Canada-based Ivanhoe have reported record annual profits for 2022 in a statement published on Monday.

The company posted a profit of $434m, compared with $45m for 2021. It sold 323,733 tonnes of payable copper in 2022.

Production at the Kamoa-Kakula Copper Complex, in the Kolwezi District of Lualaba in the south of the Democratic Republic of Congo (DRC), has driven much of these profits, with the mine selling 92,208 tonnes of payable copper in 2022. located

The Kamoa-Kakula complex is a joint venture between Invanhoe mines, which owns a39.6% stake in the project; the Zijin Mining Group, which owns a 39.6% stake; the DRC government (which owns a 20% stake); and Crystal River Global, which owns a 0.8% stake.

Kamoa-Kakula saw a record revenue of $2.15bn in 2022. Income from the joint venture made up $405m of Invanhoe mines’ 2022 profit.

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Kamoa-Kakula is currently undergoing phase three of expansion, which is due to be completed by late 2024. The 500,000 tonne-per-annum on-site expansion will include a direct-to-blister copper smelter and the refurbishment of the site’s hydroelectric facility.

Ivanhoe claims that after the expansion, Kamoa-Kakula will be the fourth-largest copper producer globally from 2025.

The company is optimistic about the future of the mine considering its sustainable power source. The company’s subsidiary, Ivanhoe Mines Energy, has worked with state-owned power company La Société National d’ Électricité to develop a hydropower facility, which powers the mine, and has led the company to claim that Kamoa-Kakula is among the world’s lowest greenhouse gas emitters per unit of metal produced.

This claim is supported by an independent audit performed by Canadian company Hatch. Ivanhoe mines have pledge to achieve net-zero operational greenhouse gas emissions at the Kamoa-Kakula mine, but they do not state when this will be achieved.

Ivanhoe is also constructing the tier-one Platreef palladium-rhodium-platinum-nickel-copper-gold project in South Africa. The mine is scheduled for first production in the third quarter of 2024.

Additionally, the company is focused on the restart of the historic ultra-high-grade Kipushi zinc-copper-germanium-silver mine which is also located in the DRC. Production is also due to begin in the third quarter of 2024.