Ivanhoe Mines (TSX: IVN) has announced a significant milestone at its Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC), achieving a record copper concentrate production of 41,800 tonnes for the month of October. The company also set a new monthly milling record, processing 1.2 million tonnes of ore during the same period.

As of October 31, 2024, the Kamoa-Kakula complex has produced a total of 345,042 tonnes of copper concentrate year-to-date, representing 79% of its 2024 guidance of 425,000–450,000 tonnes. This marks a notable achievement for the world-class copper project, which has continued to exceed expectations since its inception.

The record monthly performance is attributed to the efficient operation of the Phase 1, 2, and 3 concentrators, which collectively milled a total of 50,253 tonnes of ore on October 12. This output resulted in the production of 1,720 tonnes of copper, equating to an annualized milling rate of 16.9 million tonnes and an annualized copper production rate of approximately 580,000 tonnes. This performance was achieved despite the challenges posed by ramping up operations.

Ivanhoe Mines has consistently delivered on its Kamoa-Kakula project ahead of schedule, positioning the complex as one of the newest and most efficient copper mining operations in the world. According to Robert Friedland, Ivanhoe’s founder and co-chairman, the successful completion of the three-phase development of the mine is a rare accomplishment in the mining industry. “This triple-crown achievement is a pink unicorn in our industry,” he said in the company’s latest release.

The company is now nearing completion of the engineering phase for Phase 4 of the expansion, which is expected to further enhance production and solidify Kamoa-Kakula’s position as a leading copper producer.

In addition to the Phase 4 expansion, Ivanhoe Mines has completed the construction of the underground-to-surface ore conveyor system for Kamoa 1 and 2 mines. The system, now undergoing commissioning, will streamline the transport of mined ore directly to the Phase 3 concentrator. This new infrastructure eliminates the need for surface low-grade stockpiles that were used during the initial ramp-up phase, improving overall efficiency and reducing operational costs.

The strong performance at Kamoa-Kakula comes at a time when global demand for copper is rising, driven by the accelerating transition to renewable energy and the growing need for electric vehicles (EVs). Copper is a critical component in many green technologies, including solar panels, wind turbines, and electric vehicle batteries, positioning Ivanhoe Mines to benefit from this global trend.

Despite the strong operational performance, shares of Ivanhoe Mines were down 0.2% at 12:10 p.m. EDT on the day of the announcement, with the company’s market capitalization standing at C$25.2 billion (US$18.1 billion).

As Ivanhoe Mines continues to expand the Kamoa-Kakula complex and increase its copper production, the company is well-positioned to meet the growing global demand for copper. With ongoing investments in infrastructure and the upcoming Phase 4 expansion, Kamoa-Kakula is expected to remain one of the world’s top copper producers for years to come.