IVPAF - Ivanhoe Mines unveils $3.78 capex plan for 2023-24

Ivanhoe Mines ( OTCQX:IVPAF ) said Tuesday it plans $3.78B in capital spending on its Kamoa-Kakula copper project and Kipushi zinc-copper mine in the Democratic Republic of Congo, as well as its Platreef platinum group metals mine in South Africa during 2023-24.

Capex estimates assume the phase 3 expansion at Kamoa-Kakula, including the smelter and Inga II refurbishment, are completed by the end of 2024, and construction of Platreef's phase 1 mine and the Kipushi mine are both completed by Q3 2024.

Ivanhoe ( OTCQX:IVPAF ) estimates $3B in remaining capital costs of Kamoa-Kakula phase 3, including $2.53B over the next two years, up to the commissioning of the phase 3 concentrator and related infrastructure.

The miner said it expects phase 1 and 2 operations will generate significant operating cash flow in 2023-24, and are expected to fund capital cost requirements at current copper prices.

Ivanhoe Mines ( OTCQX:IVPAF ) said earlier this month the Kamoa-Kakula mine produced nearly 333.5K tons of copper concentrate in 2022, up 215% over the previous year .

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