Ivanhoe Mine 2020 Q1 Highlights
TORONTO, CANADA -- Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) today announced its financial results for the quarter ended March 31, 2020. The company’s total assets decreased by $79.0 million, from $2,444.7 million as at December 31, 2019, to $2,365.7 million as at March 31, 2020 with $603.4 million in cash and cash equivalents. Previously, Ivanhoe announced management and corporate optimization targets company-wide cash savings of up to US$75 million to strengthen the current treasury of approximately US$600 million to ensure the development of Kamoa-Kakula project.
Early implementation of extraordinary COVID-19 prevention measures has allowed development of the flagship Kakula Copper Mine in D.R. Congo to continue uninterrupted. Mine development work at the Platreef Project was temporarily suspended due to the country-wide lock down imposed by the South African Government. Mine development operations at Kipushi remain temporarily suspended in order to reduce the risk to the workforce and local communities.
In parallel with the construction of the Kakula Copper Mine, the independent Kakula definitive feasibility study (DFS) and an updated Integrated Development Plan for the entire Kamoa-Kakula mining complex also remain on schedule for Q3 2020. The first underground access drives intersected Kakula’s initial high-grade ore zone (+8% copper) in April. Meanwhile, crews at Kakula began mining ore in areas with a grade of greater than 8% copper. This ore is being stockpiled on a dedicated high-grade surface stockpile, which is forecast to contain 105,000 tonnes grading 5.95% copper by the end of May, 2020.
Construction of the concrete foundations for the initial 3.8 Mtpa processing plant’s ball mill foundations is nearing completion