.
The off-take is for 100% of Kipushi's zinc concentrates; between 400,000 and 600,000 dry metric tonnes per annum over a five-year term. The off-take term sheet contains standard, international commercial terms, including payables and treatment charges based on the zinc industry's annual benchmark. The concentrate produced by Kipushi is expected to contain approximately 55% zinc and low levels of impurities. The buyer will purchase the concentrate at the Kipushi Mine on a free-carrier basis, meaning the buyer will be responsible for arranging freight and shipment to the destination, with such costs reimbursed by Kipushi.
The $250 million term financing facility will be split into two tranches and drawn down quarterly, subject to conditions precedent. The facility will bear an annual interest rate of the Secured Overnight Financing Rate (SOFR) plus 7% and shall be repaid, following a 24-month grace period from signing, in quarterly instalments over 36 months.
The off-take and financing term sheet is subject to the execution of final, binding agreements, which are expected to be concluded in conjunction with the new Kipushi joint-venture agreement.
(L-R) Olivier Binyingo, SVP Public Affairs DRC, Ivanhoe Mines; Placide Nkala Basadilua, GM, Gécamines; Marna Cloete, President, Ivanhoe Mines; and Guy-Robert Lukama Nkunzi, Chairman, Gécamines, during an underground visit to Kamoa-Kakula Copper Complex, following the signing of the off-take and financing term sheet at Kipushi.
As previously reported, Kipushi Holding and Gécamines signed a new agreement to return the ultra-high-grade Kipushi Mine to commercial production in Q1 2022, which sets out the commercial terms that will form the basis of a new Kipushi joint-venture agreement establishing a robust framework for the mutually beneficial operation of Kipushi for years to come and are subject to execution of definitive documentation. Once the agreement is concluded, it is anticipated that Ivanhoe Mines' ownership in the Kipushi Project will reduce to 62%, with Gécamines holding the balance of 38%.
Surface construction activities are advancing on schedule to return Kipushi to production in Q3 2024
Civil work on Kipushi's processing plant is nearing completion, with site and steel erection now underway.
Detailed design for the Kipushi concentrator and associated surface infrastructure is effectively complete, with procurement activities well advanced. Fabrication is advancing well and on schedule with all major equipment currently being fabricated. The bulk of the earthworks and civilworks is nearing completion and steel erection has started. The ball mill, currently being fabricated by CITIC Heavy Industries in China, is on track and site delivery is planned for Q3 2023. First concentrate is on schedule to occur in Q3 2024.
Underground development work at Kipushi advancing ahead of schedule, access drive development focused around the top of the Big Zinc orebody
Underground mine development around Kipushi's Big Zinc orebody is advancing ahead of schedule. Stope perimeter drives are being developed on the 1,245m, 1,260m, 1,290m and 1,320m levels, with stope access development at the 1,335-metre level advancing well. Waste rock and low-grade mineralized rock from the advancement of the perimeter and access drives are being hoisted to the surface through Shaft 5 and stockpiled.
A total of 682 metres of underground development was completed within the mining footprint area during Q1 2023. Underground development continued along the critical path whilst additional resources are being mobilized. The first two Epiroc double boom drill rigs arrived on site and have safely been delivered underground and assembled in the workshop on the 1,150-metre level.
Shaft 5 is planned to be the main production shaft once operations commence, with a maximum hoisting capacity of up to 1.8 Mtpa. The bottom of Shaft 5 provides primary access to the lower levels of the mine, including the Big Zinc orebody, along the 1,150-metre haulage level.
Mining will be conducted using highly productive, mechanized methods. Cemented rock fill, utilizing discarded material from the Dense Media Separation (DMS) plant, will be used to backfill open stopes, this will reduce surface tailings volumes and maximize ore extraction.
Stoping of the Big Zinc orebody is expected to commence in early 2024, to build a high-grade ore stockpile ahead of processing plant commissioning in Q3 2024.
3D rendering of the Kipushi 800,000 tonnes-per-annum concentrator. scheduled to produce first concentrate in Q3 2024.
Eutychus Phiri, Drill Operator, operating a drilling rig on Kipushi's 1,335-metre level. At the end of the first quarter, underground development was advancing ahead of schedule
Mechanics Ndaye Ngoie and Banza Ngoie perform routine maintenance at Kipushi's 1,200-metre-level pump station.
Dedicated Kipushi commercial border crossing to unlock direct access to Zambia
Kasumbalesa and Sakania, in Haut-Katanga, are the two commercial border crossings that currently handle most imports and exports originating from the DRC Copperbelt. They are located 110 kilometres and 230 kilometres by road southeast of Kipushi, respectively. The Kasumbalesa border experienced significant congestion in 2022 and Ivanhoe Mines has been working with the provincial government of Haut-Katanga on a series of initiatives to reduce border congestion and streamline the process of clearing mineral products for export.
One such initiative included a Memorandum of Understanding (MOU), signed in Q3 2022, between the province of Haut-Katanga and Ivanhoe Mines, to study options for a new commercial DRC-Zambia border crossing at the town of Kipushi.
Figure 2. Map of the current and planned commercial DRC-Zambia border infrastructure.
A new commercial DRC-Zambia border crossing at Kipushi will not only benefit the Kipushi Mine but also Kamoa-Kakula as an additional route for exporting concentrate products. In addition, the border crossing will provide socio-economic benefits to the local community of Kipushi and Lubumbashi, the capital of Haut-Katanga province, which is less than 20 kilometres away.
Initial studies have been completed and the various options presented are currently under review by the provincial government of Haut-Katanga and are being discussed with the national authorities in the DRC. Concurrently, a study is underway to upgrade roads for commercial traffic on the Zambian side of the border, connecting the T5 highway to the Kipushi border (See Figure 2). The Zambian government has already commenced improvements on some sections, with further infrastructure upgrades and all-weather proofing planned to take place over the next 12 to 18 months.
4. Western Foreland Exploration Project
90%- to 100%-owned by Ivanhoe Mines
Democratic Republic of Congo
Ivanhoe's DRC exploration group is targeting Kamoa-Kakula-style copper mineralization on its Western Foreland exploration licences. The 17 licences in the Western Foreland cover a combined area of 2,407 square kilometres to the north, south and west of the Kamoa-Kakula Copper Complex. The exploration group is using models that successfully led to the discoveries of Kakula, Kakula West, and the Kamoa North Bonanza Zone on the Kamoa Copper SA mining licence. The group is composed of a mixture of the same exploration geologists responsible for the previous discoveries and others with experience in the greater Copper Belt.
Diamond drilling began in early January with a single contractor rig, which was increased to three rigs by the end of March, together with an Ivanhoe Land Cruiser mounted diamond drill rig. A total of 4,883 meters of diamond core was drilled during the quarter, which was the wet season.
No ground geophysics data acquisition was carried out in the quarter due to the wet season, but density, magnetic susceptibility and conductivity data have been collected from core samples. Significant advances have been made in understanding ground gravity collected in 2022 and how this can be used as a targeting tool in the Western Foreland shelf. Exploration activities will now be entering the dry season, until Q4 2023 when the wet season occurs.
An update of the Makoko stratigraphic model was completed in Q1 2023 in preparation for the Mineral Resource estimate for the Western Foreland's Makoko and Kiala high-grade copper discoveries, planned for mid-year.
Western Foreland's 2023 exploration program is budgeted at approximately $19 million, including up to 70,000 metres of drilling.
5. The Mokopane Feeder Exploration Project
100%-owned by Ivanhoe Mines
Three new 100%-owned exploration rights were granted on the Northern Limb of the Bushveld complex in South Africa during Q4 2022. The three new exploration rights (Blinkwater 244KR, Moordrift 289KR and Lisbon 288KR) cover 80 square kilometres forming a continuous block situated on the southwest border of the existing Platreef Project's mining rights.
Figure 3. Image of the Platreef and Mokopane Feeder licences overlaid on the gravity geophysics anomaly.
The three new exploration rights together with Ivanhoe's existing properties cover a large geophysical gravity anomaly that was previously identified from a widely spaced regional ground gravity survey. Academic studies based on historical data hypothesize that the anomaly represents a primary feeder zone to the Rustenburg Layered Suite of the Northern Limb of the Bushveld Complex. Significant thickening of the Rustenburg Layered Suite, particularly of the more-dense Lower Zone units, is necessary to explain the large gravity anomaly. The proximity of the proposed feeder to the regional-scale crustal faults (the Ysterberg-Planknek and the Zebediela faults), as well as the anomalously thick zones of platinum-group metals mineralization at the Platreef Deposit, lead Ivanhoe to believe there is significant potential for mineralization to be associated with this gravity feature.
A detailed high-resolution, airborne-magnetic and gradiometer-gravity geophysical survey is currently being flown to better understand the conceptual target. Two separate surveys, a high-resolution magnetic and a wider-spaced Falcon gravity survey, are being flown. The magnetic survey was 50% complete at quarter end, with the gravity survey to follow thereafter. Diamond drilling will be conducted later in the year on targets identified from the results of the two surveys.
Safety and Sustainability
Kamoa-Kakula recorded one lost time injury during Q1 2023 with a Total Recordable Injury Frequency Rate (TRIFR) (total injuries recorded per 1,000,000 hours worked) of 1.01. The Platreef Project recorded zero lost time injuries in the quarter and reached 1,049,350 hours worked free of a lost-time injury with a TRIFR of 1.56, and the Kipushi Project also recorded zero lost time injuries in the quarter and reached 1,469,552 hours worked free of a lost-time injury with a TRIFR of 1.20.
Ivanhoe Mines published its sixth annual Sustainability Report on April 13, 2023, summarizing the Company's sustainability activities, performance, and results for 2022 and underscoring its ongoing commitment to "mining with a greater purpose" and its pursuit to be a global leader of sustainable mining.
Ivanhoe Mines has published its First Quarter 2023 Sustainability Update on the Company's website. The update can be viewed here: https://ivanhoemines.com/investors/sustainability-report/.
Ivanhoe invites its investors and stakeholders to learn more about its exceptional sustainability efforts, by reading and experiencing the 2022 Sustainability Report at: https://ivanhoemines.com/investors/sustainability-report/.
SELECTED QUARTERLY FINANCIAL INFORMATION
The following table summarizes selected financial information for the prior eight quarters. Ivanhoe had no operating revenue in any financial reporting period. All operating revenue from commercial production at Kamoa-Kakula is recognized within the Kamoa Holding joint venture. Ivanhoe did not declare or pay any dividend or distribution in any financial reporting period.
|Three months ended|
|Share of profit from joint venture||82,659||83,324||34,057||49,690|
|Deferred tax recovery (expense)||926||(3,839||)||4,252||114,184|
|(Loss) gain on fair valuation of embedded derivative liability||(30,900)||(66,600||)||(27,700||)||183,600|
|General administrative expenditure||(8,571)||(11,870||)||(9,199||)||(8,957||)|
|Exploration and project evaluation expenditure||(3,381)||(3,887||)||(4,312||)||(13,470||)|
|Loss on fair valuation of financial asset||(1,595)||(1,170||)||(2,873||)||(2,942||)|
|Profit (loss) attributable to:|
|Owners of the Company||86,637||41,884||26,344||316,242|
|Total comprehensive income (loss) attributable to:|
|Owners of the Company||74,154||53,078||4,588||306,381|
|Basic profit per share||0.07||0.03||0.02||0.26|
|Diluted profit per share||0.07||0.03||0.02||0.26|
|Three months ended|
|Share of profit (loss) from joint venture||87,109||78,391||41,404||(9,960||)|
|(Loss) gain on fair valuation of embedded derivative liability||(66,400)||(88,500||)||54,900||(85,700||)|
|General administrative expenditure||(6,238)||(10,658||)||(6,731||)||(13,165||)|
|Deferred tax (expense) recovery||(1,347)||74,069||(50||)||978|
|Profit (loss) attributable to:|
|Owners of the Company||26,394||45,833||89,806||(104,452||)|
|Total comprehensive income (loss) attributable to:|
|Owners of the Company||45,495||29,774||72,470||(92,793||)|
|Basic profit (loss) per share||0.02||0.04||0.07||(0.09||)|
|Diluted profit (loss) per share||0.02||0.04||0.07||(0.09||)|
DISCUSSION OF OPERATING RESULTS
Review of the three months ended March 31, 2023 vs. March 31, 2022
The Company recorded a profit for Q1 2023 of $82 million compared to a profit of $22 million for the same period in 2022. The total comprehensive income for Q1 2023 was $69 million compared to $43 million for Q1 2022.
The Kamoa-Kakula Copper Complex sold 86,777 tonnes of payable copper in Q1 2023 realizing revenue of $689 million for the Kamoa Holding joint venture, compared to 51,919 tonnes of payable copper sold for revenue of $520 million for the same period in 2022. The Company recognized income in aggregate of $130 million from the joint venture in Q1 2023, which can be summarized as follows:
|Three months ended|
|Company's share of profit from joint venture||82,659||87,109|
|Interest on loan to joint venture||47,592||28,289|
|Company's income recognized from joint venture||130,251||115,398|
The Company's share of profit from the Kamoa Holding joint venture was $4 million less in Q1 2023 compared to the same period in 2022 and is broken down in the following table:
|Three months ended|
|Revenue from contract receivables||659,529||467,453|
|Remeasurement of contract receivables||29,594||52,142|
|Cost of sales||(239,577||)||(123,370||)|
|General and administrative costs||(30,646||)||(15,768||)|
|Amortization of mineral property||(2,596||)||-|
|Profit from operations||416,304||380,457|
|Finance income and other||110||5,504|
|Profit before taxes||327,741||331,318|
|Current tax expense||(76,473||)||(5,215||)|
|Deferred tax (expense) recovery||(39,617||)||(104,829||)|
|Profit after taxes||211,651||221,274|
|Non-controlling interest of Kamoa Holding||(44,663||)||(45,295||)|
|Total comprehensive income for the period||166,988||175,979|
|Company's share of profit from joint venture (49.5%)||82,659||87,109|
The realized and provisional copper prices used for the remeasurement (mark-to-market) of contract receivables, can be summarized as follows.
|Three months ended|
|Realized during the period - open at the start of the period|
|Open forward price(1)||3.79||4.42|
|Payable copper tonnes sold||51,178||53,065|
|Remeasurement of contract receivables ($'000)||32,625||11,057|
|Realized during the period - new copper sold in the current period|
|Payable copper tonnes sold||56,121||-|
|Remeasurement of contract receivables ($'000)||(8,551||)||-|
|Open at the end of the period - open at the start of the period|
|Opening forward price(1)||3.79||4.40|
|Closing forward price(1)||4.05||4.69|
|Payable copper tonnes sold||6,625||36,920|
|Remeasurement of contract receivables ($'000)||3,748||23,112|
|Open at the end of the period - new copper sold in current period|
|Closing forward price(1)||4.05||4.69|
|Payable copper tonnes sold||30,307||51,919|
|Remeasurement of contract receivables ($'000)||1,772||17,973|
|Total remeasurement of contract receivables ($'000)||29,594||52,142|
|(1) Calculated on a weighted average basis|
Of the $89 million (Q1 2022: $55 million) finance costs recognized in the Kamoa Holding joint venture for Q1 2023, $74 million (Q1 2022: $48 million) relates to shareholder loans where each shareholder funded Kamoa Holding in an amount equivalent to its proportionate shareholding interest before generating sufficient operational cashflow. Of the remaining finance costs, $12 million (Q1 2022: $5 million) relates to the provisional payment facility available under Kamoa-Kakula's offtake agreements, while $2 million (Q1 2022: $2 million) relates to the equipment financing facilities.
Exploration and project evaluation expenditure amounted to $3 million in Q1 2023 and $12 million for the same period in 2022. Exploration and project evaluation expenditure for Q1 2023 related to exploration at Ivanhoe's Western Foreland exploration licences, while Q1 2022 also included amounts spent at the Kipushi Project, for which expenditure was capitalized in Q1 2023 due to the recommencement of the development of the project.
Finance income for Q1 2023 amounted to $58 million and was $26 million more than for the same period in 2022 ($32 million). Included in finance income is the interest earned on loans to the Kamoa Holding joint venture to fund past development which amounted to $48 million for Q1 2023, and $28 million for the same period in 2022, and increased due to the higher LIBOR rates and higher accumulated loan balance.
The Company recognized a loss on the fair valuation of the embedded derivative financial liability of $31 million for Q1 2023, compared to a loss on the fair valuation of the embedded derivative financial liability of $66 million for Q1 2023, which is further explained in the accounting for the convertible notes section on the Company's MD&A for the three months ended 31 March, 2023.
Financial position as at March 31, 2023 vs. December 31, 2022
The company's total assets increased by $94 million, from $3,969 million as at December 31, 2022, to $4,063 million as at March 31, 2023. The main reason for the increase in total assets was attributable to the increase in the company's investment in the Kamoa Holding joint venture by $130 million and the increase in property, plant and equipment of $50 million as project development continued at the Platreef and Kipushi projects, which was partly offset by the decrease in cash and cash equivalents.
The company's investment in the Kamoa Holding joint venture increased by $130 million from $2,047 million as at December 31, 2022, to $2,177 million as at March 31, 2023. The Company's investment in the Kamoa Holding joint venture can be broken down as follows:
|March 31,||December 31,|
|Company's share of net assets in joint venture||593,099||510,439|
|Loan advanced to joint venture||1,584,193||1,536,601|
|Total investment in joint venture||2,177,292||2,047,040|
The company's share of net assets in the Kamoa Holding joint venture can be broken down as follows:
|March 31, 2023||December 31, 2022|
|Property, plant and equipment||2,975,903||1,473,072||2,733,176||1,352,922|
|Cash and cash equivalents||389,624||192,864||365,633||180,988|
|Indirect taxes receivable||326,517||161,626||279,385||138,296|
|Long-term loan receivable||257,041||127,235||252,523||124,999|
|Deferred tax asset||665||329||710||351|
|Trade and other payables||(327,454||)||(162,090||)||(309,710||)||(153,306||)|
|Deferred tax liability||(313,458||)||(155,162||)||(273,841||)||(135,551||)|
|Equipment finance facility||(112,331||)||(55,604||)||(102,890||)||(50,931||)|
|Income taxes payable||(65,986||)||(32,631||)||(14,600||)||(7,227||)|
|Provisional payment facility||(42,607||)||(21,090||)||(38,866||)||(19,239||)|
|Net assets of the joint venture||1,198,180||593,099||1,031,189||510,439|
Before commencing commercial production in July 2021, the Kamoa Holding joint venture principally used loans advanced to it by its shareholders to advance the Kamoa-Kakula Copper Complex through investing in development costs and other property, plant and equipment. No additional shareholder loans were advanced in 2022 or 2023 with joint venture cashflow funding its operations and expansions. The joint venture had a healthy cash position as at March 31, 2023, with cash and cash equivalents of $390 million on hand.
The Kamoa-Kakula's Phase 1 and 2 operations are anticipated to generate significant operating cash flow to fund Phase 3 capital cost requirements at current copper prices and the joint venture is arranging short-term financing facilities should a shortfall occur due to a significant decrease in copper prices.
The cash flows of the Kamoa Holding joint venture can be summarized as follows:
|Three months ended|
|Net cash generated from operating activities||273,421||224,519|
|Net cash used in investing activities||(253,156||)||(107,016||)|
|Net cash generated from financing activities||2,398||2,028|
|Effect of foreign exchange rates on cash||1,328||(1,567||)|
|Net cash inflow||23,991||117,964|
|Cash and cash equivalents - beginning of the year||365,633||22,031|
|Cash and cash equivalents - end of the period||389,624||139,995|
The Kamoa Holding joint venture's net increase in property, plant and equipment from December 31, 2022, to March 31, 2023, amounted to $243 million and can be further broken down as follows:
|Three months ended|
|Kamoa Holding joint venture|
|Total capital expenditure||264,475||143,885|
|Borrowing costs capitalized||22,588||8,904|
|Total additions to property, plant and equipment for Kamoa Holding||287,063||152,789|
|Less depreciation, disposals and foreign exchange translation||(44,336||)||(24,628||)|
|Net increase in property, plant and equipment of Kamoa Holding||242,727||128,161|
Ivanhoe's cash and cash equivalents decreased by $100 million, from $597 million as at December 31, 2022, to $497 million as at March 31, 2023. The Company spent $70 million on project development and acquiring other property, plant and equipment and used $24 million in its operating activities.
The net increase in property, plant and equipment amounted to $50 million, with additions of $74 million to project development and other property, plant and equipment. Of this total, $45 million pertained to development costs and other acquisitions of property, plant and equipment at the Platreef Project, while $28 million pertained to development costs and other acquisitions of property, plant and equipment at the Kipushi Project as set out below.
The main components of the additions to property, plant and equipment - including capitalized development costs - at the Platreef and Kipushi projects for the three months ended March 31, 2023, and for the same period in 2022, are set out in the following table:
|Three months ended|
|Phase 1 construction||22,692||9,589|
|Phase 2 construction works||10,346||2,256|
|Salaries and benefits||3,407||3,053|
|Administrative and other expenditure||1,924||1,224|
|Studies and contracting work||886||985|
|Social and environmental||403||222|
|Total development costs||42,351||18,345|
|Other additions to property, plant and equipment||2,830||108|
|Total additions to property, plant and equipment for Platreef||45,181||18,453|
|Three months ended|
|Mine construction costs||14,168||-|
|Salaries and benefits||4,269||2,969|
|Administration and overheads||2,995||-|
|Depreciation - development||2,031||-|
|Studies and contracting work||1,718||529|
|Other additions to property, plant and equipment||200||295|
|Depreciation - exploration and project evaluation||-||1,871|
|Total project expenditure||28,473||8,861|
|Accounted for as follows:|
|Additions to property, plant and equipment||14,368||295|
|Development costs capitalized to property, plant and equipment||14,105||-|
|Exploration and project evaluation expenditure in the loss from operating activities||-||8,566|
|Total project expenditure||28,473||8,861|
The Company's total liabilities increased by $18 million to $1,146 million as at March 31, 2023, from $1,128 million as at December 31, 2022, with the increase mainly due to the loss on the fair valuation of the embedded derivative liability of $31 million.
LIQUIDITY AND CAPITAL RESOURCES
The Company had $497 million in cash and cash equivalents as at March 31, 2023. At this date, the Company had consolidated working capital of approximately $514 million, compared to $595 million at December 31, 2022.
The Company's planned capital expenditure for 2023 and 2024 can be summarized as follows:
|Capital Expenditure||Q1 2023 Actuals||2023 Guidance||2024 Guidance|
|($' million)||($' million)||($' million)|
|Phase 3 expansion||142||1,400 - 1,800||1,100 - 700|
|Phase 2 and other expansion capital||68||120||-|
|256||1,700 - 2,100||1,180 - 780|
|Phase 1 initial capital||30||190 - 240||200 - 150|
|Phase 2 capital||13||60||40|
|43||250 - 300||240 - 190|
|Initial capital||26||200 - 250||180 - 130|
All capital expenditure figures are presented on a 100%-project basis.
The ranges provided reflect uncertainty in the timing of Kamoa-Kakula Phase 3 expansion, Platreef Phase 2 capital and Kipushi cash flows between calendar years 2023 and 2024. The 2024 capital expenditure guidance for Platreef and Kipushi excludes sustaining capital required in 2024 post-initial production.
As documented in the Kamoa-Kakula 2023 Integrated Development Plan (IDP 2023) announced on January 30, 2023, the remaining capital cost for the total Phase 3 expansion is estimated at $3.0 billion, including the mine, concentrator, smelter, infrastructure and investment in off-site hydropower infrastructure. The Phase 1 and 2 operations are anticipated to generate significant operating cash flow in 2023 and 2024 and are expected to fund capital cost requirements at current copper prices. The joint venture had cash and cash equivalents of $390 million on hand at the end of March 2023.
Construction for Platreef's Phase 1 Mine is underway, with the first production on track for Q3 2024. The planned Phase 2 capital expenditure at Platreef represents mainly the continuation of sinking Shaft 2 and the construction of the Shaft 2 headframe, as well as the initial optimization study at Platreef to potentially accelerate production from the Phase 2 expansion, which is currently under consideration.
Construction of the Kipushi Mine is also underway, with the processing plant scheduled for completion by Q3 2024. Long-lead equipment items have been ordered and manufacturing is underway, and earthworks and civil construction activities are taking place on the surface. A tri-partite off-take and financing term sheet between Kipushi Corporation SA, Gécamines and Glencore has been signed to return the historic Kipushi zinc-copper-lead-germanium mine to production. The $250 million term financing facility will be split into two tranches and drawn down quarterly, subject to conditions precedent. The facility will bear an annual interest rate of SOFR plus 7% and shall be repaid, following a 24- month grace period from signing, in quarterly installments over 36 months. The off-take and financing term sheet is subject to the execution of final, binding agreements, which are expected to be concluded in conjunction with the new Kipushi joint-venture.
Exploration activities at the Western Foreland exploration project in the DRC, the Mokopane Feeder exploration project in South Africa and other targets will continue in 2023, with an initial budget of $31 million.
NON-GAAP FINANCIAL PERFORMANCE MEASURES
Kamoa-Kakula's C1 cash costs and C1 cash costs per pound
C1 cash costs and C1 cash costs per pound are non-GAAP financial measures. These are disclosed to enable investors to better understand the performance of Kamoa-Kakula in comparison to other copper producers who present results on a similar basis.
C1 cash costs are prepared on a basis consistent with the industry standard definitions by Wood Mackenzie cost guidelines but are not measures recognized under IFRS. In calculating the C1 cash cost, the costs are measured on the same basis as the Company's share of profit from the Kamoa Holding joint venture that is contained in the financial statements. C1 cash costs are used by management to evaluate operating performance and include all direct mining, processing, and general and administrative costs. Smelter charges and freight deductions on sales to the final port of destination, which are recognized as a component of sales revenues, are added to C1 cash cost to arrive at an approximate cost of finished metal. C1 cash costs and C1 cash costs per pound exclude royalties and production taxes and non-routine charges as they are not direct production costs.
Reconciliation of Kamoa-Kakula's cost of sales to C1 cash costs, including on a per pound basis:
|Three months ended|
|Cost of sales||239,577||123,370|
|Logistics, treatment and refining charges||111,444||48,841|
|General and administrative expenditure||30,646||15,768|
|Royalties and production taxes||(53,812||)||(28,576||)|
|Movement in finished goods inventory||(688||)||3|
|General and administrative expenditure of other group entities||(324||)||(228||)|
|C1 cash costs||283,862||143,942|
|Cost of sales per pound of payable copper sold ($ per lb.)||1.25||1.08|
|C1 cash costs per pound of payable copper produced ($ per lb.)||1.42||1.21|
|Payable copper produced in concentrate (tonnes)||90,561||53,795|
Figures in the above table are for the Kamoa-Kakula joint venture on a 100% basis.
EBITDA, Adjusted EBITDA and EBITDA margin
EBITDA and Adjusted EBITDA are non-GAAP financial measures. Ivanhoe believes that Kamoa-Kakula's EBITDA is a valuable indicator of the mine's ability to generate liquidity by producing operating cash flow to fund its working capital needs, service debt obligations, fund capital expenditures and distribute cash to its shareholders. EBITDA and Adjusted EBITDA are also frequently used by investors and analysts for valuation purposes. Kamoa-Kakula's EBITDA and the EBITDA and Adjusted EBITDA for the Company are intended to provide additional information to investors and analysts and do not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared per IFRS. EBITDA and Adjusted EBITDA excludes the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA and Adjusted EBITDA differently.
The EBITDA margin is an indicator of Kamoa-Kakula's overall health and denotes its profitability, which is calculated by dividing EBITDA by revenue. The EBITDA margin is intended to provide additional information to investors and analysts, does not have any standardized definition under IFRS, and should not be considered in isolation, or as a substitute, for measures of performance prepared per IFRS.
Reconciliation of profit after tax to Kamoa-Kakula's EBITDA:
|Three months ended|
|Profit after taxes||211,651||221,274|
|Current and deferred tax expense||116,090||110,044|
Figures in the above table are for the Kamoa-Kakula joint venture on a 100% basis.
Reconciliation of profit after tax to Ivanhoe's EBITDA and adjusted EBITDA:
|Three months ended|
|Profit after taxes||82,480||21,540|
|Current and deferred tax (recovery) expense||(881||)||1,207|
|Share of profit from joint venture net of tax||(82,659||)||(87,109||)|
|Company's share of EBITDA from Kamoa-Kakula joint venture(1)||178,857||158,136|
|Loss on fair valuation of embedded derivative liability||30,900||66,400|
|Non-cash share-based payments||6,538||6,253|
(1) The Company's attributable share of EBITDA from the Kamoa-Kakula joint venture is calculated using the Company's effective shareholding in Kamoa Copper SA (39.6%), Ivanhoe Mines Energy DRC SARL (49.5%), Kamoa Holding Limited (49.5%) and Kamoa Services (Pty) Ltd (49.5%).
This news release should be read in conjunction with Ivanhoe Mines' unaudited 2022 Financial Statements and Management's Discussion and Analysis report available at www.ivanhoemines.com and at www.sedar.com.
Disclosure of technical information
Disclosures of a scientific or technical nature in this news release regarding the Kamoa-Kakula Copper Complex (other than stockpiles estimation), the Platreef Project and the Kipushi Project have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is the Executive Vice President, Projects, at Ivanhoe Mines. Mr. Amos has verified the technical data related to the foregoing disclosed in this news release.
Disclosures of a scientific or technical nature regarding the Kamoa-Kakula stockpiles in this news release have been reviewed and approved by George Gilchrist, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Gilchrist is not considered independent under NI 43- 101 as he is the Vice President, Resources, at Ivanhoe Mines. Mr. Gilchrist has verified the technical data regarding the Kamoa-Kakula stockpiles disclosed in this news release.
Disclosures of a scientific or technical nature regarding the Western Foreland Project in this news release have been reviewed and approved by Stephen Torr, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Torr is not considered independent under NI 43-101 as he is the Vice President, Geosciences, at Ivanhoe Mines. Mr. Torr has verified the technical data regarding the Western Foreland Project disclosed in this news release.
Ivanhoe has prepared an independent, NI 43-101-compliant technical report for the Kamoa-Kakula Project, the Platreef Project and the Kipushi Project, each of which is available on the company's website and under the company's SEDAR profile at www.sedar.com:
- Kamoa-Kakula 2023 IDP Technical Report dated March 6, 2023, prepared by OreWin Pty Ltd.; China Nerin Engineering Co. Ltd.; DRA Global; Epoch Resources; Golder Associates Africa; Metso Outotec Oyj; Paterson and Cooke; SRK Consulting Ltd.; and, The MSA Group.
- The Kipushi 2022 Feasibility Study dated February 14, 2022, prepared by OreWin Pty Ltd., MSA Group (Pty) Ltd., SRK Consulting (South Africa) (Pty) Ltd, and METC Engineering.
- The Platreef 2022 Feasibility Study dated February 28, 2022, prepared by OreWin Pty Ltd., Mine Technical Services, SRK Consulting Inc., DRA Projects (Pty) Ltd and Golder Associates Africa.
These technical reports include relevant information regarding the effective dates and the assumptions, parameters and methods of the mineral resource estimates on the Platreef Project, the Kipushi Project and the Kamoa-Kakula Copper Complex cited in this news release, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this news release in respect of the Platreef Project, Kipushi Project and Kamoa-Kakula Copper Complex.
The Kamoa-Kakula 2023 PFS and Kamoa-Kakula 2023 PEA were independently prepared by OreWin Pty Ltd. of Adelaide, Australia; China Nerin Engineering Co., Ltd., of Jiangxi, China; DRA Global of Johannesburg, South Africa; Epoch Resources of Johannesburg, South Africa; Golder Associates Africa of Midrand, South Africa; Metso-Outotec Oyj of Helsinki, Finland; Paterson and Cooke of Cape Town, South Africa; SRK Consulting Inc. of Johannesburg, South Africa; and MSA Group of Johannesburg, South Africa.
For the recently announced Kamoa-Kakula 2023 IDP (including the Kamoa-Kakula 2023 PFS and Kamoa-Kakula 2023 PEA), a new, independent NI 43-101 technical report was filed on SEDAR at www.sedar.com and the Ivanhoe Mines website at www.ivanhoemines.com on March 16, 2023.
Follow Robert Friedland (@robert_ivanhoe) and Ivanhoe Mines (@IvanhoeMines_) on Twitter.
Vancouver: Matthew Keevil +1.604.558.1034
London: Tommy Horton +44 7866 913 207
Tanya Todd +1.604.331.9834
Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified using words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events, or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance and results and speak only as of the date of this news release.
Such statements include without limitation, the timing and results of: (i) statements regarding Kamoa-Kakula's Phase 3 expansion targeted for Q4 2024 completion, which is expected to increase copper production to a ten-year average of 620,000 tonnes per annum, at C1 cash cost of $1.22/lb, which expansion includes a new 5.0 Mtpa concentrator; (ii) statements regarding the ultra-high-grade Kipushi zinc-copper-germanium-silver mine being on track for first production in Q3 2024, and project financing being near completion; (iii) statements regarding the Platreef palladium, nickel, platinum, rhodium, copper and gold project in South Africa being scheduled for first production in Q3 2024; (iv) statements that the Kamoa 1 and Kamoa 2 mines will become the main providers of copper ore for Kamoa-Kakula's Phase 3 expansion to over 600,000 tonnes of copper production annually by Q4 2024; (v) statements regarding the installation of a state-of-the-art static compensation unit at the Kolwezi converter station to stabilize the entire southern grid network and provide a significantly improved electricity supply to Kamoa-Kakula; (vi) statements regarding the over-time increase of backup generation capacity on-site at Kamoa Kakula to over 200 MW in a phased roll-out to achieve sufficient redundancy to meet the total power requirement of the mine in situations where extended supply interruptions may occur, with additional 11 MW expected in Q2 2023 and a further 49 MW expected delivered to site toward the end of 2023, all of which is expected to be sufficient power for Phases 1, 2 and 3, excluding the smelter; (vii) statements regarding an agreement to secure up to an additional 100 MW of power from CEC of Zambia, via the DRC-Zambia interconnector, for Kamoa Kakula; (viii) statements that while the ongoing expansion of underground infrastructure at the Kakula mine takes place, ore will be drawn as required from the stockpile to maximize copper production; (ix) statements that commissioning of Phase 3 at Kamoa-Kakula will result in total processing capacity of over 14.2 Mtpa and that this will position Kamoa Copper as the world's third largest copper mining complex and the largest copper mine on the African continent; (x) statements regarding the 2023 exploration program at Western Foreland being approximately $19 million and including up to 70,000 meters of total drilling; (xi) statements regarding the planned release of a maiden Mineral Resource estimate for its Makoko and Kiala high-grade copper discoveries in the Western Foreland in mid-2023; (xii) statements regarding the optimization study at its Tier-One Platreef palladium, nickel, platinum, rhodium, copper and gold mine in South Africa potentially accelerating production from the Phase 2 expansion, which has the benefit of de-risking the development and ramp-up of the Phase 1 mine and may be used to accelerate the ramp-up of underground mining activities for Phase 2, in advance of the completion of Shaft 2, which is expected in 2027; (xiii) statements that the Lualaba Copper Smelter will produce between 650,000 and 800,000 tonnes per annum of high-strength sulphuric acid that is expected to be sold in the domestic DRC market; (xiv) statements that the on-site smelter will offer transformative financial benefits for the Kamoa-Kakula Copper Complex, most notably of which is a material reduction in logistics costs (which volume of shipments per unit of copper are expected to be more than halved by selling 99+%-pure blister copper anodes instead of copper concentrate), and to a lesser extent reduced concentrate treatment charges and local taxes, as well as revenue from the acid sales; (xv) statements regarding smelter commissioning being expected to drive a decrease in average cash costs (C1) over the first five years (from 2025) to approximately $1.15/lb. of copper, a 21% reduction from the midpoint of the 2023 guidance of $1.45/lb. of payable copper produced; (xvi) statements regarding the Phase 3 concentrator at Kamoa-Kakula being on track for first concentrate in Q4 2024 (which is planned to coincide with the commissioning of an on-site, direct-to-blister flash copper smelter capable of producing 500,000 tonnes per annum of copper anode), and that it will be fed with ore from the existing Kansoko Sud Mine (formerly Kansoko Mine), as well as new mines currently under development in the Kamoa area, known as Kamoa 1 and 2; (xvii) statements regarding the Phase 4 expansion of the Kamoa-Kakula concentrator taking total processing capacity up to 19.2 Mtpa, and that the Phase 4 concentrator will be fed by new mines in the Kamoa area; (xix) statements that the turbine replacement will supply an additional 178-megawatts of clean hydroelectric power to the national grid, and provide power for Phase 3; (xx) statements regarding the first steel erection with respect to the Kamoa Phase 3 concentrator being expected in June 2023;(xxi) statements regarding the Kamoa-Kakula Phase 3 expansion incorporating leading-edge technology supplied by Metso Outotec, which smelter is projected to be one of the largest, single-line copper flash smelters in the world, with a production capacity of 500,000 tonnes per annum of blister copper anodes; (xxii) statements regarding the Kamoa-Kakula Phase 3 smelter having a processing capacity of 1.2Mtpa of dry concentrate feed and being designed to run a blend of concentrate produced from the Kakula (Phase 1 and 2) and Kamoa (Phase 3 and Phase 4) concentrators; (xxiii) statements that Kamoa-Kakula will continue to toll-treat concentrates under a 10-year agreement with the Lualaba Copper Smelter, which is expected to account for approximately 150,000 tonnes of copper concentrate annually, with the balance of copper production being exported as concentrate; (xxiv) statements that construction of the twin declines to the Kamoa 1 and Kamoa 2 underground mines and excavation access to Phase 3 mining areas are advancing well; (xxv) statements that underground mining activities at Kamoa 1 are expected to commence in 2023 and at Kamoa 2 in 2025, and which both involved the same mechanized drift-and-fill mining methods employed at the Kakula mine; (xxvi) statements regarding the future expansions of the Kamoa-Kakula Copper Complex being powered by clean, renewable hydro-generated electricity which will be developed in partnership with the DRC's state-owned power company SNEL; (xxvii) statements that the refurbishment of the Inga II hydropower facility on the Congo River is on schedule; (xxviii) statements that the Phase 1 and 2 concentrators will continue to process ore from the Kakula Mine, as well as the new adjacent Kakula West Mine from 2029; (xxix) statements regarding Kamoa-Kakula 2023 guidance including contained copper in concentrate of 390,000 to 430,000 tonnes and cash cost (C1) of $1.40 to $1.50 per lb; (xxx) statements that a senior debt facility for Platreef is targeted for completion in the first half of 2023; (xxxi) statements that Shaft 3 at Platreef is scheduled to be completed in Q4 2023; (xxxii) statements that first production at Platreef's Phase 1 concentrator is scheduled for Q3 2024, with majority long-lead equipment orders scheduled for delivery in Q3 2023; (xxxiii) statements that an additional senior credit facility for Platreef is targeted for completion in mid-2023; (xxxiv) statements that the EC&I contract award at Platreef is planned for mid-2023 with site mobilization expected in Q3 2023; (xxxv) statements that the 10-metre diameter Shaft 2 currently under construction will have a hoisting capacity of 8 Mtpa and that Shaft 2 will be utilized in subsequent development phases and will be among the largest hoisting shafts in the world; (xxxvi) statements that the commissioning of Platreef's first solar-power plant is expected in 2023 and that the solar-generated power from the plant will be used for mine development and construction activities, and that the power generated by this plant will support development activities and operations, together with other renewable energy sources to be introduced over time; (xxxvii statements regarding the pilot drilling required for the raise bore center hole of Platreef's Shaft 2 being scheduled to finish during Q2 2023, after which reaming of a 3.1-meter diameter hole is planned; (xxxviii) statements regarding the raise-boring of the 5.1-meter diameter ventilation shaft (Shaft 3) expected to be completed in Q4 2023; (xxxix) statements that equipping Shaft 3 at Platreef with hoisting capacity will provide alternative option to remove ore and waste from the underground mine, which may accelerate ramp-up of underground mining activities for Phase 2; (xl) statements that underground mining activities for Phase 2 at Platreef are expected in 2027; (xli) statements regarding the off-take term sheet, and the entering into definitive agreements with respect thereof, between Kipushi Corporation SA and Gécamines, and the terms of a $250 million term financing facility for Kipushi from Glencore; (xlii) statements regarding the signed agreement between Kipushi Holding and Gécamines to return the ultra-high-grade Kipushi Mine to commercial production, which sets out the commercial terms that will form the basis of a new Kipushi joint-venture agreement establishing a robust framework for the mutually beneficial operation of Kipushi for years to come, which are subject to execution of definitive documentation; (xliii) statements regarding the impact of the joint venture agreement with Gécamines on Ivanhoe Mines' ownership in the Kipushi Project, which is expected to be reduced to 62%, with Gécamines holding the balance of 38%, and the highlights of the new agreement;(xliv) statements that long lead order equipment packages for Kipushi are expected to commence delivery to the site in late summer 2023, with the ball mill delivery planned for Q3 2023; (xlv) statements that first concentrate at Kipushi is on schedule to occur during Q3 2024; (xlvi) statements that Shaft 5 at Kipushi is planned to be the main production shaft with a maximum hoisting capacity of 1.8Mtpa; (xlvii) statements that mining at Kipushi will be performed using highly productive, mechanized methods and that cemented rock fill will be utilized to backfill open stopes with tailings from the surface to reduce surface tailings and maximize ore extraction at Kipushi, where ore is expected to be crushed underground and conveyed to the base of the P5 shaft where it will be hoisted to the surface and conveyed to the nearby run-of-mine stockpile, adjacent to the 800,000-tonne-per-annum concentrator; (xlviii) statements that stoping at the Big Zinc orebody is expected to commence in early 2024 to build a high-grade ore stockpile ahead of processing plant commissioning in Q3 2024; (xlix) statements that gravity survey at the Mokopane Feeder Exploration Project will commence in Q2 2023, and that diamond drilling will be conducted later in the year on targets to be identified from the results of the magnetic and gravity surveys; (l) statements that a new commercial border crossing between DRC-Zambia will provide significant advantage to Kipushi Mine as a direct means of importing materials and consumables and clearing customs, and that it will provide socio-economic benefits to the town and Province of Haut-Katanga; (li) statements that a new commercial border crossing between DRC-Zambia will benefit logistics for Kamoa-Kakula's operations; (lii) statements that diamond drilling is expected to be conducted on the Mokopane Feeder Exploration Project in 2023; (liii) statements that Phase 1 and Phase 2 operations at Kamoa-Kakula are anticipated to generate significant operating cash flows in 2023 and 2024, and are expected to fund capital cost requirements at current copper prices, and that the joint venture is arranging short-term financing facilities should a shortfall occur due to a significant decrease in copper prices; (liv) statements with respect to the Company's planned expenditures for 2023 and 2024; and (lv) statements that 2023 exploration activities have an initial budget of $31 million.
As well, all of the results of the feasibility study for the Kakula copper mine, the Kamoa-Kakula 2023 IDP, the Platreef 2022 feasibility study, and the Kipushi 2022 feasibility study constitute forward-looking statements or information and include future estimates of internal rates of return, net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs and the size and timing of phased development of the projects.
Furthermore, concerning this specific forward-looking information concerning the operation and development of the Kamoa-Kakula Copper Complex, Platreef and Kipushi projects, the company has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include: (i) the adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of copper, nickel, zinc, platinum, palladium, rhodium and gold; (vi) the availability of equipment and facilities necessary to complete development; (vii) the cost of consumables and mining and processing equipment; (viii) unforeseen technological and engineering problems; (ix) accidents or acts of sabotage or terrorism; (x) currency fluctuations; (xi) changes in regulations; (xii) the compliance by joint venture partners with terms of agreements; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies; (xv) the ability to raise sufficient capital to develop such projects; (xvi) changes in project scope or design; (xvii) recoveries, mining rates and grade; (xviii) political factors; (xviii) water inflow into the mine and its potential effect on mining operations, and (xix) the consistency and availability of electric power.
This news release also contains references to estimates of Mineral Resources and Mineral Reserves. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Estimates of Mineral Reserves provide more certainty but still involve similar subjective judgments. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production from the company's projects, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that ultimately may prove to be inaccurate. Mineral Resource or Mineral Reserve estimates may have to be re-estimated based on: (i) fluctuations in copper, nickel, zinc, platinum group elements (PGE), gold or other mineral prices; (ii) results of drilling; (iii) metallurgical testing and other studies; (iv) proposed mining operations, including dilution; (v) the evaluation of mine plans after the date of any estimates and/or changes in mine plans; (vi) the possible failure to receive required permits, approvals and licences; and (vii) changes in law or regulation.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether such results will be achieved. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed above and under the "Risk Factors" section in the company's MD&A for the three months ended March 31, 2023, and its Annual Information Form, and elsewhere in this news release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors outlined in the "Risk Factors" section and elsewhere in the company's MD&A for the three months ended March 31, 2023, and its Annual Information Form.
南非约翰内斯堡 — 艾芬豪矿业 (TSX: IVN; OTCQX: IVPAF) 总裁玛娜·克洛特 (Marna Cloete) 及首席财务官大卫·范·希尔登 (David van Heerden) 欣然宣布公司截至2023年3月31日三个月的财务业绩。艾芬豪矿业是一家加拿大矿业公司，正在推进旗下位于南部非洲的四大矿业项目﹕位于刚果民主共和国 (以下简称 “刚果 (金)”) 的卡莫阿-卡库拉 (Kamoa-Kakula) 铜矿项目的 III 期扩建工程 (项目已于2021年7月实现商业化生产)、位于南非的普拉特瑞夫 (Platreef) 钯-镍-铂-铑-铜-金矿的建设项目(计划于2024年第三季度投产)、位于刚果 (金) 的久负盛名的基普什 (Kipushi) 锌-铜-铅-锗矿的复产项目 (同样计划于2024年第三季度投产)，以及在毗邻卡莫阿-卡库拉的西部前沿 (Western Foreland) 探矿权2,407平方公里范围内进行勘查以寻找新的铜矿资源。除非另有指明，所有货币数字均以美元为单位。
- 艾芬豪矿业于2023年第一季度录得利润8,200万美元，高于2022年同期的利润2,200万美元。本季度的利润已扣除可转债的嵌入式衍生金融负债的公允价值录得3,100万美元的非现金损失，主要是因为股价从每股10.70加元上升14%至季度末的每股12.21加元。2023年第一季度的利润已计入艾芬豪矿业应占卡莫阿-卡库拉铜矿合资企业的利润份额以及财务收入 (共计1.3亿美元)。
- 2023 年第一季度，卡莫阿-卡库拉的销售成本为1.25美元 / 磅，2022 年第四季度及2022年第一季度的销售成本分別为1.08美元 / 磅及1.08美元 / 磅。2023 年第一季度，现金成本 (C1) 为1.42美元 / 磅，2022 年第四季度及2022年第一季度的C1现金成本分別为1.42美元 / 磅及1.21美元 / 磅。
- 艾芬豪矿业的财政状况稳健。截至2023年3月31日，公司持有现金和现金等价物4.97亿美元，预计卡莫阿-卡库拉 I 期和 II 期运营产生的现金流，以当前铜价计算，将足以支撑 III 期扩建所需的资本性开支。
- 卡莫阿-卡库拉 I 期和 II 期选厂持续表现理想， 3月份及4月份屡次刷新单日生产纪录，共处理2.9万吨矿石，铜回收率超过88%，远高于86%的设计指标。
- 普拉特瑞夫 I 期选厂的建设工程进展顺利，将按计划于2024年第三季度投产。2号竖井的混凝土井筒今已完成超过79米。2 号竖井将高出地面约100米，包括支撑主卷扬机的钢结构。
- 艾芬豪对普拉特瑞夫项目启动优化方案以加快 II 期扩建投产。研究考虑将施工中5.1米直径的3号通风井转换为可提升矿石的生产井。
- 艾芬豪矿业发布第六份年度可持续发展报告，重点阐述公司对于 “高标准采矿作业”的承诺以及带领全球走向负责任采矿的目标。报告载于艾芬豪网页﹕www.ivanhoemines.com。
艾芬豪矿业将于5月3日周三北美东部时间 10:30 am / 太平洋时间7:30 am 召开投资者电话会议，讨论2023年第一季度的财务业绩。电话会议将包括答问环节，被邀媒体将在听众列席。
艾芬豪矿业持有 39.6% 权益
卡莫阿-卡库拉铜矿项目由艾芬豪矿业与紫金矿业的合资企业卡莫阿控股负责运营，被国际矿业咨询公司伍德曼肯兹 (Wood Mackenzie) 评为2025年起全球第 4 大铜矿床。该项目位于科卢韦齐 (Kolwezi) 以西约 25 公里，卢本巴希 (Lubumbashi) 以西约 270 公里处。卡莫阿-卡库拉铜矿项目的 I 期选厂于2021年5月启动生产，并于2021年7月1日正式实现商业化生产。II 期选厂的设计产能翻倍，于2022年4月投产。
2015年12月，艾芬豪向紫金矿业出售卡莫阿控股有限公司 (以下简称 "卡莫阿控股") 49.5% 的权益，并向私营企业晶河全球出售卡莫阿控股1%的权益。卡莫阿控股持有项目80%权益。艾芬豪与紫金矿业各自间接持有卡莫阿-卡库拉铜矿项目39.6%的权益，晶河全球间接持有 0.8% 权益，而刚果(金)政府则直接持有20%权益。目前，卡莫阿-卡库拉铜矿项目约97%的员工为刚果(金)居民。
上述数字均以100%项目权益统计。报告的精矿含铜金属量未考虑冶炼协议中的损失或扣减。本新闻稿载述“EBITDA”、“经调整EBITDA”、“EBITDA利润率”和“C1现金成本”为非公认会计准则的财务指标。关于本文载述每项非公认会计准则财务指标的详细说明，以及与国际财务报告准则 (IFRS) 最直接可比的详细对账，请参阅《管理层讨论与分析》的“非公认会计准则财务指标”的部分。
C1 现金成本的计算基准与伍德曼肯兹成本指南制定的行业标准定义一致，但并非国际财务报告准则认可的方式。在计算 C1 现金成本时，成本的计量基准与财务报表中所述的公司应占卡莫阿控股合资企业的收益份额相同。管理层以C1 现金成本评估经营业绩，其中包括所有直接采矿、选矿以及管理和行政成本。冶炼费和销售至最终港口的运费扣减被列作销售收入的一部分，将计入C1现金成本，以得出交付成品金属的粗略成本。权益金、产品税和非经常性费用并非直接生产成本，因此不会计入C1现金成本。
铲运车司机 John Katumbwe 正在建设卡莫阿1区和卡莫阿 2 区的双向斜坡道，新采区将主要向卡莫阿-卡库拉 III 期选厂供矿。到2024 年第四季度，预计卡莫阿-卡库拉的总铜产量将增加至60万吨/年。
扩产建设竣工后，卡莫阿-卡库拉I 期和 II 期选厂的综合稳态产能已提升至920万吨/年。I 期和 II 期选厂的扩产建设在预算5,000万美元内、比原计划提前于2023年2月底完成，年化产能提高至45万吨/年。上述数字均以100%项目权益统计。报告的精矿铜产量未考虑冶炼协议中的损失或扣减。
卡莫阿-卡库拉 I 期和 II 期选厂于2月完成扩产建设后，尽管在第一季度曾两度停工以配合扩产新设备的安装，仍能够于3月份创下多项纪录 — 月内共生产精矿含铜3.5万吨，于3月中期取得一周生产9,016吨铜的纪录，并于2023年3月25日创下1,563吨铜的单日生产纪录。选厂于4月份持续表现优异，创下单日生产纪录，共处理2.9万吨矿石。
2023年第一季度，卡莫阿-卡库拉 I 期和 II 期选厂共处理矿石约193万吨，平均入选品位5.42%，其中包括来自地表矿堆约25.5万吨矿石。
控制室主管Chris Tshibanda、Larox高级操作员Linda Malumda、选厂操作员Rachelle Museka及控制室主管Serge Mukembe在卡莫阿-卡库拉 I 期和 II 期选厂前，两座选厂的扩产建设竣工后，综合产能已提升至920万吨/年。
3月份及4 月份I 期和 II 期选厂的回收率远超设计指标，月度平均回收率高达88%，期间更一度达到90%，远高于86%的设计指标。
卡莫阿-卡库拉正计划在矿山安装大量备用供电系统，确保项目在电力中断的情况下也能够正常运行。当前矿山范围内的备用电能约32兆瓦，并计划随着项目发展分阶段增加至200兆瓦以上，即使在电力长期中断的情况下，都能够提供充足的备用电力，以满足 I 期、 II 期和 III期 (不包括冶炼厂) 的总电力需求 。
矿场主管Johan Prinsloo和工长Thabo Kgaladi在卡莫阿1区新建的井下变电站检查新安装的仪表板。
同时正讨论引入赞比亚外部输电，将通过赞比亚铜矿带能源公司 (CEC) 增容100兆瓦电力，预计快将达成协议
截至2023年3月底，卡莫阿-卡库拉地表堆存约420万吨高品位和中品位矿石，平均铜品位约3.9%。2023年第一季度在卡库拉及卡索科 (Kansoko) 矿山共采出202万吨矿石 (未计堆场矿石)，铜品位5.2%；其中在卡库拉矿山采出的183万吨矿石，铜品位5.6% (包括矿床高品位中心采出的75万吨矿石，铜品位高达6.7%)。
卡莫阿-卡库拉 III 期扩建进展顺利，预计将于2024年第四季度投产。 III 期扩建包括在卡莫阿兴建一座500万吨/年的新选厂，距离 I 期和 II 期选厂以北约10公里处。
III 期选厂的工艺设计与 I 期和 II 期选厂相似，但产能更大。选厂前端流程 (矿堆、初碎和筛分) 的设计产能高达1,000万吨/年，以配合后续的 IV 期扩建。选厂的建设理念与 I 期和 II 期相同，大部分设备与 I 期和 II 期选厂相同或类似，因此可以使用相同的备件，并可利用之前汲取的操作和维护方面的经验。
详细设计和采购工作正如期进行，所有大型设备的采购订单已经完成，预计首批钢结构将于2023年6月进行安装。土方工程即将完成，且土建工程进展顺利，预计快将签订钢结构、管道和钣金 (SMPP) 合同。
卡莫阿-卡库拉 III 期高压辊磨的安装工作正在进行中。
卡莫阿-卡库拉 III 期浮选设施的地基建设进展顺利。
卡莫阿 1 区的地下采掘班组在开拓巷道的顶部进行支护。多个采掘班组在 III 期扩建的卡莫阿 1 区和卡莫阿 2 区进行开拓工程，刚刚实现了365天的零失时工伤纪录。
卡莫阿1区和卡莫阿2区的双向斜坡道建设和III 期采区的进出场通道掘进工程进度理想。卡莫阿1区和卡莫阿2区将使用同一井口的双向斜坡道 (人员出入口及输送带) 进场。双向斜坡道的建设工程进展顺利，至今已完成超过2,000米的开拓工程。卡莫阿1区将于2023年底开始采矿，其后卡莫阿2区将于2025年开展，将采用与卡库拉矿山同样的机械化进路充填采矿法。
注：卡莫阿-卡库拉铜矿的产量和品位引自卡莫阿-卡库拉 2023 预可研。伍德曼肯兹制定的 "铜入选品位” 反映了矿产储量的平均品位。
信息来源﹕伍德曼肯兹 (2023年) (根据公开披露而作出，伍德曼肯兹未审核卡莫阿-卡库拉 2023 预可研)。
卡莫阿-卡库拉 III 期扩建包括一座一步炼铜冶炼厂，采用芬兰美卓奥图泰公司的顶尖技术，预计将成为全球最大的单系列一步炼铜冶炼厂，以及非洲最大的冶炼厂之一，每年可生产50万吨含铜超过99%的粗铜和阳极铜。冶炼厂占地100公顷，毗邻 I 期和 II 期选厂，按照国际金融公司 (IFC) 制订的排放标准建造。
冶炼厂的精矿处理能力达1,200万吨/年，将处理I 期和 II期来自卡库拉和III期及后续IV期来自卡莫阿选厂的精矿。卡莫阿-卡库拉 2023 预可研显示，冶炼厂将处理卡莫阿-卡库拉约80%的精矿，包括 III 期和后续 IV 期扩建后的产量。卡莫阿-卡库拉根据与卢阿拉巴铜冶炼厂签订的为期十年的协议，继续将部分精矿送往距离卡莫阿-卡库拉铜矿约50公里、靠近科卢韦齐镇的卢阿拉巴铜冶炼厂进行处理加工，预计每年处理约15万吨铜精矿。剩余的铜精矿直接出口。
冶炼厂位于矿山范围内，为卡莫阿-卡库拉铜矿项目带来巨大的经济效益，显著降低物流成本，还有助于降低粗炼费和当地税项，并可从副产品硫酸的销售中获得可观利益。2023年第一季度，物流成本已占卡莫阿-卡库拉C1现金成本的 32%，由于含铜超过99%阳极粗铜出口的单位物流成本明显低于铜精矿，有助于将整体货运量减少一半以上。卡莫阿-卡库拉 2023预可研显示，冶炼厂投产前5年 (从2025年起计) 将平均 C1 现金成本降低至约1.15美元/磅，与2023年指导目标中位的每磅可售铜C1现金成本1.45美元/磅相比，下降了21%。
卡莫阿-卡库拉 III 期扩建还包括英加二期水电站5号涡轮机组的升级改造。水电站涡轮机组升级完成后，将为国家电网增容178兆瓦清洁水电，可以满足 III 期的电力需求。
英加二期水电站的升级改造进展顺利，2022年第四季度牵头承包商福伊特水电 (Voith Hydro) 的工作团队已进驻营地，目前正进行新转轮的组装工作及拆除现有的交流发电机，同时正研究升级英加二期水电站和卡莫阿营地之间的现有电网基础设施的传输能力。
全球领先的卡莫阿-卡库拉铜矿项目的独立综合开发方案更新版 (2023 IDP) 取得非凡的经济分析结果
2023年1月30日，艾芬豪矿业公布卡莫阿-卡库拉铜矿的独立综合开发方案更新版 (2023 IDP) 的非凡经济分析结果。2023 IDP 包括卡莫阿-卡库拉铜矿项目III 期和 IV 期扩建后33年的服务年限内的预可行性研究 (以下简称“卡莫阿-卡库拉2023 预可研”)，以及初步经济评价更新版 (以下简称“卡莫阿-卡库拉 2023 初步经济评价”)，包括将矿山服务年限延长至42年的开发方案。
卡莫阿-卡库拉 2023 预可研 (III 期及 IV 期扩建) 将设计总产能从当前920万吨/年分阶段提升至1,920万吨/年。I 期和 II 期选厂将处理来自卡库拉的矿石，随后自2029年起从毗邻的卡库拉西区补充矿石供应。III 期500万吨/年的选厂正在建设中，计划于2024年第四季度投产，将从卡索科南区现有采区及卡莫阿1区和卡莫阿2区建设中的新采区向选厂供矿。IV 期扩建包括一座500万吨/年的新选厂，将使卡莫阿-卡库拉铜矿的综合处理能力提升至1,920万吨/年。IV 期选厂将处理来自卡莫阿矿山新采区的矿石。
卡莫阿-卡库拉 2023 预可研 (III 期及 IV 期扩建) 重点摘要﹕
- 2024年底 III 期扩建完成后矿山综合矿石处理能力提高至1,420万吨/年，铜产量大幅增加，预计在前10年达到62万吨/年。
- III期投产后的前5年 (2025-2029) 平均年产65万吨铜，C1现金成本1.15美元/磅，将是产生现金流的重要阶段。
- 按长期铜价3.70美元/磅计算，33年矿山服务年限内的税后净现值 (折现率8%) 为191亿美元。
卡莫阿-卡库拉 2023 初步经济评价 (矿山服务年限延长方案)，在卡莫阿-卡库拉 2023 预可研之上，将卡莫阿-卡库拉铜矿项目的矿山服务年限再延长9年，包括在卡莫阿矿区建设四个新采区 (卡莫阿3区 - 区和6区)，以维持高达1,920万吨/年的综合产能。
卡莫阿-卡库拉 2023 初步经济评价(矿山服务年限延长方案) 重点摘要﹕
- 矿山服务年限延展方案提出了在卡莫阿-卡库拉 2023 预可研所载矿山服务年限33年以后的9年内，保持高达1,920万吨/年的综合选矿产能。
- 税后净现值为202亿美元 (折现率8%)，矿山服务年限42年。
卡莫阿-卡库拉 2023 初步经济评价只是初步研究，包括部分基于推断资源量的经济分析。推断资源量在地质学上被视为具有一定程度的推测成分，因此并不适用于经济分析且不允许将其转化为矿产储量。矿产资源量不是矿产储量，不具有论证的经济潜力。
卡莫阿-卡库拉 2023 预可研和卡莫阿-卡库拉 2023 初步经济评价，由澳大利亚阿德莱德的OreWin Pty Ltd.、中国江西的中国瑞林工程技术有限公司、南非约翰内斯堡的DRA Global、南非约翰内斯堡的Epoch Resources、南非米德兰的Golder Associates Africa、芬兰赫尔辛基的美卓奥图泰、南非开普敦的Paterson and Cooke、南非约翰内斯堡的SRK Consulting Inc.以及南非约翰内斯堡的MSA集团联合独立编撰。NI 43-101技术报告 (2023年3月6日) 已上传至SEDAR网址 (www.sedar.com) 以及艾芬豪矿业网站 (www.ivanhoemines.com)。
2023年第一季度，每磅可售铜的 C1 现金成本为1.42美元/磅，2022年第四季度为1.42美元/磅。
C1现金成本为非公认会计准则的财务指标。管理层以C1现金成本评估经营业绩，其中包括所有采矿、选矿、堆矿处理以及管理和行政成本。冶炼费和销售至最终港口 (通常是中国港口) 的运费被列作销售收入的一部分，将计入C1现金成本，以得出交付最终结算金属产品的粗略成本。
普拉特瑞夫项目由 Ivanplats (Pty) Ltd. (以下简称 "Ivanplats") 持有，艾芬豪矿业持有Ivanplats公司64%的权益。《全面提高黑人经济实力法案》(B-BBEE) 的南非受益人持有项目26%的权益，这些受益人包括20个当地社区，约15万居民、项目雇员和当地企业主。伊藤忠商事株式会社、日本石油天然气和金属国家公司和日本天然气公司组成的日本财团通过 2 轮投资 (共2.9亿美元) 持有Ivanplats 10%的权益。
在布什维尔德北翼，铂族金属矿化主要赋存在普拉特瑞夫层位，是一套走向延伸30多公里的矿化序列。艾芬豪的普拉特瑞夫项目位于普拉特瑞夫层位的南部，由Turfspruit及Macalacaskop两个相连的矿权组成。最北部的Turfspruit 矿权，邻近且位于英美铂金 (Anglo Platinum) Mogalakwena 矿山的走向延伸上。
普拉特瑞夫矿山鸟瞰图 (2023年4月)，图右为 1 号竖井，图左为施工中的2号竖井，至今已完成79米。
自2007年以来，艾芬豪重点推进普拉特瑞夫的勘查和开发活动，以圈定和扩大早期发现的Flatreef矿床的深部延伸，以开展高度机械化的地下开采。1号竖井用于初步进场通道，现已正式运行并从井下提升矿石。目前，艾芬豪正全力进行建设工程，以推进普拉特瑞夫 I 期于2024年第三季度实现投产。
普拉特瑞夫项目由 3 亿美元的金属流融资提供开发资金，正集中推进落实高级债务融资，计划于2023年中期达成协议。
普拉特瑞夫 I 期选厂已开展建设工程，包括精矿浓密机和尾矿浓密机 (左) 及浮选设施 (右)。
普拉特瑞夫 I 期选厂的建设工程启动，将按计划于2024年第三季度投产。土方和土建工程正如期推进。长周期设备的采购订单已完成，大部分设备将于2023年第三季度交付。项目已签订SMPP合同，承包商的工作团队已开始进驻营地。超过800吨的钢结构正在加工生产，另有超过160吨准备交付。项目计划于2023年中期签订电气仪表合同，预计承包商的工作团队将于2023年第三季度进驻营地。
直径10米的2号竖井正在施工中，将具有800万/吨年的提升能力。 2号竖井将用于后续建设阶段，并将成为全球最大型的提升竖井之一。 2号竖井的混凝土井塔已完成超过79米。 2 号竖井将高出地面约100米，包括支撑主卷扬机的结构钢。
采掘班组在普拉特瑞夫950米中段进行地下开发工作，在 I 期选厂于2024年第三季度投产前做好准备。
优化工作正进行中，力求加快普拉特瑞夫 II 期扩建
艾芬豪已启动优化工作，研究在 3 号竖井安装提升设备的增值方案。施工中的3号竖井，原计划用作通风井及第二逃生井，现正研究配备提升设备，可从井下移除矿石和废石。这个方案有利于降低 I 期矿山建设和产量爬坡的风险，并可在 2 号竖井于2027年投产前加快 II 期井下开采作业的产量爬坡。
2023年4月27日，艾芬豪矿业公布基普什锌业有限公司 (以下简称 "基普什锌业") 与杰卡明及 Glencore International AG (以下简称 "Glencore") 已就包销和融资安排签署三方协议，推进久负盛名的基普什锌-铜-铅-锗矿山复产。
包销协议涵盖基普什矿山于5年期内生产锌精矿的100%产量 (40万至60万干吨/年)。包销协议包括标准的国际商业条款，以及基于年度行业基准的锌产品应付款和粗炼费。预计基普什将会生产锌品位约55%的精矿，有害元素含量极低。包销商将以FCA (货交承运人) 方式购买基普什矿山的精矿，买方将负责由交货点至最终目的地的货运，有关费用由基普什锌业进行报销。
2.5亿美元的定期融资将分两期支付，每季度提取一次，但仍须满足先决条件。融资安排的年利率为有担保隔夜融资利率 (SOFR) 加7%，并应在签字后24个月的宽限期后，在36个月内按季度分期支付。
艾芬豪矿业刚果(金)公共事务高级副总裁奥利维尔·宾因戈 (Olivier Binyingo)、杰卡明总经理Placide Nkala Basadilua、艾芬豪矿业总裁玛娜·克洛特及杰卡明董事长Guy-Robert Lukama Nkunzi在基普什包销和融资协议的签字仪式后，到访卡莫阿-卡库拉铜矿进行地下考察。
基普什大锌矿体范围的地下开拓工程比原计划提前推进，现正在1,245米、1,260米、1,290米和1,320米中段建设采场周边设施，并在1,335米中段建设采场进场交通道。掘进过程采出的废石和低品位矿石，将由 5 号竖井提升至地表堆存。
钻机操作员 Eutychus Phiri 在1,335米中段施工。于第一季度末，地下开拓工程已超计划推进。
技工 Ndaye Ngoie和Banza Ngoie在基普什1,200米中段的水泵站进行日常维护工作。
位于上加丹加省的 Kasumbalesa 和Sakania 是目前刚果(金)铜矿带进出口最常使用的两个商业口岸，分别位于基普什东南面约110公里及230公里处。Kasumbalesa口岸于2022年出现了严重的交通拥挤。艾芬豪矿业一直与上加丹加省政府合作，采取一系列措施以缓解口岸的拥挤问题，以及改善出口矿产品的清关流程。
5. 莫科菲德 (Mokopane Feeder) 勘查项目
2022年第四季度，公司获发位于布什维尔德杂岩带北部的三宗新探矿权，由艾芬豪矿业全资拥有。Blinkwater 244KR 、Moordrift 289KR 和 Lisbon 288KR 三个新的探矿权涵盖总面积 80 平方公里，是普拉特瑞夫项目现有矿权向西南的扩界。
三个新的探矿权与艾芬豪现有矿权，覆盖了区域内特征鲜明的物探重力异常，是之前进行的大线距大地重力测量时发现的。基于历史数据分析，学术研究假设该异常代表了布什维尔德杂岩北部 Rustenburg 层状岩套的主要供矿构造带 (feeder zone)。Rustenburg 层状岩套的厚度显著增加，特别是在高密度的下部带，这可以很好的解释异常的原因。解译的供矿构造靠近区域断层 (Ysterberg-Planknek 及 Zebedelia 断层) ，同时考虑到在普拉特瑞夫矿床厚大异常的铂族金属矿化，艾芬豪据此认为与这些特征相关的矿化前景非常乐观。
2023年第一季度，卡莫阿-卡库拉项目录得一宗失时工伤事故，可记录工伤频率 (TRIFR) (即每100万个工时内发生可记录的工伤事故) 为1.01。本季度内，普拉特瑞夫项目并无录得失时工伤事故，并已连续1,049,350个工时没有发生失时工伤，可记录工伤频率为1.56。基普什项目于本季度内也没有录得失时工伤事故，并连续1,469,552 个工时没有发生失时工伤，可记录工伤频率为1.20。
截至2023年3月31日止三个月 (对比 2022年3月31日) 的回顾
2023年第一季度，卡莫阿控股合资企业的融资成本为8,900万美元 (2022年第一季度﹕5,500万美元) ，其中7,400万美元与股东贷款有关，每位股东均需按照其股权比例向卡莫阿控股出资 (2022年第一季度﹕4,800万美元)，直至项目产生足够的经营现金流。其它的融资成本中，1,200万美元与卡莫阿-卡库拉包销协议下的短期贷款有关 (2022年第一季度﹕500万美元)，其余的200万美元则与设备融资有关 (2022年第一季度﹕200万美元)。
2023年第一季度的财务收入为5,800万美元，与2022年同期 (3,200万美元) 相比增加了2,600万美元。其中包括向卡莫阿控股合资企业提供贷款 (为过去运营出资) 的利息，2023年第一季度的利息收入4,800万美元，2022年同期所得的利息收入为2,800万美元。利息收入随着LIBOR息率上升和累计贷款余额增加。
预计卡莫阿-卡库拉 I 期和 II 期运营将产生大量的现金流，以当前铜价计算，将足以支撑 III 期的资本性开支。合资企业正安排短期融资贷款，避免万一铜价大跌时导致资金短缺。
数值范围反映了卡莫阿-卡库拉 III 期扩建的时间点、普拉特瑞夫 II 期的资本和基普什项目的现金流在2023年至2024年两个历年期间存在的不确定性。普拉特瑞夫和基普什项目2024年资本性开支的指导目标未计入2024年首产后所需的维持性资本。
正如2023年1月30日公布的卡莫阿-卡库拉2023年综合开发方案 (2023 IDP) 所述，III 期扩建的剩余资本性开支约30亿美元，将会用于矿山、选厂、冶炼厂、基础设施和场外水电基础设施的投资。预计 I 期和 II 期运营将在2023年和2024年产生大量的现金流，以当前铜价计算，将足以支撑上述资本性开支。截至2023年3月底，合资企业持有现金和现金等价物3.9亿美元。
普拉特瑞夫 I 期矿山建设正在进行，按计划将于2024年第三季度投产。普拉特瑞夫 II 期的资本性开支主要用于2号竖井后续凿井工程和井架建造以及研究项目的优化方案，这有可能为 II 期生产计划提前提供契机。
卡莫阿-卡库拉的 C1 现金成本和每磅 C1 现金成本
卡莫阿 - 卡库拉平衡后的销售成本与 C1 现金成本：
EBITDA 、经调整EBITDA和 EBITDA 利润率
EBITDA和经调整EBITDA为非公认会计准则的财务指标。艾芬豪认为卡莫阿-卡库拉的EBITDA是衡量项目是否有能力产生流动性的重要指标，通过产生运营现金流为其营运所需提供资金、偿还债务、为资本性开支供资，以及向股东派发现金股利。投资者和分析师也经常使用 EBITDA和经调整EBITDA进行估值。卡莫阿-卡库拉的EBITDA以及公司的EBITDA和经调整EBITDA旨在向投资者和分析师提供额外信息，但并非由IFRS标准定义的，故不应被独立评估或取代按照IFRS制订的表现指标。EBITDA和经调整EBITDA撇除融资活动的现金成本和税项的影响以及运营资金余额变动的影响，因此并不代表IFRS所定义的营业利润或经营产生的现金流。公司计算 EBITDA和经调整EBITDA 的方法可能与其他公司有所不同。
- 公司应占卡莫阿-卡库拉合资企业的EBITDA份额是按照公司持有卡莫阿铜业 (39.6%)、艾芬豪矿业刚果(金)能源公司 (49.5%)、卡莫阿控股 (49.5%) 及 Kamoa Services ( Pty) Ltd (49.5%) 的实际股权计算。
本新闻稿中关于卡莫阿-卡库拉铜矿项目(矿堆估算除外) 、普拉特瑞夫项目及基普什项目的科学或技术性披露已经由史蒂夫·阿莫斯 (Steve Amos) 审查和批准，他凭借其教育、经验和专业协会会籍被认为是NI 43-101 标准下的合资格人。由于阿莫斯先生是艾芬豪矿业的项目执行副总裁，因此他并不符合NI 43-101 对独立人士的界定。阿莫斯先生已核实本新闻稿所披露的技术数据。
本新闻稿中关于卡莫阿-卡库拉矿堆的科学或技术性披露已经由乔治·吉尔克里斯特 (George Gilchrist) 审查和批准，他凭借其教育、经验和专业协会会籍被认为是NI 43-101 条款下的合资格人。由于吉尔克里斯特先生是芬豪矿业资源部副总裁，因此他并不符合NI 43-101 对独立人士的界定。吉尔克里斯特先生已核实本新闻稿所披露关于卡莫阿-卡库拉矿堆的技术数据。
本新闻稿中关于西部前沿项目的科学或技术性披露已经由斯蒂芬·托尔 (Stephen Torr)审查和批准，他凭借其教育、经验和专业协会会籍被认为是NI 43-101 条款下的合资格人。由于托尔先生是芬豪矿业地球科学副总裁，因此他并不符合NI 43-101 对独立人士的界定。托尔先生已核实本新闻稿所披露关于西部前沿项目的技术数据。
艾芬豪已经为卡莫阿-卡库拉铜矿项目、普拉特瑞夫项目和基普什项目分别编制了一份符合NI 43-101 标准的独立技术报告，这些报告可在艾芬豪网站以及SEDAR 网站上的艾芬豪页面获得，网址为www.sedar.com﹕
- 2023年3月6日发布的2023年卡莫阿-卡库拉综合开发方案技术报告，由OreWin Pty Ltd.、中国瑞林工程技术有限公司、DRA Global、Epoch Resources、Golder Associates Africa、Metso Outotec Oyj、Paterson and Cooke、SRK Consulting Ltd.以及The MSA Group编制。
- 2022年2月14日发布的基普什2022可行性研究，由OreWin Pty Ltd.、MSA Group (Pty) Ltd.、SRK Consulting (South Africa) (Pty) Ltd. 和METC Engineering编制。
- 2022年2月28日发布的普拉特瑞夫2022可行性研究，由OreWin Pty Ltd.、Mine Technical Services、SRK Consulting Inc. 、DRA Projects (Pty) Ltd 以及 Golder Associates Africa编制。
卡莫阿-卡库拉 2023 预可研和卡莫阿-卡库拉 2023 初步经济评价，由澳大利亚阿德莱德的OreWin Pty Ltd.、中国江西的中国瑞林工程技术有限公司、南非约翰内斯堡的DRA Global、南非约翰内斯堡的Epoch Resources、南非米德兰的Golder Associates Africa、芬兰赫尔辛基的美卓奥图泰、南非开普敦的Paterson and Cooke、南非约翰内斯堡的SRK Consulting Inc.以及南非约翰内斯堡的MSA集团联合独立编撰。
为最近公布的卡莫阿-卡库拉 2023 IDP (包括卡莫阿-卡库拉 2023 预可研及卡莫阿-卡库拉 2023 初步经济评价) 编制的一份 NI 43-101 独立技术报告已于2023年3月16日上载于SEDAR网址 (www.sedar.com) 及艾芬豪矿业网站 (www.ivanhoemines.com)。
请即关注罗伯特·弗里兰德 (@robert_ivanhoe) 和艾芬豪矿业(@IvanhoeMines_)的Twitter帐号。
温哥华﹕马修·基维尔 (Matthew Keevil)，电话﹕+1.604.558.1034
伦敦﹕托米·霍顿 (Tommy Horton) ，电话﹕+44 7866 913 207
坦尼娅·托德 (Tanya Todd) ，电话﹕+1.604.331.9834
本新闻稿载有的某些陈述可能构成适用证券法所订议的"前瞻性陈述"或"前瞻性信息"。这些陈述及信息涉及已知和未知的风险、不确定性和其他因素，可能导致本公司的实际业绩、表现或成就、其项目或行业的业绩，与前瞻性陈述或信息所表达或暗示的任何未来业绩、表现或成就产生重大差异。这些陈述可通过文中使用"可能"、"将会"、"会"、"将要"、"打算"、"预期"、"相信"、"计划"、"预计"、"估计"、 "安排" 、"预测"、"预言"及其他类似用语，或者声明"可能"、"会"、"将会"、"可能会"或"将要"采取、发生或实现某些行动、事件或结果进行识别。这些陈述仅反映本公司于本新闻稿发布当日对于未来事件、表现和业绩的当前预期。
该等陈述包括但不限于下列事项的时间点和结果﹕(i) 关于卡莫阿-卡库拉 III 期扩建将于2024年第四季度完工，预计将10年平均铜产量提升至62万吨/年，C1 现金成本控制在1.22美元/磅，且 III 期扩建包括一座500万吨/年新选厂的陈述；(ii) 关于基普什超高品位锌-铜-锗-银矿将按计划于2024年第三季度投产，且项目融资快将落实的陈述；(iii) 关于南非普拉特瑞夫钯-镍-铂-铑-铜-金矿计划于2024年第三季度投产的陈述；(iv) 关于卡莫阿1区和卡莫阿 2 区将主力向卡莫阿-卡库拉 III 期选厂供矿，到2024 年第四季度，铜产量将增加至60万吨/年的陈述；(v) 关于在科卢韦齐换流站安装先进的静止补偿系统，以稳定整个南部电网并显着改善卡莫阿-卡库拉电力供应的陈述；(vi) 关于随着项目发展分阶段增加卡莫阿-卡库拉矿山范围内的备用电能到200兆瓦以上，预计在2023年第二季度增容11兆瓦以及在2023年底增容49兆瓦，即使在电力长期中断的情况下，都能够提供充足的备用电力，以满足 I 期、 II 期和 III期 (不包括冶炼厂) 的总电力需求的陈述；(vii) 关于为卡莫阿-卡库拉项目引入赞比亚外部输电，通过赞比亚铜矿带能源公司增容100兆瓦电力的协议的陈述；(viii) 关于卡库拉矿山正进行地下基础设施扩建，因此将从地表矿堆向选厂供矿以满足产量最大化的陈述；(ix) 关于III 期投产后，卡莫阿-卡库拉的综合设计产能将提高至1,420万吨/年，使卡莫阿铜业成为全球第三以及非洲最大铜矿山的陈述；(x) 关于西部前沿探矿权2023年的勘查预算约1,900 万美元，包括70,000米钻探工程的陈述；(xi) 关于西部前沿Makoko和Kiala高品位铜矿勘查区的矿产资源估算报告将于2023年中发布的陈述；(xii) 关于南非普拉特瑞夫顶级钯-镍-铂-铑-铜-金矿力求加快 II 期扩建投产，将有利于降低 I 期矿山建设和产量爬坡的风险，并可在 2 号竖井于2027年投产前加快 II 期井下开采作业产量爬坡的陈述；(xiii) 关于卢阿拉巴铜冶炼厂每年将生产65万至80万吨的浓硫酸副产品，预计在刚果(金) 境内市场销售的陈述；(xiv) 关于冶炼厂位于矿山范围内，可为卡莫阿-卡库拉铜矿项目带来巨大的经济效益，显着降低物流成本 (由于99+%阳极粗铜出口的单位物流成本明显低于铜精矿，有助于将整体货运量减半以上)，还有助于降低粗炼费和当地税项，并可从副产品硫酸的销售中获得可观利益的陈述；(xv) 关于冶炼厂投产前5年 (从2025年起计) 将平均 C1 现金成本降低至约1.15美元/磅，与2023年指导目标中位的每磅可售铜C1现金成本1.45美元/磅相比，下降了21%的陈述；(xvi) 关于卡莫阿-卡库拉 III 期选厂将按计划于2024年第四季度投产 (计划与位于矿山范围内、每年可生产50万吨阳极铜的一步炼铜冶炼厂同时投产)，将从卡索科南区现有采区及卡莫阿1区和卡莫阿2区建设中的新采区向选厂供矿的陈述；(xvii) 关于 IV 期扩建将使卡莫阿-卡库拉铜矿的综合处理能力提升至1,920万吨/年，IV 期选厂将处理来自卡莫阿矿山新采区的矿石的陈述；(xix) 关于水电站涡轮机组升级完成后，将为国家电网增容178兆瓦清洁水电，可以满足 III 期电力需求的陈述；(xx) 关于卡莫阿-卡库拉 III 期选厂的首批钢结构将于2023年6月进行安装的陈述；(xxi) 关于卡莫阿-卡库拉 III 期扩建包括一座一步炼铜冶炼厂，采用美卓奥图泰公司的顶尖技术，预计将成为全球最大的单系列一步炼铜冶炼厂，以及非洲最大的冶炼厂之一，每年可生产50万吨阳极铜的陈述；(xxii) 关于卡莫阿-卡库拉 III 期冶炼厂的精矿处理能力达1,200万吨/年，将处理I 期和 II期来自卡库拉和III期及IV期来自卡莫阿选厂的精矿的陈述；(xxiii) 关于卡莫阿-卡库拉根据与卢阿拉巴铜冶炼厂签订的为期十年的协议，继续将部分精矿送往卢阿拉巴铜冶炼厂进行处理加工，预计每年处理约15万吨铜精矿，剩余的铜精矿直接出口的陈述；(xxiv) 关于卡莫阿1区和卡莫阿2区的双向斜坡道建设和III 期采区的进出场通道掘进工程进度理想的陈述；(xxv) 关于卡莫阿1区将于2023年底开始采矿，其后卡莫阿2区将于2025年开展，将采用与卡库拉矿山同样的机械化分层充填采矿法的陈述；(xxvi) 关于卡莫阿-卡库拉铜矿项目的后续扩建将会使用公司与刚果(金)国有电力公司SNEL合作开发的可再生清洁水电的陈述；(xxvii) 关于刚果河下游的英加二期水电站的升级改造正如期推进的陈述；(xxviii) 关于I 期和 II 期选厂将处理来自卡库拉的矿石，随后自2029年起从毗邻的卡库拉西区补充矿石供应的陈述；(xxix) 关于卡莫阿-卡库拉2023年的指导目标为精矿产铜39万至43万吨，C1现金本为1.40至1.50美元/磅的陈述；(xxx) 关于普拉特瑞夫的高级债务融资将于2023年上半年达成协议的陈述；(xxxi) 关于普拉特瑞夫的3号竖井将于2023年第四季度完工的陈述；(xxxii) 关于普拉特瑞夫 I 期选厂将按计划于2024年第三季度投产，大部分长周期设备将于2023年第三季度交付的陈述；(xxxiii) 关于普拉特瑞夫的另一项高级债务融资将于2023年中期达成协议的陈述；(xxxiv) 关于普拉特瑞夫项目计划于2023年中期签订EC&I合同，预计于2023年第三季度进驻营地的陈述；(xxxv) 关于直径10米的2号竖井正在施工中，将设有800万/吨年的提升能力，以及 2号竖井将用于后续建设阶段，将成为全球最大型的提升竖井之一的陈述；(xxxvi) 关于普拉特瑞夫的光伏电厂预计2023年投产，光伏发电将用于矿山开发和运营活动，且其后将引入其它可再生能源的陈述；(xxxvii) 关于普拉特瑞夫2号竖井的先导孔钻进将如期于2023年第二季度完工，完工后计划进行掘进直径3.1米的扩孔作业的陈述；(xxxviii) 关于普拉特瑞夫直径5.1米的通风井 (3号竖井) 的反向成井预计于2023年第四季度完工的陈述；(xxxix) 关于普拉特瑞夫3号竖井配备提升设备，可从井下移除矿石和废石，有利于加快 II 期井下开采作业的产量爬坡的陈述；(xl) 关于普拉特瑞夫 II 期的井下开采作业将于2027年开展的陈述；(xli) 关于基普什锌业与杰卡明及Glencore就包销协议和2.5亿美元的融资安排达成协议的陈述；(xlii) 关于基普什控股与杰卡明签署框架协议，推进基普什超高品位矿山重启商业化生产，框架协议规定的商业条款将构成基普什新合资项目协议的基础，为基普什矿山未来的互利运营构建稳固的框架，但尚需完成最终股东协议签署的陈述；(xliii) 关于达成协议后，艾芬豪矿业所占基普什项目的股权将减少至62%，杰卡明将持有余下的38%股权以及新框架协议重点的陈述；(xliv) 关于基普什的长周期设备将在2023年夏季后期抵达现场，球磨机将于2023年第三季度交付的陈述；(xlv) 关于基普什项目将按计划于2024年第三季度实现首批精矿生产的陈述；(xlvi) 关于基普什的5号竖井计划用作主要生产井，提升能力可达180万吨/年的陈述；(xlvii) 关于基普什项目将采用高效的、机械化的开采方式，将使用废石混凝土及地表尾矿进行采空区回填，以减少地表尾矿量并最大化开采矿石，矿石在井下破碎后经P5竖井提升至地表，输送到靠近基普什80万吨/年选厂的矿石堆场的陈述；(xlviii) 关于预计于2024年初开采大锌矿体，以储备高品位的矿石堆场，为选厂在2024年第三季度投产前做好准备的陈述；(xlix) 关于2023年第二季度在莫科菲德探矿权开展重力测量，并将根据磁力测量及重力测量的结果圈订靶区，于今年晚些时候进行金刚石钻探的陈述；(l) 关于在刚果(金)和赞比亚之间开设新的商业口岸将为基普什矿山创造显着的优势，方便直接进口材料和消耗品、清关以及为基普什镇和上加丹加省创造社会经济效益的陈述；(li) 关于在刚果(金)和赞比亚之间的新商业口岸将有利于卡莫阿-卡库拉项目的物流安排的陈述；(lii) 关于预计于2023年在莫科菲德探矿权进行金刚石钻探的陈述；(liii) 关于预计卡莫阿-卡库拉 I 期和 II 期运营将于2023年及2024年产生大量的现金流，以当前铜价计算，将足以支撑资本性开支，以及合资企业正安排短期融资贷款，避免万一铜价大跌时导致资金短缺的陈述；(liv) 关于公司2023年及2024年计划开支的陈述；以及 (lv) 关于2023年勘查活动的初步预算为3,100万美元的陈述。
此外，卡库拉铜矿可行性研究、卡库拉-卡库拉2023 IDP、普拉特瑞夫2022 可行性研究以及基普什2022可行性研究的所有结果均构成了前瞻性陈述或信息，并包括内部收益率的未来估算、净现值，未来产量、现金成本估算、建议开采计划和方法、估计矿山服务年限、现金流预测、金属回收率、资本和运营成本估算，以及项目分期开发的规模和时间点。
另外，对于与卡莫阿-卡库拉铜矿、普拉特瑞夫及基普什项目开发有关的特定前瞻性信息，公司是基于某些不确定因素而作出假设和分析。不确定因素包括：(i) 基础设施的充足性；(ii) 地质特征；(iii) 矿化的选冶特征；(iv) 发展充足选矿产能的能力；(v) 铜、镍、锌、铂金、钯、铑和黄金的价格；(vi) 完成开发所需的设备和设施的可用性；(vii) 消耗品和采矿及选矿设备的费用；(viii) 不可预见的技术和工程问题；(ix) 事故或破坏或恐怖主义行为；(x) 货币波动； (xi) 法例修订；(xii) 合资企业伙伴对协议条款的遵守情况；(xiii) 熟练劳工的人手和生产率；(xiv) 各政府机构对矿业的监管；(xv) 筹集足够资金以发展该等项目的能力；(xvi) 项目范围或设计更变；(xvii) 回收率、开采率和品位；(xviii) 政治因素；(xix) 矿山进水情况及对于开采作业的潜在影响；以及 (xx) 电源的稳定性和供应。
本新闻稿还载有矿产资源和矿产储量估算的参考信息。矿产资源估算未能确定，并涉及对许多有关因素的主观判断。矿产储量的估算提供了更多的确定性，但仍然涉及类似的主观判断。矿产资源不是矿产储量，不具有论证的经济潜力。任何该等估算的准确性是可用数据的数量和质量函数，并根据工程和地质诠释的假设和判断而作出 (包括公司项目的未来产量估算、预期开采的矿石量和品位，以及估计将实现的回收率)，可能被证明是不可靠，在一定程度上取决于钻探结果和统计推论的分析，而最终可能证明是不准确的。矿产资源或矿产储量估算可能需要根据下列因素作出重新估算﹕(i) 铜、镍、锌、铂族金属、黄金或其他矿产价格的波动；(ii) 钻探结果；(iii) 选冶试验和其他研究的结果；(iv) 建议采矿作业，包括贫化；(v) 在矿山计划的任何估算及/或变更日期之后作出的矿山计划评估； (vi) 未能取得所需准许、批准和许可证的可能性；以及(vii) 法律或法规的修订。
前瞻性陈述及信息涉及重大风险和不确定性，故不应被视为对未来表现或业绩的保证，并且不能准确地指示能否达到该等业绩。许多因素可能导致实际业绩与前瞻性陈述或信息所讨论的业绩有重大差异，包括但不限于公司截至2023年3月31日止三个月的《管理层讨论与分析》和当前年度信息表中 “风险因素” 部分以及本新闻稿其他部分所指的因素，以及有关部门实施的法律、法规或规章或其不可预见的变化；与公司签订合约的各方没有根据协议履行合约；社会或劳资纠纷；商品价格的变动；以及勘查计划或研究未能达到预期结果或未能产生足以证明和支持继续勘查、研究、开发或运营的结果。
基于公司截至2023年3月31日止三个月的《管理层讨论与分析》和当前年度信息表中 “风险因素” 及其他部分所指的因素，公司的实际业绩可能与这些前瞻性陈述所预计的业绩产生重大差异。