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Canada's Ivanhoe Mines Q3 profit rises, lowers 2027 Kamoa-Kakula copper guidance

By Reuters News


Overview

  • Canada mining firm's Q3 profit was $45 mln, adjusted EBITDA reached $241 mln

  • Kamoa-Kakula copper complex posted record quarterly revenue exceeding $1 bln

  • Company lowered 2027 Kamoa-Kakula copper production guidance due to operational delays and higher costs


Outlook

  • Ivanhoe Mines lowers 2027 Kamoa-Kakula copper production guidance to 300,000-350,000 tonnes

  • 2027 Kamoa-Kakula cash cost guidance raised to $2.50-$3.00/lb from $2.10-$2.50/lb

  • Kamoa-Kakula aims for ~500,000 tonnes annual copper output after Phase 4 expansion


Result Drivers

  • MINING AND PROCESSING GAINS - Co said increased mining rates and improved concentrator recoveries contributed to Q3 results

  • ENERGY COST REDUCTION - Ramp-up of hybrid solar power facility lowered energy and diesel costs at Kamoa-Kakula

  • SULPHURIC ACID SALES - Sulphuric acid by-product sales offset smelter operating costs, per co


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Adjusted EBITDA

$241 mln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the diversified mining peer group is "buy"

  • Wall Street's median 12-month price target for Ivanhoe Mines Ltd. is C$15.50, about 74.5% above its November 3 closing price of C$8.88

  • The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 22 three months ago


Reuters Recommended Reads

  • Nov 2 - Canada's Ero Copper Q3 revenue slightly beats on higher metal prices

  • Nov 3 - SSR Mining Q3 revenue and adjusted net income rise year over year

  • Nov 3 - Hecla Mining's Q3 revenue rises 18%, beats estimates


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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