JOHANNESBURG, SOUTH AFRICA – Ivanhoe Mines’ (TSX: IVN; OTCQX: IVPAF) President Marna Cloete and Chief Financial Officer David van Heerden are pleased to present the company’s financial results for the nine months ended September 30, 2022. Ivanhoe Mines is a leading Canadian mining company developing and operating its four principal mining and exploration projects in Southern Africa: expanding the operations of the world-class Kamoa-Kakula Mining Complex in the Democratic Republic of Congo (DRC); building the tier-one Platreef palladium, rhodium, nickel, platinum, copper and gold development in South Africa; restarting the historic, ultra-high-grade Kipushi zinc-copper-lead-germanium mine in the DRC; as well as exploring the expansive exploration licences of Ivanhoe’s Western Foreland for copper discoveries adjacent to Kamoa-Kakula. All figures are in U.S. dollars unless otherwise stated.

HIGHLIGHTS

  • The Kamoa-Kakula Mining Complex produced 97,820 tonnes of copper in concentrate during the third quarter of 2022, up from 87,314 tonnes in Q2 2022 and 55,602 tonnes in Q1 2022. Kamoa-Kakula has produced approximately 274,115 tonnes of copper year-to-date as of October 31, 2022.
  • During the third quarter, Kamoa-Kakula sold 93,812 tonnes of payable copper and recognized revenue of $460.5 million, with an operating profit of $222.8 million and an EBITDA of $254.4 million.
  • Kamoa-Kakula’s cost of sales per pound (lb.) of payable copper sold was $1.05/lb. for Q3 2022, compared with $1.15/lb. and $1.08/lb. in Q2 2022 and Q1 2022, respectively. Cash costs (C1) per pound of payable copper produced totalled $1.43/lb., compared to $1.42/lb. and $1.21/lb. in Q2 2022 and Q1 2022, respectively. Cash costs (C1) per pound of payable copper produced for the first nine months of 2022 total $1.38/lb.
  • During September and October, Kamoa-Kakula’s annualized production rate was more than 400,000 tonnes of floated and filtered copper, with this rate periodically exceeded over 24-hour periods during the third quarter.
  • Kamoa-Kakula’s previously announced de-bottlenecking program is approximately 70% complete and is tracking ahead of schedule. The program, will increase the combined processing capacity of the Phase 1 and 2 concentrator plants from 7.6 million tonnes per annum to approximately 9.2 million tonnes per annum. Once complete in Q2 2023, the rate of copper production is projected to reach approximately 450,000 tonnes per annum.
  • Kamoa-Kakula Mining Complex milled approximately 2.1 million tonnes of ore during the quarter at an average grade of 5.6% copper, compared to 2.0 million tonnes of ore at an average grade of 5.4% copper in Q2 2022.
  • Ivanhoe Mines recorded a profit of $23.9 million for Q3 2022, compared with a profit of $351.5 million and $85.4 million during Q2 2022 and Q3 2021, respectively. The quarterly profit includes Ivanhoe Mines’ share of profit and finance income from the Kamoa-Kakula joint venture of $74.9 million for Q3 2022.
  • Ivanhoe Mines has a strong balance sheet with cash and cash equivalents of $663.3 million as at September 30, 2022, and expects that Kamoa-Kakula’s operating and expansion capital expenditures on Phase 3 will continue to be funded from copper sales and additional facilities at the Kamoa-Kakula joint venture.
  • Ivanhoe Mines further increases the lower end of its 2022 production guidance range for Kamoa-Kakula to between 325,000 and 340,000 tonnes of copper in concentrate following the early commissioning of the Phase 2 expansion.
  • Given ongoing cost pressures experienced during the second and third quarters, largely related to logistics costs, the company is tightening its full-year C1 cash cost guidance to between $1.35/lb. and $1.40/lb. (previously $1.20/lb. to $1.40/lb.).
  • The basic engineering design for Kamoa-Kakula’s Phase 3 expansion is complete, with the results to be included in the updated technical report that will be released early in the new year.
  • Earthworks excavation for the Phase 3 mine, concentrator and direct-to-blister flash smelter is advancing as planned.
  • Lateral underground mine development on Platreef's 950-metre-level, towards the location of the first ventilation shaft position, progressed well during the quarter. More than 300 metres of lateral development has been completed since work commenced in April 2022.
  • Construction of Platreef’s first solar-power plant commenced during the quarter, with commissioning expected in the second half of 2023. The solar-generated power from the plant will be used for mine development and construction activities, as well as for charging Platreef’s battery-powered underground mining fleet.
  • After quarter end, Ivanhoe Mines was granted 80 square kilometres of new, highly prospective exploration rights, known as the “Mokopane Feeder”, adjacent to the company’s Platreef Project in the Bushveld Complex, South Africa.
  • In September 2022, Ivanhoe Mines and Gécamines hosted a breaking-ground ceremony at the Kipushi mine, marking the start of surface construction activities.
  • Early works in preparation for the start of underground mining at Kipushi were completed in August 2022. This included the refurbishment of key mining excavations, as well as blasting of the truck tip turning bay and truck passing bays on the 1,150-metre-level.

Full-year 2022 production and cost guidance revised

Management anticipates that the early commissioning of the Phase 2 concentrator plant in April 2022, approximately four months ahead of schedule, as well as the strong operating performance to date, has enabled Kamoa-Kakula to further increase the lower end of its full-year 2022 production guidance from a range of between 310,000 to 340,000 tonnes of copper in concentrate, to between 325,000 and 340,000 tonnes.

Given ongoing cost pressures experienced during the second and third quarters, largely related to logistics costs, the company is tightening its full-year C1 cash cost guidance to between $1.35/lb. and $1.40/lb. (previously $1.20/lb. to $1.40/lb.).

Cash costs (C1) is a non-GAAP measure used by management to evaluate operating performance and includes all direct mining, processing, and general and administrative costs. Smelter charges and freight deductions on sales to the final port of destination (typically China), which are recognized as a component of sales revenues, are added to C1 cash cost to arrive at an approximate cost of delivered finished metal.

Ivanhoe Mines’ President Marna Cloete commented:

“This is an incredibly transformational time for Ivanhoe Mines as construction activities advance at Kamoa-Kakula’s Phase 3 expansion and smelter, as well as at Platreef and Kipushi. We aim to build on the impressive track record we’ve developed from Kamoa-Kakula, where both Phase 1 and 2 were constructed on budget and ahead of schedule.

“I am extremely proud of the operating team at Kamoa-Kakula, who have continued to exceed expectations and are on track to meet the upper end of our original full-year production guidance.

"Alongside the majority of the mining industry, we have experienced inflationary pressures throughout this year. These pressures have been mostly logistics-specific, as Kamoa-Kakula’s on-site costs have been well managed and stable. Great progress has been made by the team at Kamoa-Kakula, working with our joint-venture partners, offtake partners and the Democratic Republic of Congo government, in implementing initiatives to remove the logistical bottlenecks experienced during the year. We expect to reap a positive impact from this hard work over the coming quarters.

 “Our team remains focused on the strong value-creation opportunities in our project pipeline and I believe we'll emerge stronger than ever following this period of global volatility. We are extremely confident in copper's mid- to long-term fundamentals as the world navigates the transition to clean energy.”

Ivanhoe Mines to host a conference call for investors on November 14

The company will hold an investor conference call to discuss the Q3 2022 financial results at 10:30 a.m. Eastern time / 7:30 a.m. Pacific time on November 14. The conference call dial-in is +1-416-764-8650 or toll-free 1-888-664-6383, quote “Ivanhoe Mines Q3 2022 Financial Results” if requested. Media are invited to attend on a listen-only basis.

Link to join the live audio webcast: https://app.webinar.net/YvWzpn3maEn  

An audio webcast recording of the conference call, together with supporting presentation slides, will be available on Ivanhoe Mines’ website at www.ivanhoemines.com.

After issuance, the Financial Statements and Management’s Discussion and Analysis will be available at www.ivanhoemines.com and www.sedar.com.

Principal projects and review of activities

1. Kamoa-Kakula Mining Complex
39.6%-owned by Ivanhoe Mines
Democratic Republic of Congo

The Kamoa-Kakula Mining Complex, operated as the Kamoa Holding joint venture between Ivanhoe Mines and Zijin Mining, has been independently ranked as the world’s fourth-largest copper deposit by international mining consultant Wood Mackenzie. The project is approximately 25 kilometres west of the town of Kolwezi and about 270 kilometres west of Lubumbashi. Kamoa-Kakula Mining Complex’s Phase 1 concentrator began producing copper in May 2021 and achieved commercial production on July 1, 2021. The Phase 2 concentrator, which doubled nameplate production capacity, was commissioned in April 2022.

Ivanhoe sold a 49.5% share interest in Kamoa Holding Limited (Kamoa Holding) to Zijin Mining and a 1% share interest in Kamoa Holding to privately-owned Crystal River in December 2015. Kamoa Holding holds an 80% interest in the project. Since the conclusion of the Zijin transaction, each shareholder has been required to fund expenditures at Kamoa-Kakula in an amount equivalent to its proportionate shareholding interest. Ivanhoe and Zijin Mining each hold an indirect 39.6% interest in Kamoa-Kakula, Crystal River holds an indirect 0.8% interest, and the DRC government holds a direct 20% interest.

Kamoa-Kakula took delivery of new large-scale underground equipment (MT65 haul truck and ST18 Scooptram) from Epiroc of Norsborg, Sweden. The new equipment aims to assist in improving underground productivity.

Health and safety at Kamoa-Kakula

At the end of September 2022, Kamoa-Kakula reached 2.46 million work hours free of a lost-time injury and had a Total Recordable Injury Frequency Rate (TRIFR) (total injuries recorded per 1,000,000 hours worked) of 1.73 for the nine months ended September 30, 2022.

Kamoa-Kakula regretfully reported a fatal accident in September 2022. The fatal accident occurred in a development area at the underground Kansoko Mine when a fall of ground struck a Kamoa-Kakula employee. Kamoa-Kakula is undertaking a comprehensive internal investigation into the accident and is working with the DRC authorities to facilitate their investigation of the accident. Kamoa-Kakula continues to strive toward its workplace objective of zero harm to all employees and contractors.

The projects construction team at Kamoa-Kakula conducted in-depth, onsite training on advanced risk assessment techniques through an accredited training institution. A group of 120 managers, supervisors and safety officers participated in the training program.

Kamoa-Kakula summary of operating and financial data

 

Q3 2022

Q2 2022

Q1 2022

Q4 2021

Ore tonnes milled (000’s tonnes)

2,082

1,950

1,083

1,059

Copper ore grade processed (%)

5.60%

5.44%

5.91%

5.96%

Copper recovery (%)

85.9%

84.0%

87.1%

86.4%

Copper in concentrate produced (tonnes)

97,820

87,314

55,602

54,481

Payable Copper sold (tonnes)

93,812

85,794

51,919

53,165

Cost of sales per pound ($ per lb.)

1.05

1.15

1.08

1.12

Cash cost (C1) ($ per lb.)

1.43

1.42

1.21

1.28

Sales revenue before remeasurement ($'000)

570,504

699,381

467,453

458,880

Remeasurement of contract receivables ($'000)

(110,031)

(205,248)

52,142

29,656

Sales revenue after
remeasurement ($'000)

460,473

494,133

519,595

488,536

EBITDA ($'000)

254,423

286,313

399,391

357,619

EBITDA margin (% of sales revenue)

55%

58%

77%

73%

All figures in the above tables are on a 100%-project basis. Metal reported in concentrate is before refining losses or deductions associated with smelter terms. This release includes EBITDA, “EBITDA margin” and "Cash costs (C1) per pound" which are non-GAAP financial performance measures. For a detailed description of each of the non-GAAP financial performance measures used herein and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the non-GAAP Financial Performance Measures section of the Q3 2022 MD&A.

C1 cash cost per pound of payable copper produced can be further broken down as follows:

 

 

Q3 2022

Q2 2022

Q1 2022

Q4 2021

Mining

($ per lb.)

0.41

0.39

0.30

0.27

Processing

($ per lb.)

0.12

0.14

0.15

0.17

Logistics charges
(delivered to China)

($ per lb.)

0.56

0.51

0.36

0.37

Treatment, refining
and smelter charges

($ per lb.)

0.21

0.21

0.20

0.24

General and
administrative expenditure

($ per lb.)

0.13

0.17

0.20

0.23

C1 cash cost per pound of payable copper produced

($ per lb.)

1.43

1.42

1.21

1.28

C1 cash costs are prepared on a basis consistent with the industry standard definitions by Wood Mackenzie cost guidelines but are not measures recognized under IFRS. In calculating the C1 cash cost, the costs are measured on the same basis as the company's share of profit from the Kamoa Holding joint venture that is contained in the financial statements. C1 cash costs are used by management to evaluate operating performance and include all direct mining, processing, and general and administrative costs. Smelter charges and freight deductions on sales to the final port of destination, which are recognized as a component of sales revenues, are added to C1 cash cost to arrive at an approximate cost of delivered, finished metal. C1 cash costs exclude royalties and production taxes and non-routine charges as they are not direct production costs.

Copper C1 cash costs per pound of payable copper for the second and third quarters of 2022 remain elevated by approximately 17% and 18% respectively compared with the first quarter. This is mostly due to an increase in logistics charges experienced in transporting Kamoa-Kakula’s copper concentrate. The site costs, however, have been much less affected by inflation year-to-date. The cost of sales for the quarter were $1.05/lb., compared with US$1.15/lb. and US$1.08/lb. in Q2 2022 and Q1 2022, respectively.

Kamoa-Kakula undertaking optimization of logistics costs

Kamoa-Kakula and other regional operators have experienced delays and increased logistics costs due to a shortage of available trucks, border congestion and occasional work action by truck drivers. Kamoa-Kakula is working alongside its offtake partners, Zijin Mining, CITIC Metal and Trafigura, as well as the government of the DRC, to undertake initiatives to optimize the transportation of Kamoa-Kakula’s products.

These initiatives include working with Kamoa-Kakula’s offtake partners, logistics service providers and local entrepreneurs to increase regional trucking capacity, improve processes for clearing products for export and the opening of new border crossings between the DRC and Zambia. Kamoa-Kakula is also continuing to explore the optionality of using a greater number of ports for exporting concentrate. These include Durban in South Africa, Dar es Salaam in Tanzania, Walvis Bay in Namibia and Beira in Mozambique, and longer-term the port of Lobito in Angola.

Cost pressures associated with logistics have occurred since Kamoa-Kakula’s Phase 2 concentrator declared commercial production four months ahead of schedule in early Q2 2022. While concentrate production doubled, this was not met with a sufficient supply of trucking capacity and this led to an increase in trucking contractor market pricing. In addition, the Lualaba Copper Smelter was closed in June for maintenance. This further increased trucking demand. 

Under normal operating conditions, the cycle time of trucking concentrate from the mine gate to the port of Durban, and back, is approximately 45 days. Congestion experienced in the past two quarters saw this cycle time increase to as high as 70 days. This, in turn  increased trucking demand by an additional 50%, further pushing up trucking contractor market pricing. The cycle time is shorter for the ports of Dar es Salaam, Walvis Bay and Beira.

Two new commercial DRC-Zambia border crossings opened, helping to reduce logistics bottleneck

During September, the operating hours of the Kasumbalesa border, located in Haut-Katanga province, were increased from 6 hours to 12 hours. The extended operating hours are expected to be permanent. Earlier in the quarter, congestion at the Kasumbalesa border crossing saw extended queues, which caused delays in customs clearing. Delays from congestion often incur additional charges.

During the third quarter, two new commercial border crossings opened on the DRC-Zambia border. A border crossing at Sakania, located approximately 150 kilometres by road southeast of Kasumbalesa, opened for commercial exports and imports. In addition, the Mokambo border crossing, located half way between Kasumbalesa and Sakania opened for commercial imports.

Reopening of Lualaba Copper Smelter in September reduces trucking demand

The Lualaba Copper Smelter, located approximately 50 kilometres from the Kamoa-Kakula Mining Complex, completed its scheduled maintenance in early September and the transportation of copper concentrates to the facility recommenced shortly thereafter. While undergoing scheduled maintenance, Kamoa-Kakula’s concentrate production was wholly transported and exported as a copper concentrate (approximately 50% contained copper), without the expected quantity of blister copper (approximately 99% contained copper), thereby temporarily increasing logistics volumes and costs for the quarter. The restart of the Lualaba Copper Smelter will assist in reducing overall shipping volumes, as the export of blister copper incurs lower logistics costs per unit compared to copper concentrate. The Lualaba Copper Smelter is expected to treat approximately 120,000 tonnes of copper concentrates from Kamoa-Kakula in 2022.

The increased opening hours of the Kasumbalesa border crossing, the opening of a new commercial export border crossing at Sakania, the resumption of blister copper shipments from the Lualaba Copper Smelter, as well as increased availability of trucks, is expected to ease congestion over the coming quarters.

A step-change improvement in cash costs of between 10% and 20% is anticipated once the Phase 3, 500,000-tonne-per-annum, direct-to-blister flash smelter is commissioned, expected by the end of 2024. A significant part of the reduction in cash costs, on a per tonne basis, is a result of the trucks hauling ~99% pure blister copper, instead of ~50% contained copper concentrate. Therefore, truck demand for hauling copper products to port is expected to decrease from current levels once the smelter is in operation. In addition, the smelter will generate valuable by-product credits from the sale of sulphuric acid, which is in structural deficit in the DRC Copperbelt.

Kakula Mine optimization work targeting grades towards 6% copper

Ongoing mining optimization work at the Kakula Mine successfully targeted higher head grades during the third quarter, to increase head grades up to 6% copper. Kamoa-Kakula continues to evaluate additional material handling capacity at the Kakula Mine to increase mining rates to feed the de-bottlenecked Phase 1 and 2 processing capacity of 9.2 million tonnes per year. Further details will be incorporated into the Phase 3 expansion pre-feasibility study, scheduled for release early in 2023.

While the near-term expansion of underground infrastructure at Kakula takes place, ore is being drawn from the surface stockpiles to maximize copper production as the Phase 1 and 2 concentrators are currently operating at more than design capacity. As of the end of September 2022, Kamoa-Kakula’s high- and medium-grade ore surface stockpiles totalled approximately 4.2 million tonnes at an estimated grade of 4.15% copper for a total of over 174,000 tonnes of contained copper.

Installation of additional underground conveying capacity at the Kakula South decline will increase the output of ultra-high-grade ore to the surface from the Kakula mine.

Record quarterly production of 97,820 tonnes of copper in Q3 2022

Kamoa-Kakula's Phase 1 and 2 concentrator plants milled approximately 2.1 million tonnes of ore during the third quarter at an average feed grade of 5.6% copper, up from 1.95 million tonnes at an average grade of 5.4% copper in the second quarter. This included high-grade, run-of-mine ore from the Kakula Mine, supplemented with ore from the surface stockpiles to meet the throughput over design capacity. In line with design parameters, copper recoveries averaged approximately 86% during the quarter.

The Kamoa-Kakula Mining Complex set a new quarterly production record in the third quarter of 2022, with 97,820 tonnes of copper in concentrate produced, up from 87,314 tonnes produced in the second quarter and 55,602 tonnes produced in the first quarter. Kamoa-Kakula produced a total of 240,736 tonnes of copper in concentrate in the nine months ending September 30, 2022. Subsequent to quarter end, during the month of October Kamoa-Kakula produced a further 33,379 tonnes of copper.

The Phase 1 and 2 milling and flotation circuits continue to operate in excess of design capacity. At the end of October, there was also an additional 5,786 tonnes of floated, but not yet filtered, copper in the circuit. This marks the second month in a row that floated and filtered copper production from the Kamoa-Kakula Mining Complex has exceeded 400,000 tonnes per annum on an annualized basis.

The difference between floated, and subsequently, filtered copper arises from the current bottleneck in concentrate thickening and filter capacity at the tail end of the processing circuit. Excess floated copper is currently being temporarily stored as a slurry in a fully-lined pond adjacent to the Phase 1 and 2 concentrators. The unfiltered copper in inventory will be reclaimed into the concentrate thickener and filter press once capacity is expanded following the installation of a new concentrate thickener and Larox filter press, as part of the ongoing de-bottlenecking program.

All figures are on a 100% project basis and metal reported in concentrate is before refining losses or deductions associated with smelter terms. Guidance involves estimates of known and unknown risks, uncertainties and other factors, which may cause the actual results to be materially different.

Phase 1 and Phase 2 debottlenecking project to boost throughput to 9.2 million tonnes of ore per year is tracking ahead of schedule

Kamoa-Kakula’s previously announced de-bottlenecking program is approximately 70% complete and is tracking ahead of schedule. The program will increase the combined design processing capacity of the Phase 1 and 2 concentrator plants from 7.6 million tonnes per annum to approximately 9.2 million tonnes per annum

The de-bottlenecking program is targeting completion in the second quarter of 2023 and will boost Kamoa-Kakula's annual production to approximately 450,000 tonnes of copper in concentrate by the second quarter of 2023, positioning Kamoa-Kakula as the world’s fourth largest copper producer.

Figure 1: Kamoa-Kakula’s base-case, pro-forma Phase 3 copper production (after de-bottlenecking of Phase 1 and 2 is complete) relative to the world’s projected top 10 producing mines in 2022 by payable copper production.

Source: Wood Mackenzie (April 2022). Note: Kamoa-Kakula production of 600 kt copper in concentrate is based on expected Phase 1, 2 and 3 steady-state production, following the de-bottlenecking of both Phase 1 and 2 concentrators, and commercial ramp-up of the Phase 3 concentrator.

Civil works on site are effectively complete with structural steel and plate work erection ongoing and electrical and mechanical installation well underway.

Planned plant shutdowns to install the new equipment required for the de-bottlenecking program are scheduled to take place between December 2022 and January 2023, with the aim to minimize any negative effects on production. Civil works on site are nearing completion with structural steel and plate work erection ongoing and electrical and mechanical installation now underway.

Aerial view of the additional concentrate thickener at Kamoa-Kakula's Phase 1 and 2 concentrator plants that is under construction as part of the de-bottlenecking program.

Construction is progressing well in advance of the installation of the fourth Larox filter press at Kamoa-Kakula’s concentrate warehouse.

Phase 3 box-cut and basic engineering complete, procurement and construction activities have commenced

Construction of the twin declines to the Kamoa 1 and Kamoa 2 underground mines and excavation to access Phase 3 mining areas is advancing well.

Basic engineering design for the Phase 3 underground mine infrastructure, 5-million-tonne-per-annum concentrator plant and associated infrastructure is now complete. Detailed engineering, procurement and early construction activities are advancing well.

Earthworks for the concentrator plant and surface infrastructure is advancing on schedule, with the contract for the civil construction awarded and site preparation underway. Equipment fabrication is also ongoing.

Tenders for structural steel supply have been received and are in the process of being adjudicated. 

Following the commissioning of Phase 3, expected by the end of 2024, Kamoa-Kakula will have a total processing capacity of more than 14 million tonnes per annum. The completion of Phase 3 is expected to increase copper production capacity to approximately 600,000 tonnes per annum. This production rate will position Kamoa-Kakula as the world’s third-largest copper mining complex, and the largest on the African continent (see Figure 1).

Kamoa-Kakula’s Phase 3 expansion includes a 500,000-tonne-per-annum, direct-to-blister flash smelter to produce approximately 99% pure copper metal, and the replacement of Turbine #5 at the Inga II hydroelectric power station. The turbine replacement will supply an additional 178 megawatts (MW) of clean hydroelectric power to the national grid and provide power for Phase 3.

Earthworks at the smelter site situated adjacent to Kamoa-Kakula’s Phase 1 and Phase 2 concentrator plants are approximately 70% complete with civil construction activities currently underway.

Detailed engineering is well advanced with orders for the bulk of the long lead items of equipment placed. Equipment and structural steel fabrication are currently underway.

The Kamoa-Kakula smelter uses technology supplied by Metso Outotec of Espoo, Finland, and meets the International Finance Corporation’s (IFC) emissions standards. The smelter has been sized to process most of the copper concentrate forecast to be produced by Kamoa-Kakula’s Phase 1, Phase 2, and Phase 3 concentrators, while any remaining copper concentrate may be smelted locally.

Located inside a containment area, rebar installation is taking place for the foundations of the acid tanks at the smelter site. The 500,000-tonnes-per-annum direct-to-blister smelter will be the largest single-line flash copper smelter in Africa.

Draw-down of surface ore stockpiles has commenced; stockpiles hold approximately 4.2 million tonnes grading 4.15% copper, containing more than 174,000 tonnes of copper

Kamoa-Kakula’s high- and medium-grade ore surface stockpiles totalled approximately 4.2 million tonnes at an estimated grade of 4.15% copper as of the end of September 2022. The operation mined 1.70 million tonnes of ore grading 5.39% copper in Q3 2022, which was comprised of 1.61 million tonnes grading 5.51% copper from the Kakula Mine, including 0.83 million tonnes grading 6.89% copper from the mine’s high-grade centre.

A total of 118.3 kilometres (73.5 miles) of underground development has been mined across the mining complex at quarter end. While the ongoing expansion of underground infrastructure at the Kakula Mine takes place, ore will be drawn as required from the stockpile to maximize copper production, as the concentrators are currently operating at more than the design capacity.

Inga II long-lead order items under construction and EPC contractor mobilized to the site

In July 2021, Ivanhoe Mines Energy DRC, a sister company of Kamoa Copper tasked with delivering reliable, clean, renewable hydropower to Kamoa-Kakula, signed an addendum of the financing agreement under a public-private partnership with the DRC's state-owned power company, SNEL, to upgrade a major turbine (#5) at the existing Inga II hydropower facility on the Congo River.

The Inga II turbine #5 refurbishment project is expected to produce an additional 178 MW of renewable hydropower, providing Kamoa-Kakula’s Phase 3 expansion, its associated smelter, as well as future expansions, with sustainably generated electricity. The refurbishment is scheduled for completion in Q4 2024.

Mobilization to the Inga II site took place in October. A health, safety and environment (HSE) survey has been completed and the results have been submitted to SNEL for review.                                                                                                                                

A new, 6.5-metre diameter, 89-tonne runner, which generates the rotation movement inside Turbine #5, is currently under construction. The bespoke equipment is the longest-lead order of the equipment items being replaced or refurbished at Turbine #5. It is expected that the component will be delivered to the Inga II site at the end of 2023. The new runner design has been engineered to improve efficiency and deliver an additional 16 MW of power generation from Turbine #5, compared with the original design that was installed in 1982.

A study is underway to upgrade the transmission capacity of the existing grid infrastructure between the Inga II hydropower facility and the Kamoa site. The engineering for the remaining equipment items is ongoing and the ordering of the replacement components is expected to be completed early in the new year.

The runner blades for the new turbine are being fabricated at Voith’s fabrication facility in China. Delivery of the completed runner to the Inga II hydropower facility is expected by the end of 2023.

Empowering local communities through sustainable development

Ivanhoe Mines founded the Sustainable Livelihoods Program in 2010 to strengthen food security and farming capacity in the host communities near Kamoa-Kakula. Today, approximately 900 community farmers are benefiting from the program, producing high-quality food for their families and selling the surplus for additional income. Sustainable Livelihoods commenced with maize and vegetable production, and now include fruit, aquaculture, poultry and honey.

The banana plantation project began in 2018 and now consists of 11 hectares of banana trees. The 27 women from local communities who own this project harvested and sold more than 2,830 kilograms of bananas since June 2022.

Construction of additional livestock farming facilities is underway and planned to be completed in October. Together with the aquaculture project – comprised of approximately 140 fishponds with plans for the construction of another 100 new ponds – the livestock farm will significantly contribute toward local entrepreneurship and enhanced regional food security.

Construction of a health clinic at the Muvunda Village has been completed and the facility has now been equipped. The construction of a church at Tshilongo Village is approximately 70% complete.

Implementation of the first regulatory five-year community development plan, the Cahier des Charges, which provides $8.6 million towards educational, healthcare, agricultural, potable water provision, and other initiatives, is well underway. The construction and equipping of two early childhood development centres were finalized and officially handed over to the Provincial Minister of Education in September 2022. These new facilities and curriculum afford access to formative educational programs for the first time in the region. The Mupenda aquaculture project and the Muvunda poultry project also have been launched, and the planning and design of two rural community health centres have progressed well.

Local community enterprise programs such as the brickmaking and sewing programs continued. These businesses have also been expanded, enabling them to ramp-up production, and providing additional income and employment opportunities. A review of the business model for the landscaping and gardening enterprise programs aims to provide a new operating model which will enhance business efficiency and growth.

Bulk earthworks now are underway at the site for the Kamoa Center of Excellence, which once in operation, aims to create a sustainable and community-centered learning environment in the heart of the Democratic Republic of Congo.

A visit by Kamoa-Kakula to the Complexe Scolaire Les Calinours School in Kolwezi, to introduce the high school students to the programs available at the Kamoa Centre of Excellence that opens next year. The application deadline is in December 2022 for enrollment in September 2023. A full bursary program is also available.

The Kamoa Centre of Excellence will be a world-class facility, developed on the outskirts of Kolwezi, offering degrees, diplomas and short courses in collaboration with internationally accredited institutions.

The project will take place over multiple phases to accommodate departments, as well as sports facilities, to be added over time. Initial curriculum offerings will be aligned with the mining industry i.e., mining engineering, French-English language courses, and much more. Phase 1 will include just over 100 students, with enrollment to commence in 2023.

2. Platreef Project
64%-owned by Ivanhoe Mines
South Africa

The Platreef Project is owned by Ivanplats (Pty) Ltd (Ivanplats), which is 64%-owned by Ivanhoe Mines. A 26% interest is held by Ivanplats’ historically disadvantaged, broad-based, black economic empowerment (B-BBEE) partners, which include 20 local host communities with approximately 150,000 people, project employees and local entrepreneurs. A Japanese consortium of ITOCHU Corporation, Japan Oil, Gas and Metals National Corporation, and Japan Gas Corporation, owns a 10% interest in Ivanplats, which it acquired in two tranches for a total investment of $290 million.

The Platreef Project hosts an underground deposit of thick, platinum-group metals, nickel, copper, and gold mineralization on the Northern Limb of the Bushveld Igneous Complex in Limpopo Province – approximately 280 kilometres northeast of Johannesburg and eight kilometres from the town of Mokopane.

On the Northern Limb, platinum-group metals mineralization is primarily hosted within the Platreef, a mineralized sequence traced for more than 30 kilometres along strike. Ivanhoe’s Platreef Project, within the Platreef’s southern sector, is comprised of two contiguous properties: Turfspruit and Macalacaskop. Turfspruit, the northernmost property, is contiguous with, and along strike from, Anglo Platinum’s Mogalakwena group of mining operations and properties.

Since 2007, Ivanhoe has focused its exploration and development activities on defining and advancing the down-dip extension of its original discovery at Platreef, now known as the Flatreef Deposit, which is amenable to highly mechanized, underground mining methods. With Shaft 1, the initial access to the deposit, now in operation and hoisting development rock from underground, Ivanhoe is focusing on construction activities to bring Phase 1 of Platreef into production by Q3 2024.

Health and safety at Platreef

At the end of September 2022, the Platreef Project reached 1,571,130 lost-time injury-free hours worked with a Total Recordable Injury Frequency Rate (TRIFR) (total injuries recorded per 1,000,000 hours worked) of 4.57 for the nine months that ended September 30, 2022.

Surface construction activities underway, while lateral underground mine development progressing well

Underground development work is focused on establishing the waste passes from the 750-metre and the 850-metre levels to the 950-metre level, installing the required underground infrastructure on the various stations, developing towards the first reef and stoping areas, as well as developing towards the first ventilation shaft location. Mine development on the 950-metre level progressed well with more than 300 metres of development completed at the end of Q3 2022. 

Construction for Platreef's Phase 1 concentrator plant has commenced, with the first production on track for Q3 2024. Earthworks construction is now underway, with mill foundation civil activities advancing well. Mill manufacturing is also progressing well, with other long-lead equipment orders placed. 

The 10-metre diameter Shaft 2, which will be among the largest hoisting shafts on the African continent, is on the critical path for the future Phase 2 expansion of Platreef. Following the completion of the 26-metre concrete hitch-to-collar construction in August 2022, Ivanplats plans to continue with the construction of the 103-metre-tall concrete headframe that will house the shaft’s 6 million tonnes per annum hoisting equipment. The pilot drilling required for the raised bore centre hole of the shaft and the commencement of the sliding of the headframe are both planned to commence before the end of 2022. This will provide optionality in bringing forward the timeline of Phase 2 production.

Shaft 2 headgear construction preparation advancing well with the batch plant commissioned and required tower cranes erected.

Shaft 2 raise-boring equipment being lowered into position.

Construction of the foundations of Platreef’s Phase 1 concentrator plant is progressing well.

Construction of Platreef’s first solar-power plant commenced in Q3 2022 with commissioning expected in 2023. The solar-generated power from the plant will be used for mine development and construction activities, as well as for charging Platreef’s battery-powered underground mining fleet.

Platreef development currently funded by $300-million stream financing, with efforts to finalize additional senior debt facility well underway

Ivanplats received the second and final prepayment of the $300 million Platreef streaming agreement during the third quarter. In addition, the company signed updated engagement letters with its mandated lead arrangers, Société Générale and Nedbank, to increase the Platreef project senior debt facility from $120 million to $150 million. The expanded facility, which is subject to due diligence, will provide further optionality in terms of project financing, and limit potential equity contributions for Platreef’s Phase 1 development. Discussions continue to finalize the expanded facility with the view to it being completed in the new year.

As announced on December 8, 2021, Ivanplats’ $300 million in stream-financing agreements are with Orion Mine Finance and Nomad Royalty (which was subsequently acquired by Sandstorm Gold Royalties). This includes a $200 million gold-streaming facility and a $100 million palladium and platinum streaming facility. The first prepayment of $75 million was received upon the closing of the transaction in December 2021, with the final $225 million instalment received in September 2022.

The stream facilities are subordinated to any future senior secured financing. Ivanplats remains flexible to raise additional debt or equity and has pre-agreed inter-creditor arrangements with the stream purchasers for future senior debt. The stream facilities are guaranteed by Ivanplats and secured over its assets, as well as Ivanhoe and the Japanese consortium’s shares of Platreef.

The fully realized stream agreements allow Ivanplats to advance Platreef’s ongoing Phase 1 construction activities, with an initial capital cost of $488 million as set out in the Platreef feasibility study announced in February 2022.

Platreef continues to focus on community development, human resources, and job training

Platreef supports several educational programs and provides free Wi-Fi in host communities.

The implementation plan for the second cadetship program, planned for commencement in October 2022, has progressed well, with recruitment and selection almost complete. The cadetship program offers young people from the local community to obtain a National Certificate in Health and Safety, as well as mining competencies, such as utility vehicle operations from the Murray & Roberts Training Academy. The program also aims to enhance gender diversity within the mine’s workforce, striving for an aspirational target of 50% female representatives in the program. Platreef’s first cadetship program provided learnership opportunities to over 50 local students, 54% of whom were female.

Local economic development projects planned in the Social and Labour Plan (SLP) will contribute to community water-source development through the Mogalakwena Municipality boreholes program. Other planned SLP projects, which will be conducted in partnership with other parties, include the refurbishment and equipping of a health clinic in Tshamahansi Village.

Enterprise and Supplier Development initiatives continue to focus on creating capacity and opportunities for local small, medium, and micro enterprises, which play a crucial role in stimulating the regional economy and establishing sustainable job creation in the communities around Mokopane.

Over 60 local small, medium, and micro enterprises have attended an accredited 5-day business accelerator training and the company has initiated additional programs aimed at training local businesses on “How to do Business with Ivanplats”. To date over 100 members of the local small, medium, and micro enterprises have attended, with a further 350 scheduled to attend in November 2022.

A widespread poverty alleviation waste campaign project was initiated in partnership with the Impact Catalyst and the Bonega Communities Trust, Ivanplats’ broad-based black economic empowerment vehicle. Other projects included an awareness campaign for the United Nations’ Sustainable Development Goals in the form of a poster competition in eight primary schools near the mine, as well as a health and hygiene campaign, aimed at keeping young girls from missing school through the donation of sanitary products.

Phillip Ramphisa, Ivanplats’ Environmental Manager, addresses high school students regarding the importance of the U.N. Sustainable Development Goals.

Dr. Poobie Pillay (third from right), Ivanplats’ Enterprise and Supplier Development Manager, with a group of recent local entrepreneurs graduating from the business accelerator training program.

3. Kipushi Project
68%-owned by Ivanhoe Mines
Democratic Republic of Congo

The Kipushi zinc-copper-germanium-silver-lead mine in the DRC is adjacent to the town of Kipushi and approximately 30 kilometres southwest of Lubumbashi. It is located on the Central African Copperbelt, approximately 250 kilometres southeast of the Kamoa-Kakula Mining Complex and less than one kilometre from the Zambian border. Ivanhoe acquired its 68% interest in the Kipushi Project in November 2011, through Kipushi Holding which is 100%-owned by Ivanhoe Mines. The balance of 32% in the Kipushi Project is held by the state-owned mining company, Gécamines.

Kipushi Holding and Gécamines have signed a term sheet for a new agreement to return the ultra-high-grade Kipushi Mine to commercial production. Kipushi will be the world’s highest-grade major zinc mine, with an average grade of 36.4% zinc over the first five years of production.

Health and safety at Kipushi

At the end of September 2022, the Kipushi Project reached a total of 5.43 million work hours free of lost-time injuries with a Total Recordable Injury Frequency Rate (TRIFR) (total injuries recorded per 1,000,000 hours worked) of 1.98 for the nine months that ended September 30, 2022. It has been more than three and a half years since the last lost-time injury occurred at the project. 

Project activities underway to return Kipushi to production

In preparation for the start of underground mining, early works activities were completed in August 2022, comprising the refurbishment, and supporting of key mining excavations, as well as blasting of the truck tip turning bay and truck passing bays on the 1,150-metre-level. Explosive storage bays and a trackless machinery assembly bay were also completed. Cover drilling of the main decline commenced in September 2022.

During the third quarter, Ivanhoe and Gécamines hosted a breaking-of-ground ceremony to commemorate the start of the construction of Kipushi’s processing plant. In addition, Ivanhoe signed a memorandum of understanding (MOU) with the provincial government of Haut-Katanga to study options for upgrading the DRC-Zambia border crossing in the town of Kipushi for commercial imports and exports.

Earthworks for the new concentrator are advancing well with civil works just starting, and the first concrete pour took place in October 2022. The bulk of the long-lead items for the concentrator plant have been ordered and manufacturing is underway. The plant is scheduled to be complete by Q3 2024.

Financing and offtake discussions are well advanced with several interested parties and are expected to culminate in combination with a final, revised joint venture agreement between Kipushi Holding and Gécamines.

Underground work at Kipushi is progressing ahead of first production.

The breaking-of-ground ceremony was attended by His Excellency Jean-Michel Sama Lukonde, Prime Minister of the Democratic Republic of the Congo, Her Excellency Adèle Kayinda Mahina, Minister of State and Minister of Portfolio, Her Excellency Antoinette N’Samba Kalambayi, Minister of Mines, members of the provincial government of the Haut-Katanga Province and other national, provincial, and local dignitaries, in addition to representatives from Ivanhoe, Gécamines and the town of Kipushi.

A new commercial border crossing at Kipushi will provide a significant advantage to the Kipushi Mine as a direct means of importing materials and consumables, as well as clearing customs and exporting products from the mine, and will provide socio-economic benefits to the town and Province of Haut-Katanga.

The opening of the Kipushi border crossing also is anticipated to provide ancillary benefits to Kamoa-Kakula, where work is underway to improve processes for clearing copper products for export and to open alternative export border crossings between the DRC and Zambia, to alleviate congestion at the existing border crossings at Kasumbalesa and Sakania in Haut-Katanga Province.

Community enrichment and development

The Kipushi Project has built a new potable water station to provide a free daily supply of water to the municipality of Kipushi. Approximately 1,000 cubic metres of potable water is pumped hourly and continuously to consumers daily.

Another 50 boreholes of potable water are planned to be drilled around the Kipushi district over five years, to reach areas not served by current distribution. In addition to the existing, already drilled and operational 16 boreholes, six new boreholes are being drilled and will be completed before the end of the year to improve community members' accessibility to potable water around the Kipushi district.

The Kipushi Project continues to support educational initiatives through ongoing renovations at the Mungoti School, and the granting of bursaries and scholarships to local students. Over 300 local beneficiaries are participating in an adult literacy and education program this year after the program resumed with physical classes following a two-year interruption due to the COVID-19 pandemic. The successful program will culminate for the year in the fourth quarter with an official graduation ceremony.

Ivanhoe is committed to fostering access to potable water in the footprint area of our mines. Since 2018, Ivanhoe has installed sixteen solar-powered, fresh drinking water boreholes in communities surrounding the Kipushi Project.

4. Western Foreland Exploration Project
90%- and 100%-owned by Ivanhoe Mines

Democratic Republic of Congo

Ivanhoe’s DRC exploration group is targeting Kamoa-Kakula-style copper mineralization through a regional exploration and drilling program on its Western Foreland exploration licences, located to the north, south and west of the Kamoa-Kakula Project. Western Foreland consists of 17 licences that cover a combined area of approximately 2,407 square kilometres.

Exploration models that successfully led to the discoveries of Kakula, Kakula West, and the Kamoa North Bonanza Zone on the Kamoa Copper SA mining licence, are being applied to the Western Foreland extensive land package by the same team of exploration geologists responsible for the previous discoveries.

At the Makoko West area, drilling is ongoing and mapping of the mafic intrusions in the Kibaran basement is underway. At the Lupemba target area in the far southwest of Western Foreland, ground gravity and a large 800-metre-spaced air core grid were initiated; drilling continued at both the Mushiji prospect, to the north of the Kamoa-Kakula mining licence, and in the Makoko Sud target area.

Regional stratigraphic drilling was completed at the Lupemba licence during Q2 2022, with an 800- by 800-metre air core drill grid initiated over the licence early in the third quarter. The program was intended to drill though the Kalahari sand cover and take a top of saprolite and top of bedrock sample, for geochemical and lithological mapping, respectively. Also, at Lupemba, a ground gravity survey program is in progress, and the results will be used in conjunction with the airborne gravity and air core drilling program to provide increased structural definition around the edge of the basin.

The drilling of the Makoko West area is targeting the westerly extension of the Makoko Sud deposit discovered in 2018. Drilling was aimed at infilling the original wide-spaced drill sections along the strike of the projected Makoko graben feature. The area is characterized by a significant number of north-northeast trending mafic intrusions that disrupt the continuity of mineralization along the trend. To better understand the distribution of the intrusions a stream mapping program was undertaken to the north of the target area to try and map out the individual intrusions.

Two holes were drilled in the Mushiji area three kilometres north of the Kamoa-Kakula licence to define the edge of the Roan sandstone. The first did not intersect any Roan and the second is in progress.

Soil sampling programs were also completed at the Sakanama and 155 locations at Kakula East.

Selected Quarterly Financial Information

The following table summarizes selected financial information for the prior eight quarters. Ivanhoe had no operating revenue in any financial reporting period. All revenue from commercial production at Kamoa-Kakula is recognized within the Kamoa Holding joint venture. Ivanhoe did not declare or pay any dividend or distribution in any financial reporting period.

Discussion of Results of Operations

Review of the three months ended September 30, 2022, vs. September 30, 2021

The company recorded a total comprehensive loss of $0.1 million for Q3 2022 compared to a total comprehensive income of $66.2 million for the same period in 2021.

The company recognized income in the aggregate of $74.9 million from the joint venture in Q3 2022, which can be summarized as follows:

Kamoa-Kakula sold 93,812 tonnes of payable copper in Q3 2022 realizing revenue of $460.5 million for the Kamoa Holding joint venture, compared to 41,490 tonnes of payable copper sold realizing revenue of $342.6 million in Q3 2021. Revenue did not increase in proportion to tonnes sold due to the lower prevailing copper price in Q3 2022. The realized, provisional and copper price used for the production remeasurement (mark-to-market) of provisional sales can be summarized as follows:

(1) Payable copper that was provisionally priced in prior quarters and settled during the quarter.
(2) Provisionally priced payable copper sold is subject to final pricing over the next several months.
(3) Outstanding balance is made up of new provisionally priced payable copper from the current quarter, with the balance from the previous quarter.

Kamoa-Kakula’s other operating data is summarized under the review of operations section.
The company recognized a loss on the fair valuation of the embedded derivative financial liability of $27.7 million for Q3 2022, compared to a gain on the fair valuation of the embedded derivative financial liability of $54.9 million for Q3 2021.

Finance income for Q3 2022 amounted to $46.7 million and was $20.3 million more than for the same period in 2021 ($26.4 million). Included in finance income is the interest earned on loans to the Kamoa Holding joint venture to fund past development which amounted to $40.8 million for Q3 2022, and $24.2 million for the same period in 2021, and increased due to the higher accumulated loan balance.

Exploration and project evaluation expenditure amounted to $4.3 million in Q3 2022 and $15.7 million for the same period in 2021. Exploration and project evaluation expenditure for Q3 2022 related to exploration at Ivanhoe’s Western Foreland exploration licences, while Q3 2021 also included amounts spent at the Kipushi Project, for which expenditure was capitalized in Q3 2022 due to the recommencement of the development of the project.

Review of the nine months ended September 30, 2022, vs. September 30, 2021

The company recorded a total comprehensive income of $383.4 million for the nine months that ended September 30, 2022, compared to a loss of $13.3 million for the same period in 2021. The profit for the period principally relates to the company’s share of profit from the Kamoa Holding joint venture, the gain on fair valuation of embedded derivative liability and the recognition of the deferred tax asset relating to the Kipushi Project, all three of which are described in greater detail below.

The Kamoa-Kakula Mining Complex commenced commercial production on July 1, 2021, and sold 41,490 tonnes of payable copper until September 30, 2021, realizing revenue of $342.6 million, compared to 231,525 tonnes of payable copper sold in the nine months ended September 30, 2022, realizing revenue of $1,474.2 million for the Kamoa Holding joint venture. Kamoa-Kakula’s other operating data is summarized under the review of operations section on page 4. The company recognized income in aggregate of $274.9 million from the joint venture in the nine months ended September 30, 2022, which can be summarized as follows:

The company’s share of profit from the Kamoa Holding joint venture was $170.9 million in the nine months that ended September 30, 2022, compared to $27.4 million in the same period in 2021. The following table summarizes the company’s share of profit of the joint venture for the nine months ended September 30, 2022, and for the same period in 2021:

Kamoa-Kakula sold 231,525 tonnes of payable copper in nine months ended September 30, 2022, realizing revenue of $1,474.2 million for the Kamoa Holding joint venture, compared to 41,490 tonnes of payable copper sold realizing revenue of $342.6 million in Q3 2021. Revenue did not increase in proportion to tonnes sold due to the lower prevailing copper price in Q3 2022. The realized, provisional and copper price used for the production remeasurement (mark-to-market) of provisional sales can be summarized as follows:

(1) Payable copper that was provisionally priced in prior or current periods and settled during the period.
(2) Provisionally priced payable copper sold during the period is subject to final pricing over the next several months.
(3) Outstanding balance is made up of new provisionally priced payable copper from the current period that has not been realized.

The company recognized a gain on fair valuation of the embedded derivative financial liability of $89.5 million for the nine months ended September 30, 2022 (Q3 2022: loss of $27.7 million; Q2 2022: gain of $183.6 million; Q1 2022: loss of $66.4 million), compared to a loss on fair valuation of the embedded derivative financial liability of $5.2 million for the same period in 2021.

With the agreement of the development plan by the shareholders of Kipushi and the approval of the development budget consistent with the Kipushi 2022 Feasibility Study in June 2022, it was deemed probable that future taxable profit will be available from the Kipushi Project, against which the unused tax losses and unused tax credits can be utilized. As a result, the company recognized the previously unrecognized deferred tax asset in June 2022, resulting in a deferred tax recovery (income) of $112.8 million in Q2 2022.

Finance income for the nine months ended September 30, 2022, amounted to $116.8 million and was $42.5 million more than for the same period in 2021 ($74.3 million). Included in finance income is the interest earned on loans to the Kamoa Holding joint venture to fund operations that amounted to $104.0 million for the nine months ended September 30, 2022, and $68.4 million for the same period in 2021. Interest increased due to the higher accumulated loan balance and increased interest rates.

Exploration and project evaluation expenditure amounted to $30.0 million in the nine months that ended September 30, 2022, and $36.4 million for the same period in 2021. Exploration and project evaluation expenditure related to exploration at Ivanhoe’s Western Foreland exploration licences and amounts spent at the Kipushi Project until June 2022 when project development recommenced. The main classes of expenditure at the Kipushi Project in the nine months that ended September 30, 2022, and for the same period in 2021 are set out in the following table:

Financial positionas atSeptember 30, 2022, vs. December 31, 2021

The company’s total assets increased by $555.3 million, from $3,218.2 million as at December 31, 2021, to $3,773.5 million as at September 30, 2022. The main reason for the increase in total assets was attributable to the increase in the company’s investment in the Kamoa Holding joint venture by $274.9 million, as well as the increase in deferred tax assets by $142.9 million.

The company’s investment in the Kamoa Holding joint venture increased from $1,641.8 million as at December 31, 2021, to $1,916.7 million as at September 30, 2022. The company’s share of profit from the Kamoa Holding joint venture for the nine months ended September 30, 2022, amounted to $170.9 million, while the interest on the loan to the joint venture amounted to $104.0 million. The company’s investment in the Kamoa Holding joint venture can be broken down as follows:

Before commencing commercial production in July 2021, the Kamoa Holding joint venture principally used loans advanced to it by its shareholders to advance the Kamoa-Kakula Mining Complex through investing in development costs and other property, plant and equipment.

The net assets of the Kamoa Holding joint venture, and the company’s share thereof, can be broken down as follows:

Going forward, all Phase 1 and Phase 2 operating costs and Phase 3 capital expenditures are expected to be funded from copper sales and additional facilities at the Kamoa Holding joint venture level. Cash flows generated and used by the Kamoa Holding joint venture can be summarized as follows:

The Kamoa Holding joint venture’s net increase in property, plant and equipment from December 31, 2021, to September 30, 2022, amounted to $476.2 million and can be further broken down as follows:

Ivanhoe’s cash and cash equivalents increased by $55.1 million, from $608.2 million as at December 31, 2021, to $663.3 million as at September 30, 2022. The company spent $81.0 million on project development and acquiring other property, plant and equipment and generated $168.1 million from operating activities, which includes the receipt of the second and final prepayment of $225 million under the Ivanplats stream financing agreements. The company also invested $13.3 million in acquiring a strategic equity stake in Renergen Ltd., a South African emerging energy and helium producer. The company have however elected not to exercise its option to further increase its equity stake in Renergen.

The increase in the company’s deferred tax asset is related mainly to the recognition of the previously unrecognized deferred tax asset of the Kipushi Project in June 2022, due to the agreement of the development plan by the shareholders of Kipushi, making it probable that future taxable profit will be available from the Kipushi Project, against which the unused tax losses and unused tax credits can be utilized.

Ivanhoe’s total liabilities increased by $148.2 million to $989.4 million as at September 30, 2022, from $841.2 million as at December 31, 2021, with the increase mainly due to the deferred revenue recognized on the streaming facility of $224.0 million after transaction costs. The deferred revenue represents the prepayment for the future sale of refined gold and palladium and platinum to be delivered by the Platreef Project in the future and will be amortized as ounces are delivered to the stream purchasers.

The net increase in property, plant and equipment amounted to $46.8 million, with additions of $90.8 million to project development and other property, plant and equipment. Of this total, $74.1 million and $15.4 million, pertained to development costs and other acquisitions of property, plant and equipment at the Platreef Project and Kipushi Project respectively.

The main components of the additions to property, plant and equipment – including capitalized development costs – at the Platreef Project for the nine months ended September 30, 2022, and for the same period in 2021, are set out in the following table:

Costs incurred at the Platreef Project are deemed necessary to bring the project to commercial production and are therefore capitalized as property, plant and equipment.

The main components of the expenditure at the Kipushi Project for the nine months ended September 30, 2022, and for the same period in 2021, are set out in the following table:

Accounting for the convertible notes closed in March 2021

The company closed a private placement offering of $575.0 million of 2.50% convertible senior notes maturing in 2026 on March 17, 2021. Upon conversion, the convertible notes may be settled, at the company’s election, in cash, common shares or a combination thereof. Due to this election right and conversion feature, the convertible notes have an embedded derivative liability that is measured at fair value with changes in value being recorded in profit or loss, as well as the host loan that is accounted for at amortized cost.

The convertible senior notes are senior unsecured obligations of the company, which will accrue interest payable semi-annually in arrears at a rate of 2.50% per annum and will mature on April 15, 2026, unless earlier repurchased, redeemed or converted. The initial conversion rate of the notes is 134.5682 Class A common shares of the company per $1,000 principal amount of notes or an initial conversion price of approximately $7.43 per common share.

Holders of the notes may convert the notes, at their option, in integral multiples of $1,000 principal amount, or in excess thereof, at any time until the close of business on the business day immediately preceding October 15, 2025, but only under the following circumstances:

During any calendar quarter commencing after the calendar quarter ending on June 30, 2021 (and only during such calendar quarter), if the last reported sale price of the company’s Class A common shares for at least 20 trading days (whether consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; or

  • During the five consecutive business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the company’s Class A common shares and the conversion rate on each such trading day; or
  • If the company calls any or all the notes for redemption in certain circumstances or upon the occurrence of certain corporate events.

On or after October 15, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing conditions.

The convertible notes will not be redeemable at the company’s option before April 22, 2024, except upon the occurrence of certain tax law changes. On or after April 22, 2024, and on or before the 41st scheduled trading day immediately preceding the maturity date, the notes will be redeemable at the company’s option if the last reported sale price of the company’s common shares has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the company provides notice of redemption at a redemption price equal to 100% of the principal amount of the convertible notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date.

Since upon conversion, the notes may be settled, at the company’s election, in cash, common shares or a combination thereof, the conversion feature is an embedded derivative liability. The effect of this is that the host liability will be accounted for at amortized cost, with an embedded derivative liability being measured at fair value with changes in value being recorded in profit or loss.

The effective interest rate of the host liability was deemed to be 9.39% and the interest recognized on the convertible notes amounted to $10.1 million in Q3 2022, after the capitalization of $0.7 million borrowing costs. The carrying value of the host liability was $461.6 million as at September 30, 2022, up from $437.4 million as at December 31, 2021.

The embedded derivative liability had a fair value of $150.5 million on the closure of the convertible notes offering and increased to $244.2 million as at December 31, 2021, and decreased to $154.7 million as at September 30, 2022, resulting in a gain on fair valuation of embedded derivative liability of $89.5 million for the nine months ended September 30, 2022. The change in the fair value of the embedded derivative liability is largely due to the changes in the closing share price of the company’s common shares at the different reporting dates.

The following key inputs and assumptions were used in determining the fair value of the embedded derivative liability:

Transaction costs on the convertible notes offering relating to the embedded derivative liability amounted to $3.7 million and were expensed and included in the profit and loss for Q1 2021.

Liquidity and Capital Resources

The company had $663.3 million in cash and cash equivalents as at September 30, 2022. At this date, the company had consolidated working capital of approximately $685.7 million, compared to $654.8 million as at December 31, 2021.

The Platreef Project entered a gold, palladium and platinum stream financing in December 2021 that will fund a large portion of the Phase 1 capital costs. The stream facilities are a prepaid forward sale of refined metals, with prepayments totaling $300 million, available in two tranches with the first prepayment of $75 million received in December 2021 following the closing of the transaction and the second prepayment of $225 million received in September 2022.

Kipushi Holding together with Gécamines, approved the development budget for the Kipushi Project in line with the Kipushi 2022 Feasibility Study and project execution is now underway. Orders for many long-lead items of equipment have already been placed and earthworks have started. Financing and offtake discussions are well advanced with several interested parties.

The company’s main objectives for the remainder of 2022 at the Platreef Project are the continued development of the project towards the completion of its first phase currently scheduled for Q3 2024, as well as the continuation of the construction of Shaft 2.

With Phase 1 and Phase 2 commercial production achieved at the Kamoa-Kakula Mining Complex, the current focus is on operational efficiency and de-bottlenecking the Phase 1 and 2 operations, as well as progressing the Phase 3 expansion.

The company has forecast to spend $72 million on further development at the Platreef Project; $49 million on development at the Kipushi Project; and $12 million on corporate overheads for the remainder of 2022. Exploration activities include a budget of $12 million on Western Forelands and $5 million on other targets for the remainder of 2022.

The planned capital expenditure for 2022 can be broken down as follows:

Notes: (1) Amounts in the above table for the Kamoa-Kakula Mining Complex are on a 100%-project basis. (2) The amount for Phase 3 and smelter early works are the planned expenditure for 2022 only and will be augmented on completion of the updated pre-feasibility study.

On March 17, 2021, the company closed a private placement offering of $575 million of 2.50% convertible senior notes maturing in 2026. The convertible senior notes are senior unsecured obligations of the company which will accrue interest payable semi-annually in arrears at a rate of 2.50% per annum and will mature on April 15, 2026, unless earlier repurchased, redeemed or converted. The notes will be convertible at the option of holders, before the close of business on the business day immediately preceding October 15, 2025, only under certain circumstances and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the notes may be settled, at the company’s election, in cash, common shares or a combination thereof. The carrying value of the host liability was $461.6 million and the fair value of the embedded derivative liability was $154.7 million as at September 30, 2022.

The company has a mortgage bond outstanding on its offices in London, United Kingdom, of £3.2 million ($3.5 million). The bond is fully repayable on August 28, 2025, secured by the property, and incurs interest at a rate of GBP 1-month LIBOR plus 1.9% payable monthly in arrears. Only interest will be payable until maturity.

In 2013, the company became a party to a loan payable to ITC Platinum Development Limited, which had a carrying value of $36.0 million as at September 30, 2022, and a contractual amount due of $35.8 million. The loan is repayable once the Platreef Project has residual cash flow, which is defined in the loan agreement as gross revenue generated by the Platreef Project, less all operating costs attributable thereto, including all mining development and operating costs. The loan incurs interest of USD 3-month LIBOR plus 2% calculated monthly in arrears. Interest is not compounded. The difference of $0.2 million between the contractual amount due and the carrying value of the loan is the benefit derived from the low-interest loan.

The company has an implied commitment in terms of spending on work programs submitted to regulatory bodies to maintain the good standing of exploration and exploitation permits at its mineral properties. The following table sets forth the company’s long-term obligations:

The debt in the above table represents the mortgage bond owing to Citibank and the loan payable to ITC Platinum Development Limited, as described above.

The company is required to fund its Kamoa Holding joint venture in an amount equivalent to its proportionate shareholding interest.

Non-GAAP Financial Performance Measures

Kamoa-Kakula’s C1 cash costs and C1 cash costs per pound

C1 cash costs and C1 cash costs per pound are non-GAAP financial measures. These are disclosed to enable investors to better understand the performance of Kamoa-Kakula in comparison to other copper producers who present results on a similar basis.

C1 cash costs are prepared on a basis consistent with the industry standard definitions by Wood Mackenzie cost guidelines but are not measures recognized under IFRS. In calculating the C1 cash cost, the costs are measured on the same basis as the company's share of profit from the Kamoa Holding joint venture that is contained in the financial statements. C1 cash costs are used by management to evaluate operating performance and include all direct mining, processing, and general and administrative costs. Smelter charges and freight deductions on sales to the final port of destination, which are recognized as a component of sales revenues, are added to C1 cash cost to arrive at an approximate cost of finished metal. C1 cash costs and C1 cash costs per pound exclude royalties and production taxes and non-routine charges as they are not direct production costs.

Reconciliation of Kamoa-Kakula’s cost of sales to C1 cash costs, including on a per pound basis:

All the figures above are on a 100% basis.

EBITDA and EBITDA margin

EBITDA is a non-GAAP financial measure, which excludes income tax, finance costs, finance income and depreciation from net profit.

Ivanhoe believes that Kamoa-Kakula’s EBITDA is a valuable indicator of the mine’s ability to generate liquidity by producing operating cash flow to fund its working capital needs, service debt obligations, fund capital expenditures and distribute cash to its shareholders. EBITDA also is frequently used by investors and analysts for valuation purposes. EBITDA is intended to provide additional information to investors and analysts and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared per IFRS. EBITDA excludes the impact of cash costs of financing activities and taxes, and the effects of changes in operating working capital balances, and therefore are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate EBITDA differently.

The EBITDA margin is an indicator of Kamoa-Kakula's overall health and denotes its profitability, which is calculated by dividing EBITDA by revenue. The EBITDA margin is intended to provide additional information to investors and analysts, does not have any standardized definition under IFRS, and should not be considered in isolation, or as a substitute, for measures of performance prepared per IFRS.

Reconciliation of profit after tax to EBITDA:

All figures above are for the Kamoa Holding joint venture on a 100% basis.                                                                                                                                                           

Qualified Persons

Disclosures of a scientific or technical nature in this news release regarding the Kamoa-Kakula Mining Complex (other than stockpiles estimation), the Platreef Project and the Kipushi Project have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is the Executive Vice President, Projects, at Ivanhoe Mines. Mr. Amos has verified the technical data related to the foregoing disclosed in this news release.

Disclosures of a scientific or technical nature regarding the Kamoa-Kakula stockpiles in this news release have been reviewed and approved by George Gilchrist, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Gilchrist is not considered independent under NI 43- 101 as he is the Vice President, Resources, at Ivanhoe Mines. Mr. Gilchrist has verified the technical data regarding the Kamoa-Kakula stockpiles disclosed in this news release.

Disclosures of a scientific or technical nature regarding the Western Foreland Project in this news release have been reviewed and approved by Stephen Torr, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Torr is not considered independent under NI 43-101 as he is the Vice President, Geosciences, at Ivanhoe Mines. Mr. Amos has verified the technical data regarding the Western Foreland Project disclosed in this news release.

Ivanhoe has prepared an independent, NI 43-101-compliant technical report for the Kamoa-Kakula Project, the Platreef Project and the Kipushi Project, each of which is available on the company’s website and under the company’s SEDAR profile at www.sedar.com:

  • Kamoa-Kakula Integrated Development Plan 2020 dated October 13, 2020, prepared by OreWin Pty Ltd., China Nerin Engineering Co., Ltd., DRA Global, Epoch Resources, Golder Associates Africa, KGHM Cuprum R&D Centre Ltd., Outotec Oyj, Paterson and Cooke, Stantec Consulting International LLC, SRK Consulting Inc., and Wood plc.
  • The Kipushi 2022 Feasibility Study dated February 14, 2022, prepared by OreWin Pty Ltd., MSA Group (Pty) Ltd., SRK Consulting (South Africa) (Pty) Ltd, and METC Engineering.
  • The Platreef 2022 Feasibility Study dated February 28, 2022, prepared by OreWin Pty Ltd., Mine Technical Services, SRK Consulting Inc., DRA Projects (Pty) Ltd and Golder Associates Africa.

These technical reports include relevant information regarding the effective dates and the assumptions, parameters and methods of the mineral resource estimates on the Platreef Project, the Kipushi Project and the Kamoa-Kakula Mining Complex cited in this news release, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this news release in respect of the Platreef Project, Kipushi Project and Kamoa-Kakula Mining Complex.

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the development of major new, mechanized, underground mines at the Kamoa-Kakula copper discoveries in the Democratic Republic of Congo and the Platreef palladium-rhodium-nickel-platinum-copper-gold discovery in South Africa; and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-silver mine, also in the Democratic Republic of Congo.

Information Contact

Investors
Vancouver: Matthew Keevil +1.604.558.1034   
London: Tommy Horton +44 7866 913 207
Media
Tanya Todd +1.604.331.9834
Website www.ivanhoemines.com

Forward-looking statements

Certain statements in this release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified using words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the company’s current expectations regarding future events, performance and results and speak only as of the date of this release.

Such statements include without limitation, the timing and results of: (i) statements regarding a de-bottlenecking program underway at Kamoa-Kakula to expand processing capacity of Phase 1 and Phase 2 concentrators by 21%, to a combined total of 9.2 million tonnes of ore per annum; (ii) statements regarding copper production from Kamoa-Kakula’s first two phases is projected to reach 450,000 tonnes per annum by Q2 2023; (iii) statements regarding the expectation that the extended operating hours at the Kasumbalesa border will be permanent; (iv) statements regarding the Lualaba Copper Smelter is expected to treat approximately 120,000 tonnes of copper concentrates from Kamoa-Kakula in 2022; (v) statements regarding the increased opening hours of the Kasumbalesa border crossing, the opening of a new commercial export border crossing at Sakania, the resumption of blister copper shipments from the Lualaba Copper Smelter, as well as increased availability of trucks, is expected to ease congestion; (vi) statements regarding a step-change improvement in cash costs of between 10% and 20% is anticipated once the Phase 3 500,000-tonne-per-annum, direct-to-blister flash smelter is commissioned, expected by the end of 2024; (vii) statements that the smelter will generate valuable by-product credits from the sale of sulphuric acid, which is in structural deficit in the DRC Copperbelt; (viii) statements regarding the installation of additional underground conveying capacity is nearing completion at the Kakula South decline, which will increase output of ultra-high-grade ore to surface from the Kakula mine; (ix) statements regarding the de-bottlenecking program is on track to boost Kamoa Copper's annual production to approximately 450,000 tonnes of copper in concentrate by the second quarter of 2023; (x) statements that following the commissioning of Phase 3, expected by the end of 2024, Kamoa-Kakula will have a total processing capacity of more than 14 million tonnes per annum; (xi) statements that the completion of Phase 3 is expected to increase copper production capacity to approximately 600,000 tonnes per annum and that this production rate will position Kamoa-Kakula as the world’s third-largest copper mining complex, and the largest on the African continent; (xii) statements regarding the turbine replacement will supply an additional 178-megawatts (MW) of clean hydroelectric power to the national grid, and provide power for Phase 3 and that the refurbishment is scheduled for completion in Q4 of 2024; (xiii) statements regarding the Kamoa Center of Excellence and that it will be a world-class facility, developed on the outskirts of Kolwezi, offering degrees, diplomas and short courses in collaboration with internationally accredited institutions; (xiv) statements that the Kamoa Centre of Excellence will take place over multiple phases to allow for departments, as well as sports facilities, to be added over time; (xv) statements that Management continues to anticipate that with the early commissioning of the Phase 2 concentrator plant, Kamoa-Kakula will be able to deliver the upper end of its original 2022 copper production guidance of 290,000 to 340,000 tonnes; (xvi) statements regarding off-site concentrate transportation and logistics charges, which is projected to ease slightly in the fourth quarter as a result of the resumption in operation of the Lualaba Copper Smelter and as Kamoa Copper and its partners implement logistical optimizations; (xvii) statements that cash costs is projected to come in at the upper end of the guidance range, subject to logistics costs easing in the fourth quarter; (xviii) statements regarding Platreef's Phase 1 concentrator plant first production on track for Q3 2024; (xix) statements regarding the construction of Platreef’s first solar-power plant commenced in Q3 2022 with commissioning expected in 2023 and that the solar-generated power from the plant will be used for mine development and construction activities, as well as for charging Platreef’s battery-powered underground mining fleet; (xx) statements regarding Platreef’s 10-metre diameter Shaft 2, which will be the among the largest hoisting shafts on the African continent; (xxi) statements regarding the pilot drilling required for the raise bore center hole of Platreef’s Shaft 2 and the commencement of the sliding of the headframe are both planned to commence before the end of 2022; (xxii) statements regarding the expanded senior debt facility of up to $150 million providing Platreef with further optionality in terms of project financing, and limit potential equity contributions for Platreef’s Phase 1 development; (xxiii) statements regarding discussions to finalize the expanded Platreef senior debt facility with the view to it being completed in the new year; (xxiv) statements regarding the water requirement for Platreef’s Phase 1 operation is projected to peak at approximately three million litres per day, which will then increase to nine million litres per day once the Phase 2 expansion is complete; (xxv) statements regarding Ivanplats undertaking a commitment to complete the partially constructed Masodi Wastewater Treatment Works, which was halted in 2018 and that Ivanplats anticipates spending approximately ZAR 215 million ($13 million) to complete the works; (xxvi) statements that Ivanplats will purchase the treated water at a reduced rate of ZAR 5 per thousand litres; (xxvii) statements regarding the bulk power project at Platreef being scheduled for completion in Q4 2023; (xxviii) statements regarding implementation of the Platreef Project’s second Social and Labour Plan (SLP); (xxix) statements that Kipushi will be the world’s highest-grade major zinc mine, with an average grade of 36.4% zinc over the first five years of production; (xxx) statements regarding the new agreement signed between Kipushi Holding and Gécamines to return the ultra-high-grade Kipushi Mine back to commercial production; (xxxi) statements that the Kipushi concentrator plant is scheduled to be complete by Q3 2024; (xxxii) statements that a  new commercial border crossing will provide a significant advantage to the Kipushi Mine as a direct means of importing materials and consumables, as well as clearing customs and exporting products from the mine, and will provide socio-economic benefits to the town and Province of Haut-Katanga; (xxxiii) statements regarding the opening of the Kipushi border crossing also is anticipated to provide ancillary benefits to Kamoa-Kakula; (xxxiv) statements that mining at Kipushi will be performed using highly productive, mechanized methods and cemented rock fill will be utilized to fill open stopes; (xxxv) statements regarding  50 boreholes of potable water are planned to be drilled around the Kipushi district over the next five years, to reach areas not served by current distribution; (xxxvi) statements that all Phase 1 and Phase 2 operating costs and most Phase 3 capital expenditure at Kamoa-Kakula are expected to be funded from copper sales and facilities in place; (xxxvii) statements that the company has forecast to spend $94 million on further development at the Platreef Project; $69 million on development at the Kipushi Project; and $12 million on corporate overheads for the remainder of 2022; (xxxviii) statements regarding exploration activities at the Western Foreland exploration project in the DRC and other targets will continue in 2022 with an initial budget of $12 million for the remainder of 2022 on Western Forelands and $5 million on other targets; (xxxix) statements that Kamoa-Kakula’s operating and expansion capital expenditures on Phase 3 will continue to be funded from copper sales and additional facilities at the Kamoa-Kakula joint venture; (xl) statements that an updated technical report on Kamoa-Kakula’s Phase 3 expansion will be released early in the new year; (xli) statements regarding planned plant shutdowns to install the new equipment required for the de-bottlenecking program are scheduled to take place between December 2022 and January 2023, with the aim to minimize any negative effects on production; (xlii) statements regarding ore being drawn as required from Kamoa-Kakula's stockpile to maximize copper production, as the concentrators are currently operating at more than the design capacity; (xliii) statements regarding the Inga II damn refurbishment project being complete in Q4 2024, with the engineering for the remaining equipment items and the ordering of replacement components expected to be completed early in 2023; (xliv) statements regarding enrollment at the Kamoa Centre of Excellence to commence in 2023; and (xlv) statements regarding Kamoa-Kakula possibly using a greater number of ports for exporting concentrate.

As well, all of the results of the feasibility study for the Kakula copper mine, the Kakula-Kansoko 2020 pre-feasibility study and the updated and expanded Kamoa-Kakula Mining Complex preliminary economic assessment, the Platreef 2022 feasibility study, and the Kipushi 2022 feasibility study constitute forward-looking statements or information and include future estimates of internal rates of return, net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs and the size and timing of phased development of the projects.

Furthermore, concerning this specific forward-looking information concerning the operation and development of the Kamoa-Kakula, Platreef and Kipushi projects, the company has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include: (i) the adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of copper, nickel, zinc, platinum, palladium, rhodium and gold; (vi) the availability of equipment and facilities necessary to complete development; (vii) the cost of consumables and mining and processing equipment; (viii) unforeseen technological and engineering problems; (ix) accidents or acts of sabotage or terrorism; (x) currency fluctuations; (xi) changes in regulations; (xii) the compliance by joint venture partners with terms of agreements; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies; (xv) the ability to raise sufficient capital to develop such projects; (xvi) changes in project scope or design; (xvii) recoveries, mining rates and grade; (xviii) political factors; (xviii) water inflow into the mine and its potential effect on mining operations, and (xix) the consistency and availability of electric power.

This release also contains references to estimates of Mineral Resources and Mineral Reserves. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Estimates of Mineral Reserves provide more certainty but still involve similar subjective judgments. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production from the company’s projects, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that ultimately may prove to be inaccurate. Mineral Resource or Mineral Reserve estimates may have to be re-estimated based on: (i) fluctuations in copper, nickel, zinc, platinum group elements (PGE), gold or other mineral prices; (ii) results of drilling; (iii) metallurgical testing and other studies; (iv) proposed mining operations, including dilution; (v) the evaluation of mine plans after the date of any estimates and/or changes in mine plans; (vi) the possible failure to receive required permits, approvals and licences; and (vii) changes in law or regulation.

Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether such results will be achieved. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed above and under the “Risk Factors”, and elsewhere in the company’s MD&A for the three and nine months ended September 30, 2022, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.

The company’s actual results could differ materially from those anticipated in these forward-looking statements because of the factors set forth below in the “Risk Factors” section in the company’s MD&A for the three and nine months ended September 30, 2022.

位于刚果民主共和国的卡莫阿 - 卡库拉铜矿于 2022 年第三季度 破纪录销售 9.4 万吨铜,获得 4.6 亿美元销售收入

2022 年前三季度,卡莫阿 - 卡库拉录得 9.4 亿美元 EBITDA

卡莫阿 - 卡库拉 2022 年第三季度的销售成本为 1.05 美元 / 磅,C1 现金成本为 1.43 美元 / 磅

卡莫阿 - 卡库拉 2022 年前 9 个月处理 510 万吨矿石,铜品位 5.6% ,精矿产铜 24 万吨

卡莫阿 - 卡库拉 9 月和 10 月份的年化产能超过 40 万吨

艾芬豪矿业将卡莫阿 - 卡库拉 2022 年精矿产铜指导目标 进一步上调至 32.5 至 34 万吨

南非约翰内斯堡 — 艾芬豪矿业 (TSX: IVN; OTCQX: IVPAF) 总裁玛娜 · 克洛特 (Marna Cloete) 及首席财务官大卫 · 范 · 希尔登 (David van Heerden) 欣然宣布公司 2022 年前三季度的财务业绩。艾芬豪矿业是一家加拿大矿业公司,正在开发和运营旗下位于南部非洲的四大矿业项目﹕位于刚果民主共和国 ( 以下简称 “ 刚果 ( 金 )”) 的卡莫阿 - 卡库拉 (Kamoa-Kakula) 世界级铜矿项目的扩建工程、位于南非的普拉特瑞夫 (Platreef) 顶级钯 - 铑 - 镍 - 铂 - 铜 - 金矿的建设工程、位于刚果 ( 金 ) 的久负盛名的基普什 (Kipushi) 超高品位锌 - 铜 - 铅 - 锗矿的重启工程,以及在毗邻卡莫阿 - 卡库拉的西部前沿 (Western Foreland) 探矿权内开展大规模勘查以寻找新的铜矿资源。 除非另有指明,所有货币数字均以美元为单位。

重点内容

  • 卡莫阿 - 卡库拉铜矿项目于 2022 年第三季度精矿产铜 9.8 万吨, 2022 年第二季度共生产 8.7 万吨, 2022 年第一季度则为 5.6 万吨。截至 2022 年 10 月 31 日,卡莫阿 - 卡库拉本年度已生产了约 27.4 万吨铜。
  • 2022 年第三季度,卡莫阿 - 卡库拉出售 9.4 万吨铜,录得 4.605 亿美元收入,营业利润为 2.228 亿美元, EBITDA 为 2.544 亿美元。
  • 2022 年第三季度,卡莫阿 - 卡库拉的销售成本为 1.05 美元 / 磅, 2022 年第二季度和 2022 年第一季度的销售成本分别为 1.15 美元 / 磅和 1.08 美元 / 磅。现金成本 (C1) 为 1.43 美元 / 磅, 2022 年第二季度和 2022 年第一季度的 C1 现金成本分别为 1.42 美元 / 磅和 1.21 美元 / 磅。 2022 年前九个月生产每磅应付铜的 C1 现金成本为 1.38 美元 / 磅。
  • 卡莫阿 - 卡库拉 9 月和 10 月的年化产能超过 40 万吨, 24 小时日处理量在第三季度已稳定超过该指标。
  • 卡莫阿 - 卡库拉的技改工程比原计划进度超前,目前已完成约 70% , I 期和 II 期选厂的综合设计产能将从 760 万吨 / 年提升至 920 万吨 / 年。预计技改工程于 2023 年第二季度完成后,累计年产能达到 45 万吨铜。
  • 卡莫阿 - 卡库拉铜矿项目 2022 年第三季度共处理约 210 万吨矿石,平均入选铜品位 5.6% ; 2022 年第二季度处理 200 万吨矿石,平均入选铜品位 5.4% 。
  • 艾芬豪矿业 2022 年第三季度录得利润 2,390 万美元, 2022 年第二季度及 2021 年第三季度分别录得利润 3.515 亿美元和 8,540 万美元。 2022 年第三季度的利润主要来自艾芬豪矿业在卡莫阿 - 卡库拉合资企业中的权益利润以及财务收入 ( 共计 7,490 万美元 ) 。
  • 艾芬豪矿业的财务状况稳健。截至 2022 年 9 月 30 日,公司持有现金和现金等价物 6.633 亿美元,预计卡莫阿 - 卡库拉合资企业的铜销售和信贷融资足以支持 III 期运营和扩建的资本性开支。
  • II 期扩建完成早期试车后,艾芬豪矿业将卡莫阿 - 卡库拉 2022 年生产指导目标进一步上调为: 32.5 至 34 万吨铜。
  • 第二和第三季度期间,物流成本压力不断增加,公司因而将其 C1 现金成本的全年指导目标从 1.20-1.40 美元 / 磅收紧至 1.35-1.40 美元 / 磅。
  • 卡莫阿 - 卡库拉 III 期扩建的基本工程设计已完成,并将纳入更新版的技术报告,预计于明年初发布。
  • III 期矿山、选厂和直接粗铜冶炼厂的土方工程进度理想。
  • 普拉特瑞夫项目 950 米中段的井下矿山开发工作进展顺利,继续向首个通风竖井推进,从 2022 年 4 月开工至今已完成 300 多米的水平开拓工程。
  • 普拉特瑞夫的首个太阳能发电厂于第三季度开始施工,预计于 2023 年下半年投产。太阳能电力将用于矿山开发和建设活动,以及为普拉特瑞夫的电池动力地下采矿设备充电。
  • 第三季度,艾芬豪矿业取得 80 平方公里的新探矿权 “ 波特希特斯供矿构造 ” ,勘查前景极为乐观且靠近公司位于南非布什维尔德杂岩带的普拉特瑞夫项目。
  • 2022 年 9 月,艾芬豪矿业与杰卡明 (Gécamines) 在基普什矿山举行开工仪式,正式启动地表建设工程。
  • 基普什矿山的早期建设工程已于 2022 年 8 月完成,为地下采矿工作做好准备。这些工程包括翻新主要的掘进通道,以及在 1,150 米中段进行卡车卸料站和避让硐室的爆破工程。

2022 年全年生产和成本指导目标的修订

II 期选厂于 2022 年 4 月提前投产,比原计划提前约 4 个月,至今运营业绩表现理想,将有利于卡莫阿 - 卡库拉进一步上调其 2022 年全年精矿产铜的指导目标,从 31 至 34 万吨提高至 32.5 至 34 万吨。

第二和第三季度期间,物流成本压力不断增加,公司因而将其 C1 现金成本的全年指导目标从 1.20-1.40 美元 / 磅收紧至 1.35-1.40 美元 / 磅

C1 现金成本为非公认会计准则的财务指标。管理层以 C1 现金成本评估经营业绩,其中包括所有直接采矿、选矿以及管理和行政成本。冶炼费和销售至最终港口 ( 通常是中国港口 ) 的运费扣减被列作销售收入的一部分,将计入 C1 现金成本,以得出交付成品金属的粗略成本。

艾芬豪矿业总裁玛娜 · 克洛特 (Marna Cloete) 评论说: “ 对于艾芬豪矿业来说,正处于一个令人难以置信的转型时期,卡莫阿 - 卡库拉 III 期扩建和冶炼厂以及普拉特瑞夫和基普什的建设活动正在推进。卡莫阿 - 卡库拉的 I 期和 II 期建设都预算内提前竣工,我们的目标是在此骄人战绩上更进一步。

“ 我为卡莫阿 - 卡库拉的运营团队感到非常自豪,他们持续超越预期,正在为实现最初全年生产指导的上限而阔步前行! ”

“ 和大多数矿业公司一样,我们在今年也经历了通货膨胀压力。这些压力主要是物流方面的,卡莫阿 - 卡库拉的现场成本管理良好且稳定。卡莫阿 - 卡库拉团队在我们的合资伙伴、包销伙伴和刚果 ( 金 ) 政府的支持下,取得了巨大进展,目前正在实施战略性举措以应对物流瓶颈问题。我们希望在接下来的几个季度里将得到改善。 ”

“ 我们的团队继续专注为公司旗下的各大项目积极创造价值。我们相信,在全球动荡时期之后,我们将会变得更加强大。随着全球迈向清洁能源的转型,我们对于铜金属的中长期基本面充满信心。 ”

艾芬豪矿业将于 11 月 14 日举行投资者会议

公司将于 11 月 14 日东部时间上午 10:30 / 西部时间上午 7:30 召开投资者电话会议,讨论 2022 年第三季度财务业绩。电话会议拨入号码为 +1-416-764-8650 或免费拨号号码 1-888-664-6383 ,如有要求,请引述 “ 艾芬豪矿业 2022 年第三季度财务业绩 ” ,被邀媒体将在听众列席。

加入音频网络直播的链接:https://app.webinar.net/YvWzpn3maEn

电话会议的网络广播录音及相关演示材料将在艾芬豪矿业网站上提供:www.ivanhoemines.com

发布后,财务报表和管理层的讨论和分析将在 www.ivanhoemines.comwww.sedar.com上提供。

主要项目及活动回顾

1. 卡莫阿 - 卡库拉铜矿项目
艾芬豪矿业持有 39.6% 权益
位于刚果民主共和国

卡莫阿-卡库拉铜矿由艾芬豪矿业与紫金矿业的合资企业卡莫阿控股负责运营,被国际矿业咨询公司伍德曼肯兹 (Wood Mackenzie) 评为全球第 4 大铜矿床。该项目位于科卢韦齐 (Kolwezi) 以西约 25 公里,卢本巴希 (Lubumbashi) 以西约 270 公里处。卡莫阿-卡库拉项目的 I 期选厂于2021年5月启动生产,并于2021年7月1日正式实现商业化生产。II 期选厂的设计产能翻倍,于2022年4月投产。

2015年12月,艾芬豪向紫金矿业出售卡莫阿控股有限公司 (以下简称 "卡莫阿控股") 49.5% 的权益,并向私营企业晶河全球出售卡莫阿控股1%的权益。卡莫阿控股持有项目80%权益。与紫金矿业的交易完成后,每位股东须按其持有卡莫阿控股的股权比例承担对卡莫阿-卡库拉项目的出资。艾芬豪与紫金矿业各自间接持有卡莫阿-卡库拉铜矿项目39.6%的权益,晶河全球间接持有 0.8% 权益,而刚果(金)政府则直接持有20%权益。

瑞典诺斯堡安百拓 (Epiroc) 公司制造的大型地下采矿设备 (MT65 卡车及 ST18 铲运机 ) 已抵达卡莫阿 - 卡库拉现场,将为井下采矿作业提高效益。

卡莫阿 - 卡库拉的职业健康与安全

截至 2022年9月底,卡莫阿-卡库拉项目录得246万个零失时工伤工时。2022年前三季度的可记录工伤频率 (TRIFR) (即每100万个工时内发生可记录的工伤事故) 为1.73。

卡莫阿-卡库拉于2022年9月报告发生一宗伤亡事故,对此深表遗憾。事故发生在卡索科 (Kansoko) 矿山的井下,一名卡莫阿-卡库拉员工在矿区工作时不幸被坠石砸中身亡。卡莫阿-卡库拉目前正进行全面的内部调查,并与刚果(金)当局紧密合作,协助他们调查事故的原因。卡莫阿-卡库拉将继续致力为所有员工和承包商提供零伤害的工作环境。

卡莫阿的项目施工团队参加了深入的现场培训,课程由认可的培训机构提供,针对先进的风险评估技术。共有 120 名经理、主管和安全主任参与这次培训课程。

卡莫阿 - 卡库拉运营和财务数据摘要

上述数字均以100%项目权益统计。报告的精矿含铜金属量未考虑冶炼协议中的损失或扣减。本新闻稿载述EBITDA、EBITDA利润率和每磅C1现金成本为非公认会计准则的财务指标。关于本文载述每项非公认会计准则财务指标的详细说明,以及与国际财务报告准则最直接可比的详细对账,请参阅2022年第三季度《管理层讨论与分析》的“非公认会计准则财务指标”的部分。

C1 现金成本明细如下 :

C1 现金成本的计算基准与伍德曼肯兹成本指南制定的行业标准定义一致,但并非国际财务报告准则 (IFRS) 认可的方式。在计算 C1 现金成本时,成本的计量基准与财务报表中所述的公司应占卡莫阿控股合资企业的收益份额相同。管理层以C1 现金成本评估经营业绩,其中包括所有直接采矿、选矿以及管理和行政成本。冶炼费和销售至最终港口的运费扣减被列作销售收入的一部分,将计入C1现金成本,以得出交付成品金属的粗略成本。权益金、产品税和非经常性费用并非直接生产成本,因此不会计入C1现金成本。

2022年第二和第三季度的C1现金成本较第一季度分別上升约17%及18%,主要原因是运送卡莫阿-卡库拉铜精矿到港口的物流费上涨。 2022年第三季度的销售成本为1.05美元/磅,2022年第二季度和2022年第一季度的销售成本则分别为1.15美元/磅和1.08美元/磅,主要由于能源成本固定于每千瓦小时约0.06美元所致。

卡莫阿 - 卡库拉精矿物流成本优化

本季度,卡莫阿-卡库拉及区内的其它运营矿山受到运输延误和物流成本增加的影响,主要由于可用卡车短缺、边境拥堵和卡车司机不时采取劳资行动等因素。卡莫阿-卡库拉正与其合作伙伴紫金矿业、中信金属、托克公司和刚果(金)政府携手,采取不同措施以优化卡莫阿-卡库拉产品的运输方案。

这些措施包括与卡莫阿-卡库拉的包销合作伙伴、物流服务商和当地企业合作以提高区域性的承运能力、与刚果(金)政府共同改善出口的清关流程,以及增设刚果(金)与赞比亚之间的新口岸。同时,卡莫阿-卡库拉正研究从多个港口出口铜精矿的方案,包括南非的德班港、坦桑尼亚的达累斯萨拉姆港、纳米比亚的鲸湾港和莫桑比克的贝拉港,以及较长期的安哥拉洛比托港。

卡莫阿-卡库拉 II 期选厂于 2022 年第二季度初启动商业化生产,比原计划提前4个月,自此一直受到物流成本增加的压力。由于铜精矿的产量翻倍,卡车承运能力供不应求,导致货运承包市价上升。此外,卢阿拉巴铜冶炼厂于 6 月份关闭进行维护工程,进一步增加货运需求。

在一般的情况下,卡车从矿场运送精矿到德班港口再返回矿场的运输周期约为 45天。但在过去两个季度由于拥堵导致周期延长至70天之多,使货运需求增加50%,进一步推高货运承包市价。达累斯萨拉姆港、鲸湾港和贝拉港的运输周期则较短。

刚果 ( 金 )- 赞比亚边境增设两个商业口岸以缓减物流瓶颈问题

于9月份,位于上加丹加省的Kasumbalesa海关的服务时间从每天6小时延长至12小时,预计延长服务时间是长期的安排。本季度早些时候,Kasumbalesa海关拥堵的情况导致滞留周期延长、清关延误,而拥堵造成的延误通常会产生额外费用。

2022年第三季度,刚果(金)-赞比亚边境增设两个商业口岸,包括距离Kasumbalesa东南面约150公里的Sakania 口岸 (商业进出口),以及位于Kasumbalesa和Sakania 中间的 Mokambo 口岸 (商业进口)。

卢阿拉巴铜冶炼厂于 9 月份复产有助降低货运量

卢阿拉巴铜冶炼厂距离卡莫阿-卡库拉铜矿约50公里,于9月初完成定期维护后,已恢复向冶炼厂运送铜精矿。冶炼厂进行定期维护期间,卡莫阿-卡库拉的矿产品以铜精矿的形式运输和出口,无法按照预期出口99%粗铜,导致季度内货运量及物流成本短期上涨。卢阿拉巴铜冶炼厂复产后,将有助于降低整体货运量,主要由于粗铜出口的单位物流成本低于铜精矿。预计卢阿拉巴铜冶炼厂于2022年将处理来自卡莫阿-卡库拉约12万湿吨的铜精矿。

随着Kasumbalesa海关的服务时间延长和Sakania增设商业口岸,加上卢阿拉巴铜冶炼厂恢复粗铜货运以及卡车的供应增加,预计边境拥堵的情况在未来几个季度将会得到改善。

预计 III 期50万吨/年直接粗铜冶炼厂于2024年底投产后,现金成本将大幅降低约10%至20%。现金成本下降主要原因是运送 99% 粗铜而不是铜精矿。因此,冶炼厂投产后,运送铜产品到港口的货运需求和货运量预计会减少。此外,冶炼厂将销售副产品硫酸还可获得较高的经济收益,刚果(金)铜矿带对硫酸的需求旺盛。

卡库拉矿山的优化工作旨在将铜品位提高至 6%

卡库拉矿山正进行采矿优化,第三季度成功提升原矿品位,目标是要将原矿铜品位提高至6%。同时,卡莫阿-卡库拉继续评估提高卡库拉矿山矿石处理能力的可能性,技改方案完成后,向综合产能达920万吨/年的 I 期和 II期选厂供矿。详细信息将纳入 III 期扩建的预可行性研究,预计报告将于2023年初发布。

卡库拉矿山正进行短期的地下基础设施扩建工作,但由于 I 期和 II 期选厂实际处理量已超过设计产能,因此正从地表矿堆向选厂供矿以满足产量最大化。截至2022年9月底,卡莫阿-卡库拉地表已堆存约420万吨高品位和中品位矿石,平均铜品位约4.15%,含超过17.4万吨铜。

2022 年第三季度生产 9.8 万吨铜,创下全新季度生产纪录

2022年第三季度,卡莫阿-卡库拉 I 期和 II 期选厂共处理约210万吨矿石,平均入选品位5.6%,第二季度共处理195万吨矿石,平均入选品位5.4%。主要为来自卡库拉矿山的高品位矿石,但由于选厂处理能力超过设计产能,需从地表矿堆向选厂额外供矿。本季度平均铜回收率约86%,与设计参数一致。

2022年第三季度,卡莫阿-卡库拉铜矿精矿产铜9.8万吨,创下全新季度生产纪录,2022年第二季度精矿产铜8.7万吨,第一季度则为5.6万吨。2022年前三季度,卡莫阿-卡库拉精矿产铜24万吨。第三季度后,卡莫阿-卡库拉于10月精矿产铜3.3万吨。

I 期和 II 期磨矿和浮选车间持续超越设计产能。截至10月底,现场库存浮选后未压滤的精矿含铜5,786吨,标志着卡莫阿-卡库拉项目铜精矿产量已连续两个月超过40万吨的年化总产能。

浮选铜和后续压滤铜之间的差异,主要由于精矿浓密和压滤处理能力出现瓶颈。目前,未压滤的浮选铜暂时储存在靠近 I 期和 II 期选厂的一个严格防渗的库池里,待技改工程的新精矿浓密机和 Larox 压滤机投产后再行处理。

上述数字均以100%项目权益统计。报告的精矿含铜金属量未考虑冶炼协议中的损失或扣减。指导目标涉及已知和未知的风险、不确定性和其他因素,可能导致实际业绩产生重大差异。

I 期和 II 期扩大产能至 920 万吨 / 年的技改工程进度超前

卡莫阿-卡库拉之前公布的技改方案比原计划进度超前,目前已完成约 70%,I 期和 II 期选厂的综合设计产能将从 760 万吨/年提升至 920 万吨/年。

预计技改工程于2023年第二季度完成后,卡莫阿-卡库拉的铜产量将提升至约45万吨/年,这将使卡莫阿-卡库拉成为全球第四大铜生产商。

图 1 ﹕卡莫阿 - 卡库拉 III 期铜产量的基础情形预测 (I 期和 II 期技改后 ) ,与 2022 年全球十大生产矿山预测 ( 按可售铜产量排名 ) 比较。

信息来源﹕伍德曼肯兹 (2022年4月)。注:卡莫阿-卡库拉精矿含铜60万吨的产量预测,是基于 I 期和 II 期选厂技改后,预计 I 期、II 期和 III 期实现稳态产能以及 III 期选厂实现爬坡而作出的估算。

为减少对生产造成的影响,选厂将于2022年12月和2023年1月停工,配合技改计划新设备的装机工作。现场的土木工程快将完成,钢结构和板金安装正在进行中,电气和机械装机也在进行中。

卡莫阿 - 卡库拉 I 期和 II 期选厂技改工程新增的精矿浓密机正在安装。

卡莫阿 - 卡库拉精矿仓的土建工程快将完工,将用于安装第四台 Larox 压滤机。

III 期斜坡道井口和基本工程设计已经完成,现已开展采购和施工

卡莫阿1区和卡莫阿2区的双斜坡道建设和III 期采区的进出场通道掘进工程进度理想。

III 期地下基础设施、500万吨/年选厂和基础设施的基础工程设计已经完成。详细的工程设计、采购工作和早期建设工程正进行中且进度理想。

选厂和地表基础设施的土方工程如期推进,已签署土木工程施工合同,并正进行现场的准备工作。设备加工也在进行中。钢结构加工供货招标已收到标书,现正进行评标。

预计 III 期于 2024年底投产后,卡莫阿-卡库拉铜矿的总矿石处理量将超过1,400万吨/年,铜产能将提升至约60万吨/年,这将使卡莫阿-卡库拉铜矿成为全球第三大铜矿山以及非洲大陆最大的铜矿。

卡莫阿-卡库拉 III 期扩建将包括一座设计产能50万吨/年、含铜99%的直接粗铜冶炼厂,以及英加二期水电站5号涡轮机组的升级改造。涡轮机组升级后,将为国家电网增容178兆瓦清洁水电,可以满足 III 期扩建的电力需求,当期每千瓦小时成本约0.06美元。

冶炼厂靠近卡莫阿-卡库拉 I 期和 II 期选厂,土方工程进度理想,目前已完成约70%,并正进行土木工程。

详细工程设计进展顺利,并已完成大部分长周期设备的采购订单,现正进行设备和钢结构加工。

卡莫阿-卡库拉冶炼厂采用芬兰美卓奥图泰公司的技术,按照国际金融公司 (IFC) 制订的排放标准建造;设计规模适合处理卡莫阿-卡库拉 I 期、II 期和 III 期选厂生产的大部分铜精矿,剩余的铜精矿将交由当地的冶炼厂进行处理加工。

冶炼厂建设现场,设计产能 50 万吨 / 年的直接粗铜冶炼厂将会成为非洲规模最大的单系列闪速铜冶炼厂。

开始从地表堆场拉运矿石;地表堆存约 420 万吨矿石,铜品位 4.15% ,含超过 17.4 万吨铜

截至2022年9月底,卡莫阿-卡库拉地表堆存约420万吨高品位和中品位矿石,平均铜品位约4.15%。2022年第三季度共采出170万吨矿石,铜品位5.39%,包括在卡库拉矿山采出的161万吨矿石,铜品位5.51% (包括矿床高品位中心采出的83万吨矿石,铜品位高达6.89%)。

卡莫阿-卡库拉项目迄今已完成118.3公里 (73.5英里) 的地下开拓工程。卡库拉矿山正进行地下基础设施扩建,但由于 I 期和 II 期选厂实际处理量已超过设计产能,因此从地表矿堆向选厂供矿以满足产量最大化。

卡库拉南斜坡道正进行井下输送系统的扩建工程,增加地表超高品位矿石储备。

英加二期的长周期设备正在建设中, EPC 承包商已抵达现场

2021年7月,艾芬豪矿业刚果(金)能源公司 (Ivanhoe Mines Energy DRC) 与刚果(金)国有电力公司SNEL扩展现有的融资协议,对位于刚果河上的英加二期水电站进行5号涡轮机组的升级改造。艾芬豪矿业刚果(金)能源公司为卡莫阿铜业的姊妹公司,专门负责为卡莫阿-卡库拉铜矿提供可靠的可再生清洁水电。

英加二期5号涡轮机组的升级改造项目预计将产生额外的178兆瓦可再生水电,为卡莫阿-卡库拉 III 期及未来扩建计划和冶炼厂提供稳定的电力供应。升级改造将于2024年第四季度完工。

承包商已于10月抵达英加二期现场,并已完成健康、安全与环境 (HSE) 调查,结果已提交给 SNEL 进行审查。

目前正为5 号涡轮机组建造一座新的转轮,直径 6.5 米,重89吨,是5 号涡轮机组更换或翻新设备中所需周期最长的定制设备,预计将于 2023 年底运抵英加二期现场。与1982年装机的原设计相比,新转轮的设计旨在提高效率,并从5 号涡轮机组产生额外16兆瓦的发电量。

项目正研究升级英加二期水电站和卡莫阿营地之间的现有电网基础设施的传输能力。其余设备的工程设计正在进行中,更换部件的采购工作预计于明年初完成。

涡轮机组的转轮叶片在福伊特的中国工厂制造,预计于 2023 年底运抵英加二期水电站。

可持续发展促进社区繁荣

艾芬豪矿业于2010年创立“可持续民生计划”,旨在提升卡莫阿-卡库拉项目社区的食品安全和农作物生产。迄今,约有 900位社区居民正受益于民生计划,为家人生产优质食品并出售剩余产品以获得额外收入。“可持续民生计划”从最初的玉米和蔬菜种植已发展到目前包括水果种植、水产养殖、家禽养殖和养蜂。

2018年建成的香蕉种植园,现已种植11公顷的香蕉树。种植园由27名当地社区妇女持有,自2022年6月起已收获及出售超过2,830公斤的香蕉。

增设的家畜养殖场计划于10月完工。养猪场与水产养殖项目 (由大约140个鱼塘组成,并计划再额外建设100个新鱼塘),将鼓励当地创业以及提高该地区的食物安全。

Muvunda诊所的建设已完工且设施配备齐全。Tshilongo教堂的建设工程已完成约70%。

为期五年的首个监管发展方案 “Cahier des Charges” 正顺利进行,为教育、医疗保健、农业、饮用水供应和其他举措提供共计860万美元的资助。两所幼儿发展中心已完成建设及添置设备,并于2022年9月正式移交给省教育部长,为该地区提供首个早期教育计划。此外,Mupenda水产养殖项目和Muvunda家禽养殖项目已经开始运行;两所农村保健中心的规划设计也在顺利进行中。

当地社区合作经营计划继续推行,包括扩展制砖和缝纫业务以提高产量,并提供更多收入和就业机会。绿化和园艺经营计划将实施新的运营模式,以提高业务效益和增长。

卡莫阿卓越发展中心的土方工程正在进行,将为刚果(金)建立一个以社区为中心的可持续学习环境。

位于科卢韦齐郊区的卡莫阿卓越发展中心,将会成为世界级的学府,与国际认可的机构合作提供学位、文凭和短期课程。

项目将以多阶段发展,逐步增设教学部门和体育设施。初期提供与矿业相关的课程,如采矿工程、法语-英语课程等。首阶段将于2023年开始招收100多名学生。

卡莫阿 - 卡库拉的代表到访位于科卢韦齐的 Complexe Scolaire Les Calinours 学校,向高中生介绍卡莫阿卓越发展中心提供的课程。 2023 年 9 月入学的申请截止日期为 2022 年 12 月,中心将提供全面助学金计划。

2. 普拉特瑞夫项目
艾芬豪矿业持股64%
位于南非

普拉特瑞夫项目由 Ivanplats (Pty) Ltd. (以下简称 "Ivanplats") 持有,艾芬豪矿业持有Ivanplats公司64%的权益。《全面提高黑人经济实力法案》(B-BBEE) 的南非受益人持有项目26%的权益,这些受益人包括20个当地社区,约150,000位居民、项目雇员和当地企业主。伊藤忠商事株式会社、日本石油天然气和金属国家公司和日本天然气公司组成的日本财团通过 2 轮投资 (共2.9亿美元) 持有Ivanplats10%的权益。

普拉特瑞夫是一个地下开采矿山,铂族金属、镍、铜和金矿体厚大,位于林波波省的布什维尔德岩浆杂岩带北部,距离约翰内斯堡东北约280公里,距离波特希特斯镇约8公里。

在布什维尔德北翼,铂族金属矿化主要赋存在普拉特瑞夫层位,是一套走向延伸30多公里的矿化序列。艾芬豪的普拉特瑞夫项目位于普拉特瑞夫层位的南部,由Turfspruit及Macalacaskop两个相连的矿权组成。最北部的Turfspruit 矿权,邻近且位于英美铂金 (Anglo Platinum) Mogalakwena 矿山的走向延伸上。

自2007年以来,艾芬豪重点推进普拉特瑞夫的勘查和开发活动,以圈定和扩大早期发现的Flatreef矿床的深部延伸,以开展高度机械化的地下开采。1号竖井用于矿床的初步进场通道,现已正式运行并从井下提升矿石。目前,艾芬豪正全力进行建设工程,以推进普拉特瑞夫 I 期于2024年第三季度实现投产。

普拉特瑞夫的职业健康与安全

2022 年前三季度,普拉特瑞夫项目共录得157万个零失时工伤工时,可记录工伤频率 (即每100万个工时内发生可记录的工伤事故) 为4.57。

地表建设工程进行中,井下水平巷道开拓进展顺利

地下开发工作重点是建设从750米和850米中段到950米中段的废石运输通道,在各个工作站安装所需的地下基础设施,向首个含矿层、初始采场及1号通风井位置推进。2022年第三季度末,在950米中段的开拓工程进展顺利,已完成超过300米的掘进。

普拉特瑞夫 I 期选厂的建设工程启动,将按计划于2024年第三季度投产。土方工程建设正在进行中,选厂地基的土木工程进度理想。磨矿车间建设也进展顺利,并已完成长周期设备的采购订单。

直径10米的2号竖井是非洲大陆最大型的提升竖井之一,是普拉特瑞夫 II 期扩建项目的关键路径。2022年8月,26米混凝土挂环施工完成后,Ivanplats计划继续建造103米高的混凝土井架。该井架将用于支撑竖井600万/吨年的提升设备。按照计划,反向成井的先导孔和井塔安装将在2022年底前开始实施。这有可能为 II 期生产计划提前提供契机。

2 号竖井井架的施工准备工作进展顺利。

2 号竖井的反向成井设备吊装。

普拉特瑞夫 I 期选厂的地基建设工程进展顺利。

普拉特瑞夫的太阳能发电厂计划于2022年第三季度开始施工,预计于2023年投产。太阳能电力将用于矿山开发和建设活动,以及为普拉特瑞夫的电池动力地下采矿设备充电。

普拉特瑞夫项目目前由 3 亿美元的金属流融资提供开发资金,正集中推进落实高级债务融资

Ivanplats于第三季度根据普拉特瑞夫的3亿美元金属流协议收到第2期,即剩余的预付款。此外,公司与受托牵头安排行法国兴业银行和莱利银行签订更新版的业务约定书,将普拉特瑞夫的1.2亿美元项目高级债务融资扩大至1.5 亿美元。这将为项目资金提供进一步的可选性,并可减低普拉特瑞夫I 期开发所需的潜在资金,但仍需完成尽职调查。目前正就扩大融资继续进行商讨,预计于明年落实。

2021年12月8日,Ivanplats公布与猎户座矿业金融集团 (Orion Mine Finance) 及Nomad Royalty Company (其后被 Sandstorm Gold Royalties 收购) 签订3亿美元的金属流融资协议,其中包括2亿美元的黄金金属流及1亿美元的钯-铂金属流融资协议。第一期预付款7,500万美元已于2021年12月份交易达成时到账,剩余的2.25亿美元预付款已于2022年9月到账。

金属流融资将顺从于高级债务融资的安排。Ivanplats仍可在其后筹集额外的债务或股权融资,并就未来任何高级债务的债权人安排与金属流买方预先达成协议。金属流融资由Ivanplats以普拉特瑞夫的资产和艾芬豪与日本财团在普拉特瑞夫的股份担保。

金属流协议现已全额到帐,将有助于Ivanplats继续推进普拉特瑞夫I期的建设活动。根据2022年2月公布的普拉特瑞夫可行性研究,项目的初期资本开支为4.88亿美元。

普拉特瑞夫继续专注于社区发展、人力资源和职业技能培训

普拉特瑞夫项目支持多个教育计划,以及在运营社区提供免费无线上网。

第二个学员计划于2022年10月开始,甄选程序快将完成。通过该计划,社区青年有机会获得国家健康与安全以及采矿技能培训,并获发证书。例如:作为Murray & Roberts培训学院提供的工程车操作培训。学员计划旨在促进性别多样化,目标是女生比例达到50%。普拉特瑞夫第一个学员计划已为50多名当地学生提供培训,其中54%为女学生。

社会和劳动计划 (SLP) 其中的当地经济发展项目将通过Mogalakwena市水井计划促进社区水源开发。其它计划中的SLP项目将与各方合作开展,包括翻新装修Tshamahansi村的一家诊所。

企业和供应商发展计划继续专注于为当地的中小微型企业提供支持和机遇,这些企业在刺激区域性经济方面发挥着关键的重要,并为波特希特斯附近社区创造可持续的就业机会。

60多家当地中小微型企业参加了为期 5 天的业务发展培训认证课程,公司还提供其他课程,旨在培训当地企业“如何与 Ivanplats进行合作”。至今已有100多名当地中小微型企业成员参与,预计2022年11月将有另外350名成员参加。

项目与Impact Catalyst和Bonega Communities Trust (Ivanplats 的B-BBEE机构) 合作,推行一项广泛的脱贫减废运动。其他项目包括在矿场附近的八家小学举办海报设计比赛以提高联合国可持续发展目标的意识,以及保健卫生运动,向女学生派发卫生用品。

Ivanplats 企业和供应商发展经理 Poobie Pillay 博士 ( 右三 ) 与一众刚完成业务发展培训课程的当地企业家合照。

Ivanplats 环保经理 Phillip Ramphisa 向当地高中生讲述可持续发展目标的重要性。

3. 基普什项目
艾芬豪矿业持有68%股权
位于刚果民主共和国

位于刚果(金)的基普什锌-铜-锗-银-铅矿,邻近基普什镇,距离卢本巴希西南约30公里。基普什地处中非铜矿带,位于卡莫阿-卡库拉铜矿项目东南约250公里,距离赞比亚边境不足一公里。2011年11月,艾芬豪通过其全资子公司基普什控股,收购了基普什项目68%的权益;其余32%权益由刚果(金)国有矿业公司杰卡明持有。

基普什控股与杰卡明已签署新框架协议,推进基普什超高品位矿山重启商业化生产。基普什将成为全球品位最高的大型锌矿,投产前5年的平均锌品位达36.4%。

基普什的职业健康与安全

2022 年前三季度,基普什项目共录得543万个零失时工伤工时,可记录工伤频率 (即每100万个工时内发生可记录的工伤事故) 为1.98,距离基普什项目上次失时工伤事件已超过3年半。

包销和融资的讨论正在进行中

项目工程进行中,为基普什复产做好准备

基普什矿山的早期建设工程已于 2022 年 8 月完成,为开展井下采矿活动做好准备。这些工程包括翻新和支护主要的掘进通道,以及在1,150米中段进行卡车卸料站和避让硐室的爆破工程。爆炸品仓库和无轨机械组装工场也经已完工。2022年9月已开展在主要斜坡道进行覆盖层钻探。

第三季度期间,艾芬豪与杰卡明举行重启开工仪式,纪念基普什正式启动选厂建设工程。此外,艾芬豪与上加丹加省政府已签署谅解备忘录,研究对基普什镇的刚果(金)-赞比亚口岸进行升级改造的方案。

新选厂的土方工程进展顺利,且土木工程刚刚开始,并已于2022年10月首次浇注混凝土。选厂大部分长周期设备的采购订单已完成,并已开展制造生产。选厂将于2024年第三季度完工。

与几家相关方进行的融资和收购讨论进展顺利,预计将与基普什和杰卡明间最终修订的合资协议相结合。

基普什的地下工程进展顺利

刚果民主共和国总理萨马 · 卢孔德 · 基延格 (Jean-Michel Sama Lukonde) 阁下、国务部长兼资产管理部长 Adèle Kayinda Mahina 阁下、矿业部长 Antoinette N’Samba Kalambayi 阁下、上加丹加省政府官员、

其它国家与省级和地方政要,以及艾芬豪、杰卡明和基普什镇的代表出席了重启开工仪式。

新设的商业口岸将为基普什矿山创造显著的优势,方便直接进口材料和消耗品、清关以及矿产品出口,并为基普什镇和上加丹加省创造社会经济效益。

预计开放基普什口岸同时将为卡莫阿-卡库拉项目带来协同效应,目前正在改善出口铜产品的清关流程,并计划在刚果(金)和赞比亚之间开设新的出口过境口岸,以缓解上加丹加省 Kasumbalesa 和Sakania 现有口岸的交通拥挤问题。

促进社区发展

基普什项目建设了新的饮用水供应站为基普什市免费供水,日常每小时连续泵送约1,000方米的饮用水供给使用者。

计划于五年内在基普什地区周围钻50个饮用水井,以到达当前未供应的区域。除了现有16个钻探完毕和使用中的水井外,项目正继续钻探6口新水井,将于年底前完成,为基普什地区周围的社区成员提供饮用水。

作为支持社区教育的举措之一,基普什项目继续为Mungoti学校进行翻新工程,并向基普什的学生提供助学金和奖学金。另有超过300名当地居民参与成人读写教育计划,该计划在过去两年因COVID-19疫情而暂停实体课,今年已恢复正常,并将于2022年第四季度举行本年度的毕业典礼。

艾芬豪致力为矿山附近社区提供饮用水供应。自 2018 年起,艾芬豪在基普什项目附近的社区已安装了 16 个太阳能饮用水井。

4. 西部前沿勘查项目
艾芬豪矿业全资拥有及持有90%权益
位于刚果民主共和国

艾芬豪的刚果(金)勘探团队通过区域勘查和钻探,在其位于卡莫阿-卡库拉铜矿项目以北、以南和以西的西部前沿探矿权内,重点勘查卡莫阿-卡库拉类型的铜矿化。艾芬豪的西部前沿勘查项目包括17个探矿证,总面积约2,407平方公里。

之前取得重大发现的原班地质团队,在西部前沿广阔的勘查区内,采用相同的勘查模型;该模型成功指导了卡库拉、卡库拉西区和卡莫阿北区富矿带的发现。

Makoko西区继续进行钻探,并正在Kibaran基岩圈定镁铁质侵入岩。在西部前沿西南端的Lupemba靶区已启动大地重力测量以及布局800米间距的大型空气岩芯钻。此外,在卡莫阿-卡库拉采矿权以北的Mushiji勘查区和Makoko南部靶区继续进行钻探。

2022年第二季度在Lupemba探矿权完成了区域地层钻探,并于第三季度初开展布局800 x 800米间距的空气岩芯钻,旨在钻穿Kalahari砂层顶部并采取腐岩和基岩样品,分别用于地球化学和岩性填图。同时正在Lupemba探矿权进行大地重力测量,并将与航测和空气岩芯钻的数据整合,在盆地边缘范围提供更高分辨率。

Makoko西区的勘查工作主要集中在2018年发现的Makoko南部矿体的西部延伸范围,旨在沿Makoko地堑结构走向的大间距钻孔剖面进行充填工作。矿段沿北至东北走向见大量的镁铁质侵入岩,破坏了矿化的连续性。为了更深入了解侵入岩的分布,在靶区北部进行了水系沉积物的填图工作,以圈定个别的侵入岩位置。

在卡莫阿-卡库拉采矿权以北约3公里的Mushiji勘查区施工了2个钻孔,以查明是否存在罗安群砂岩,第一个钻孔没有打到任何罗安群砂岩,第二个仍有待分析。

此外,项目在Sakanama和卡库拉东区的155个位置完成了土壤采样工作。

季度财务信息精选

下表总结了八个季度滚动的财务信息摘要。艾芬豪在任何财务报告期间都没有任何经营收入。卡莫阿-卡库拉项目商业化生产所得的经营收入均被计入卡莫阿控股合资企业。艾芬豪在任何财务报告期间都未声明或支付任何股息或股东红利。

经营业绩讨论

截至 2022 年 9 月 30 日止三个月 ( 对比 2021 年 9 月 30 日 ) 的回顾

公司于2022年第三季度录得10万美元的综合亏损,2021年同期则录得6,620万美元的综合收益。

2022年第三季度,公司从合资企业记录的总收入为7,490万美元,总结如下:

2022 年第三季度,公司应占合资企业的利润较2021 年同期减少了 730 万美元,明细如下﹕

卡莫阿-卡库拉铜矿项目于2022年第三季度销售9.4万吨铜,为卡莫阿控股合资企业创造4.605亿美元的收入。2021年第三季度则销售4.1万吨铜,收入3.426亿美元。收入未与销售成比例地增加,主要原因是2022年第三季度的铜价下跌。实现铜价、临时铜价和结算铜价 (以市场临时售价计) 可总结如下:

卡莫阿-卡库拉的其它运营数据在运营回顾部分概述。

公司在2022年第三季度嵌入式衍生金融负债的公允价值录得2,770万美元的损失,2021年第三季度嵌入式衍生金融负债的公允价值则录得5,490万美元的收益。

2022年第三季度的财务收入为4,670万美元,与2021年同期 (2,640万美元) 相比增加了2,030万美元。其中包括向卡莫阿控股合资企业提供的贷款利息,2022年第三季度的利息收入4,080万美元,2021年同期所得的利息收入为2,420万美元。

2022年第三季度的勘查及项目评价开支为430万美元,2021年同期为1,570万美元。2022年第三季度的勘查及项目评价开支用于西部前沿探矿权的勘查活动,2021年第三季度还包括用于基普什项目的开支,但由于项目在2022年第三季度重启开工因此将其开支予以资本化。

截至 2022930 日止九个月(对比 2021930 日)的回顾

2022 年前三季度,公司录得3.834亿美元的综合收益,2021年同期则录得1,330万美元的亏损。期内所录得的利润,主要是在卡莫阿控股合资企业的利润份额、嵌入式衍生金融负债的公允价值变动,以及确认了基普什项目的递延所得税资产,详情将在下文阐述。

卡莫阿-卡库拉铜矿项目于2021年7月1日正式启动商业化生产,直至2021年9月30日合共出售4.1万吨应付铜,为卡莫阿控股合资企业取得收入3.426亿美元。2022 年前三季度共出售23.1万吨应付铜,取得收入14.742亿美元。卡莫阿-卡库拉的其它运营数据在第4页的运营回顾部分概述。截至2022年9月30日止九个月,公司录得来自合资企业的总收入2.749亿美元,总结如下:

2022 年前三季度,公司应占卡莫阿控股合资企业的利润为1.709亿美元,2021年同期则为2,740万美元。下表列出截至2022年9月30日止九个月及2021年同期公司应占合资企业的利润汇总:

2022 年前三季度,卡莫阿-卡库拉铜矿共出售23.1万吨铜,为卡莫阿控股合资企业创造14.742亿美元的收入。2021年第三季度则销售4.1万吨铜,收入3.426亿美元。收入未与销售成比例地增加,主要原因是2022年第三季度的铜价下跌。实现铜价、临时铜价和结算铜价 (以市场临时售价计) 可总结如下:

2022 年前三季度,公司的嵌入式衍生金融负债的公允价值录得8,950万美元的收益 (2022年第三季度﹕2,770万美元损失﹕2022年第二季度﹕1.836亿美元;2022年第一季度﹕6,640万美元损失),2021年同期的嵌入式衍生金融负债的公允价值则录得520万美元的损失。

鉴于基普什股东已就开发方案达成协议,并根据2022年6月公布的基普什2022可行性研究批准了开发预算,现在认为基普什项目很可能获得应税利润,可以计入未使用的税收损失和未使用的税收抵免。因此,公司于2022年6月确认了先前未确认的递延所得税资产,从而在2022年第二季度产生了1.128亿美元的递延所得税回收 (收入)。

2022 年前三季度,财务收入为1.168亿美元,与2021年同期 (7,430万美元) 相比高出4,250万美元。其中包括向卡莫阿控股合资企业提供的贷款利息,截至2022年9月30日止九个月的利息收入为1.04亿美元,2021年同期所得的利息收入为6,840万美元。

2022 年前三季度,勘查及项目评价开支为3,000万美元,2021年同期为3,640万美元,用于西部前沿探矿权的勘查活动,还包括用于基普什项目的开支 (不包括2022年6月项目重启开工后的开支)。下表列出了2022 年前三季度和2021年同期基普什项目的主要开支类别﹕

截至 2022 年 9 月 30 日的财务状况 ( 对比截至 2021 年 12 月 31 日 )

截至2022年9月30日,公司的总资产为37.735 亿美元,相比截至2021年12月31日的32.182亿美元上升5.553 亿美元。总资产的增长主要是向卡莫阿控股合资企业的投资增加了2.749亿美元以及递延所得税资产增加了1.429亿美元。

公司向卡莫阿控股合资企业的投资,从截至2021年12月31日的16.418亿美元增加到截至2022年9月30日的19.167亿美元。截至2022年9月30日九个月,公司应占卡莫阿控股合资企业的利润为1.709亿美元,向合资企业提供贷款所得的利息收入为1.04亿美元。公司对卡莫阿控股合资企业的投资明细如下﹕

卡莫阿-卡库拉项目于2021年7月启动商业化生产之前,卡莫阿控股合资企业主要使用股东贷款,用于开发支出、不动产、厂房和设备来推进卡莫阿-卡库拉项目的发展。

卡莫阿控股合资企业的净资产和公司应占合资企业净资产的份额可分解如下:

展望未来,铜产品销售收入和卡莫阿控股合资企业日后的信贷融资将用于支持项目 I 期和 II 期的所有运营支出以及 III 期的资本性支出。卡莫阿控股合资企业的现金流情况摘要如下:

卡莫阿控股合资企业的不动产、厂房和设备从2021年12月31日增长至2022年9月30日,达到4.762亿美元,可进一步分解如下:

截至2022年9月30日,艾芬豪拥有6.633亿美元的现金和现金等价物,相比截至2021年12月31日的6.082亿美元增加5,510万美元。公司动用了8,100万美元用于项目开发以及不动产、厂房及设备的购置,并从运营活动产生1.681亿美元,其中包括根据Ivanplats金属流协议收到第2期即剩余的预付款 2.25 亿美元。此外,公司以1,330万美元战略入股南非新能源及氦气生产商Renergen公司,并已决定不会增持Renergen股份。

鉴于基普什股东已就开发方案达成协议,公司于2022年6月确认了先前未确认的递延所得税资产。基普什项目很可能获得应税利润,可以计入未使用的税收损失和未使用的税收抵免。

截至2022年9月30日,艾芬豪的总负债为9.894亿美元,相比截至2021年12月31日的8.412亿美元增加了1.482亿美元,主要由于金属流融资的递延收入2.24亿美元 (扣除交易成本) 所致。递延收入代表金属流买方以预付金额购买普拉特瑞夫项目预售的精炼黄金、钯和铂金,并将在交付时以盎司摊销。

不动产、厂房和设备的净增长为4,680万美元,共计9,080万美元花费在项目开发及其它不动产、厂房及设备的购置。其中,7,410万美元及1,540万美元分别用于普拉特瑞夫项目和基普什项目的开发成本及其它不动产、厂房及设备的购置。

2022 年前三季度及2021年同期的普拉特瑞夫项目不动产、厂房和设备,包括已经资本化的开发成本,增长的主要细目详见下表:

普拉特瑞夫项目产生的成本被视为对于项目迈向商业生产而言是必需的,因此也资本化为不动产、厂房和设备。

2022 年前三季度及2021年同期的基普什项目开支的主要细目详见下表:

2021 年 3 月已完成可转债的发行

2021年3月17日,公司已完成私募发行总额为5.75亿美元、息票率2.50%、2026年到期的高级可转债。转换债券时,公司可选择以现金、普通股或其组合方式结算。鉴于上述的选择权及转换方式,可转债设有嵌入式的衍生负债,以公允价值计量且其变动计入当期损益,而主贷款则以摊余成本入账。

可转债为公司的高级无抵押债务,息票率2.50%,每半年付息一次。除非提前回购、赎回或转换,债券将于2026年4月15日到期。债券的初步转换率为每份面值1,000美元的债券可转换为134.5682股公司A类普通股,或相当于每普通股约7.43美元 (约9.31加元) 的初步转换价。

在2025年10月15日前一个工作日结束前,仅在下述情况下,债券持有人可选择以面值1,000美元或以上的整数倍转换债券﹕

  • 在截至2021年6月30日止季度之后的任何季度期间 (以及仅在该季度期间),如果本公司在30个连续交易日 (包括上一季度的最后一个交易日) 期间至少20个交易日 (不论是否连续) 的A类普通股收盘价格高于或相等于当时每个适用交易日转换价格的130%;或
  • 在任何10个连续交易日后的5个工作日期间 ("测量周期"),测量周期内每个交易日的每份面值1,000 美元的债券交易价格低于本公司A类普通股的收盘价格与这些交易日的转换率乘积的98%;或
  • 如果本公司在某些情况下或在若干事件发生时,要求赎回部分或全部债券。

2025年10月15日或之后,直至到期日前第2个计划交易日结束前,债券持有人可选择以面值1,000美元的整数倍转换其全部或部分债券,而无须符合上述条件。

本公司不得在2024年4月22日之前赎回债券 (除非某些税法有所修订)。2024年4月22日或之后,以及在到期日前第41个交易日或之前,如果在本公司提供赎回通知前的任何30个连续交易日 (包括该期间的最后一个交易日) 期间至少20个交易日 (不论是否连续) 的普通股收盘价格高于或相等于当时转换价格的130%,则本公司可以赎回债券。债券的赎回价格为债券面值的100%,加上应计未付利息 (但不包括赎回日)。

由于在转换债券时,公司可选择以现金、普通股或其组合方式结算,因此可转债被视为一种衍生金融负债,导致主负债以摊余成本入账。嵌入式衍生负债以公允价值计量且其变动计入当期损益。

主负债的实际利率为9.39%,在2022年第三季度所得的可转债的利息为1,010万美元,其中70万美元为已资本化的借贷成本。主负债的账面值从2021年12月31日的4.374亿美元上升至2022年9月30日的4.616亿美元。

公司完成可转债发行时,嵌入式衍生负债的公允价值为1.505亿美元,截至2021年12月31日已增加至2.442亿美元,并于2022年9月30日减少至1.547亿美元,截至2022年9月30日止九个月嵌入式衍生金融负债公允价值变动造成8,950万美元的收益。嵌入式衍生负债的公允价值变动主要取决于公司普通股在不同报告日内的收盘价变动。

嵌入式衍生负债的公允价值根据以下的关键参数和假设﹕

与衍生负债相关的可转债发行交易成本为370万美元,已费用化且已计入2021年第一季度的损益表。

流动资金来源

截至2022年9月30日,公司拥有6.633亿美元的现金和现金等价物。截至该日,公司的综合运营资金约为6.857亿美元,而截至2021年12月31日为6.548亿美元。

普拉特瑞夫项目于2021年12月已就黄金、钯及铂金属流融资达成协议,将为I期大部分的资本性开支提供资金。金属流融资是指买方以预付款购买预售的精炼金属,预付款总额为3亿美元,分两期支付,第一期预付款7,500万美元已于2021年12月份交易结束时到账,剩余的2.25亿美元于2022年9月到账。

基普什控股与杰卡明根据2022可行性研究批准了基普什项目的开发预算及开始实施项目。大部分长周期设备的采购订单已经完成,并已开展土方工程。目前正与潜在投资者详细讨论关于融资和包销的安排。

在2022年剩余时间,公司对于普拉特瑞夫项目的主要目标是要继续推进 I 期的建设工程,计划于2024年第三季度投产,并继续建设2号竖井。卡莫阿-卡库拉项目 I 期和 II 期已实现商业化生产,项目将重点提高运营效率,在 I 期和 II 期实施技改方案以及推进 III 期扩建。

2022年剩余时间预算拟投入7,200万美元进一步开发普拉特瑞夫项目,4,900万美元用于建设基普什项目,以及1,200万美元用于公司经常性开支。2022年剩余时间,勘查活动初步预算1,200万美元用于西部前沿及500万美元用于其它靶区。

注:(1) 卡莫阿-卡库拉项目框上的以上数据均以100%权益计算。(2) III 期和冶炼厂早期工程的预算仅是2022年的预算开支,将在预可行性研究更新完成后予以调整。

2021年3月17日,公司已完成私募发行总额为5.75亿美元、息票率2.50%、2026年到期的高级可转债。高级可转债为本公司的高级无抵押债务,息票率2.50%,每半年付息一次。除非提前回购、赎回或转换,债券将于2026年4月15日到期。在2025年10月15日前一个工作日结束前,仅在某些情况下和特定时间,债券可根据持有人的选择进行兑换,此后,可随时兑换,直至到期日前第二个计划交易日结束。转换债券时,本公司可选择以现金、普通股或其组合方式结算。截至2022年9月30日,主负债的账面值为4.616亿美元,嵌入式衍生负债的公允价值为1.547亿美元。

公司在其英国伦敦办公室有一笔价值320万英镑 (350万美元) 的抵押债券未偿付,需于2025年8月28日全额偿还,此抵押债券以物业资产担保,按1个月期英镑LIBOR加1.9 %的利率每月支付利息。利息仅在到期日支付。

2013年,艾芬豪获ITC Platinum Development Limited提供合约金额3,580万美元的应付贷款。截至2022年9月30日,该公司的账面值为3,600万美元。艾芬豪必须在普拉特瑞夫项目出现剩余现金流后,即时偿还该项贷款。根据贷款协议,剩余现金流定义为普拉特瑞夫项目产生的总收入,扣除所有相关运营成本 (包括所有采矿建设和运营成本)。逾期债款需按3个月期美元LIBOR加2%的利率每月支付利息。利息不进行复利计息。应付合约金额与贷款账面值相差20万美元,主要由于低息贷款所致。

公司向监管机构提交的工作计划开支带有隐含承诺,以保持其勘探和采矿权许可证合法存续的良好信誉。下表列出了公司的长期合约责任﹕

如上所述,上表列出的债务代表应向花旗银行支付的抵押债券以及应付ITC Platinum Development Limited的贷款。

公司需按其持有的股权比例向卡莫阿控股合资企业供资。

非公认会计准则财务指标

卡莫阿 - 卡库拉的 C1 现金成本和每磅 C1 现金成本

C1现金成本及每磅C1现金成本为非公认会计准则的财务指标。这些披露使投资者更清楚了解卡莫阿-卡库拉项目的表现,与其他铜生产商按照类似指标公布的业绩作比较。

C1现金成本的计算基准与伍德曼肯兹成本指南制定的行业标准定义一致,但并非IFRS认可的计量。在计算C1现金成本时,成本的计量基准与财务报表中所述的公司应占卡莫阿控股合资企业的收益份额相同。管理层以C1现金成本评估经营业绩,其中包括所有直接采矿、选矿以及管理和行政成本。冶炼费和销售至最终港口的运费被列作销售收入的一部分,将计入C1现金成本,以得出交付最终结算金属产品的粗略成本。权益金、产品税和非经常性费用并非直接生产成本,因此不会计入C1现金成本及每磅C1现金成本。

卡莫阿 - 卡库拉平衡后的销售成本与 C1 现金成本:

上述数字均以100%项目权益统计。

EBITDA 和 EBITDA 利润率

EBITDA为非公认会计准则的财务指标,是指未计所得税、财务成本、财务收入和折旧之前的净利润。

艾芬豪认为卡莫阿-卡库拉的EBITDA是衡量项目是否有能力产生流动性的重要指标,通过产生运营现金流为其营运所需提供资金、偿还债务、为资本性开支供资,以及向股东派发现金股利。投资者和分析师也经常使用 EBITDA进行估值。EBITDA旨在向投资者和分析师提供额外信息,但并非由IFRS标准定义的,故不应被独立评估或取代按照IFRS制订的表现指标。EBITDA撇除融资活动的现金成本和税项的影响以及运营资金余额变动的影响,因此并不代表IFRS所定义的营业利润或经营产生的现金流。公司计算 EBITDA 的方法可能与其他公司有所不同。

EBITDA利润率是衡量卡莫阿-卡库拉整体经济性的指标,反映了其盈利能力,计算方法是将息税折旧及摊销前利润除以收入。息税折旧摊销前利润旨在向投资者和分析师提供额外信息,根据《国际财务报告准则》没有任何标准化定义,不应单独考虑,也不应作为根据《国际会计准则》编制的业绩指标的替代品。

税后利润与EBITDA的对账如下﹕

上述数字均以卡莫阿控股合资企业100%权益计算。

合资格人

本新闻稿中关于卡莫阿-卡库拉铜矿项目(矿堆估算除外)、普拉特瑞夫项目及基普什项目的科学或技术性披露已经由史蒂夫·阿莫斯 (Steve Amos) 审查和批准,他凭借其教育、经验和专业协会会籍被认为是NI 43-101 标准下的合资格人。由于阿莫斯先生是艾芬豪矿业的项目执行副总裁,因此他并不符合NI 43-101 对独立人士的界定。阿莫斯先生已核实本新闻稿所披露的上述相关技术数据。

本新闻稿中关于卡莫阿-卡库拉矿堆的科学或技术性披露已经由乔治·吉尔克里斯特 (George Gilchrist) 审查和批准,他凭借其教育、经验和专业协会会籍被认为是NI 43-101 条款下的合资格人。吉尔克里斯特先生是芬豪矿业资源部副总裁,因此他并不符合NI 43-101 对独立人士的界定。吉尔克里斯特先生已核实本新闻稿所披露关于卡莫阿-卡库拉矿堆的技术数据。

本新闻稿中关于西部前沿项目的科学或技术性披露已经由斯蒂芬·托尔 (Stephen Torr)审查和批准,他凭借其教育、经验和专业协会会籍被认为是NI 43-101 条款下的合资格人。托尔先生是芬豪矿业地球科学副总裁,因此他并不符合NI 43-101 对独立人士的界定。托尔先生已核实本新闻稿所披露关于西部前沿项目的技术数据。

艾芬豪已经为卡莫阿-卡库拉铜矿项目、普拉特瑞夫项目和基普什项目分别编制了一份符合NI 43-101 标准的独立技术报告,这些报告可在艾芬豪网站以及SEDAR 网站上的艾芬豪页面获得,网址为www.sedar.com

  • 2020年10月13日发布的2020年卡莫阿-卡库拉综合开发方案,由OreWin Pty Ltd.、中国瑞林工程技术有限公司、DRA Global、Epoch Resources、Golder Associates Africa、KGHM Cuprum R&D Centre Ltd.、Outotec Oyj、Paterson and Cooke、Stantec Consulting International LLC、SRK Consulting Inc.以及Wood plc编制。
  • 2022年2月14日发布的基普什2022可行性研究,由OreWin Pty Ltd.、MSA Group (Pty) Ltd.、SRK Consulting (South Africa) (Pty) Ltd. 和METC Engineering编制。
  • 2022年2月28日发布的普拉特瑞夫2022可行性研究,由OreWin Pty Ltd.、Mine Technical Services、SRK Consulting Inc. 、DRA Projects (Pty) Ltd 以及 Golder Associates Africa编制。

这些技术报告包括本新闻稿中引用的普拉特瑞夫项目、基普什项目和卡莫阿-卡库拉项目的矿产资源估算的生效日期、假设、参数和方法等信息,以及本新闻稿中关于普拉特瑞夫项目、基普什项目和卡莫阿-卡库拉项目的科学和技术性披露的数据验证、勘探程序和其他事项的信息。

关于艾芬豪矿业

艾芬豪矿业是一家加拿大的矿业公司,正在推进旗下位于南部非洲的三大主要项目:位于刚果民主共和国的卡莫阿-卡库拉铜矿和位于南非的普拉特瑞夫钯-铑-镍-铂-铜-金矿的大型机械化地下矿山开发工程;以及同样位于刚果民主共和国、久负盛名的基普什锌-铜-锗-银矿的大型重建和改善工程。

联系方式

投资者

温哥华﹕马修·基维尔 (Matthew Keevil),电话﹕+1.604.558.1034

伦敦﹕托米·霍顿 (Tommy Horton) ,电话﹕+44 7866 913 207

媒体

坦尼娅·托德 (Tanya Todd) ,电话﹕+1.604.331.9834

网址﹕www.ivanhoemines.com

前瞻性陈述

本新闻稿载有的某些陈述可能构成适用证券法所订议的"前瞻性陈述"或"前瞻性信息"。这些陈述及信息涉及已知和未知的风险、不确定性和其他因素,可能导致本公司的实际业绩、表现或成就、其项目或行业的业绩,与前瞻性陈述或信息所表达或暗示的任何未来业绩、表现或成就产生重大差异。这些陈述可通过文中使用"可能"、"将会"、"会"、"将要"、"打算"、"预期"、"相信"、"计划"、"预计"、"估计"、 "安排" 、"预测"、"预言"及其他类似用语,或者声明"可能"、"会"、"将会"、"可能会"或"将要"采取、发生或实现某些行动、事件或结果进行识别。这些陈述仅反映本公司于本新闻稿发布当日对于未来事件、表现和业绩的当前预期。

该等陈述包括但不限于下列事项的时间点和结果﹕(i) 关于技改方案完成后,卡莫阿-卡库拉I 期和 II 期选厂的总设计产能将提升21%至920万吨/年的陈述;(ii) 关于预计到2023年第二季度,卡莫阿-卡库拉I期和II期的年产量将达到45万吨铜以上的陈述;(iii) 关于Kasumbalesa海关延长服务时间是长期安排的陈述; (iv) 关于预计卢阿拉巴铜冶炼厂于2022年将处理来自卡莫阿-卡库拉约12万湿吨铜精矿的陈述;(v) 关于随着Kasumbalesa海关的服务时间延长和Sakania增设商业口岸,加上卢阿拉巴铜冶炼厂恢复粗铜货运以及卡车的供应增加,预计边境拥堵将会得到改善的陈述;(vi) 关于预计 III 期50万吨/年直接粗铜冶炼厂于2024年底投产后,现金成本将大幅降低约10%至20%的陈述;(vii) 关于冶炼厂将销售副产品硫酸还可获得较高的经济收益,刚果(金)铜矿带对硫酸需求旺盛的陈述;(viii) 关于卡库拉南斜坡道正进行井下输送系统的扩建工程,增加地表超高品位矿石储备的陈述;(ix) 关于技改工程于2023年第二季度完成后,卡莫阿-卡库拉的铜产量将提升至约45万吨/年的陈述; (x) 关于预计 III 期于 2024年底投产后,卡莫阿-卡库拉铜矿的总矿石处理量将超过1,400万吨/年的陈述;(xi) 关于预计 III 期扩建完成后,铜产能将提升至约60万吨/年,将使卡莫阿-卡库拉铜矿成为全球第三大铜矿山以及非洲大陆最大铜矿的陈述;(xii) 关于涡轮机组升级后,将为国家电网增容178兆瓦清洁水电,可以满足 III 期扩建的电力需求,当期每千瓦小时成本约0.06美元的陈述;(xiii) 关于卡莫阿卓越发展中心位于科卢韦齐郊区,将会成为世界级学府,与国际认可机构合作提供学位、文凭和短期课程的陈述; (xiv) 关于卡莫阿卓越发展中心将以多阶段发展,逐步增设教学部门和体育设施的陈述;(xv) 关于II期选厂提前投产,将有利于卡莫阿-卡库拉达到之前公布的2022年铜生产指导目标 (290,000至340,000吨) 上限的陈述;(xvi) 关于卢阿拉巴铜冶炼厂已重启生产及卡莫阿铜业正与其合作伙伴实施物流优化方案,预计场外精矿运输和物流费用在第四季度将稍为回落的陈述;(xvii) 关于现金成本将达到指导目标上限,视第四季度物流成本回落水平而定的陈述;(xviii) 关于普拉特瑞夫I期选厂将如期于2024年第三季度投产的陈述;(xix) 关于普拉特瑞夫的太阳能发电厂计划于2022年第三季度开始施工,预计于2023年投产,以及太阳能电力将用于矿山开发和建设活动,以及为普拉特瑞夫的电池动力地下采矿设备充电的陈述; (xx) 关于普拉特瑞夫直径10米的2号竖井是非洲大陆最大型的提升竖井之一的陈述; (xxi) 关于普拉特瑞夫2号竖井反向成井的先导孔和井塔安装将在2022年底前开始实施的陈述; (xxii) 关于高级债务融资扩大至1.5 亿美元将为普拉特瑞夫项目资金提供进一步的可选性,并可减低普拉特瑞夫I 期开发所需潜在资金的陈述;(xxiii) 关于目前正就普拉特瑞夫扩大融资继续进行商讨,预计明年落实的陈述;(xxiv) 关于普拉特瑞夫I 期生产的用水需求预计最高约300万公升/天,II 期扩建完工后将提高至900万公升/天的陈述; (xxv) 关于Ivanplats承诺尽快完成Masodi处理厂的建设 (于2018年停工),预计将使用约2.15亿南非兰特 (1,300万美元) 完成工程的陈述;(xxvi) 关于Ivanplats将以5南非兰特每1,000公升的较低价格购买中水的陈述; (xxvii) 关于普拉特瑞夫的电力项目将于2023年第四季度完工的陈述;(xxviii) 关于普拉特瑞夫项目实施第二个社会和劳动计划的陈述; (xxix) 关于基普什将成为全球品位最高的大型锌矿,投产前5年的平均锌品位达36.4%的陈述;(xxx) 关于基普什控股与杰卡明签署新框架协议,推进基普什超高品位矿山重启商业化生产的陈述;(xxxi) 关于基普什选厂将于2024年第三季度骏工的陈述;(xxxii) 关于新设的商业口岸将为基普什矿山创造显着的优势,方便直接进口材料和消耗品、清关以及矿产品出口,并为基普什镇和上加丹加省创造社会经济效益的陈述;(xxxiii) 关于预计开放基普什口岸同时将为卡莫阿-卡库拉项目带来协同效应的陈述;(xxxiv) 关于基普什项目将采用高效的、机械化的开采方式,将使用废石混凝土进行采空区回填的陈述;(xxxv) 关于计划于五年内在基普什地区周围钻50个饮用水井,以到达当前未供应区域的陈述;(xxxvi) 关于预计铜产品销售收入和信贷融资足以支持卡莫阿-卡库拉I 期和 II 期的所有运营支出以及 III 期的资本性支出的陈述;(xxxvii) 关于公司2022年剩余时间预算拟投入7,200万美元进一步开发普拉特瑞夫项目,4,900万美元用于建设基普什项目,以及1,200万美元用于公司经常性开支的陈述; (xxxviii) 关于2022年剩余时间,勘查活动初步预算1,200万美元用于西部前沿及500万美元用于其它靶区的陈述;(xxxix) 关于预计铜产品销售收入和卡莫阿-卡库拉合资企业日后的信贷融资将继续支持 III 期的运营和扩建的资本性开支的陈述;(xl) 关于卡莫阿-卡库拉III 期扩建的更新版技术报告将于明年初发表的陈述;(xli) 关于为减少对生产造成的影响,选厂将于2022年12月和2023年1月停工,配合技改计划新设备的装机工作的陈述;(xlii) 关于卡莫阿-卡库拉选厂实际处理量已超过设计产能,正从地表矿堆向选厂供矿以满足产量最大化的陈述;(xliii) 关于英加二期水电站的升级改造工程将于2024年第四季度完工,剩余设备的工程设计和更换组件的采购订单预计于2023年初完成的陈述;(xliv) 关于卡莫阿卓越发展中心于2023年开始招生的陈述;以及 (xlv) 关于卡莫阿-卡库拉正研究从多个港口出口铜精矿的方案的陈述。

此外,卡库拉铜矿可行性研究、卡库拉-卡索科2020预可行性研究、更新和扩展的卡莫阿-卡库拉铜矿项目初步经济评价、普拉特瑞夫2022 可行性研究以及基普什2022可行性研究的所有结果均构成了前瞻性陈述或信息,并包括内部收益率的未来估算、净现值,未来产量、现金成本估算、建议开采计划和方法、估计矿山服务年限、现金流预测、金属回收率、资本和运营成本估算,以及项目分期开发的规模和时间点。

另外,对于与卡莫阿-卡库拉、普拉特瑞夫及基普什项目开发有关的特定前瞻性信息,公司是基于某些不确定因素而作出假设和分析。不确定因素包括:(i) 基础设施的充足性;(ii) 地质特征;(iii) 矿化的选冶特征;(iv) 发展充足选矿产能的能力;(v) 铜、镍、锌、铂金、钯、铑和黄金的价格;(vi) 完成开发所需的设备和设施的可用性;(vii) 消耗品和采矿及选矿设备的费用;(viii) 不可预见的技术和工程问题;(ix) 事故或破坏或恐怖主义行为;(x) 货币波动; (xi) 法例修订;(xii) 合资企业伙伴对协议条款的遵守情况;(xiii) 熟练劳工的人手和生产率;(xiv) 各政府机构对矿业的监管;(xv) 筹集足够资金以发展该等项目的能力;(xvi) 项目范围或设计更变;(xvii) 回收率、开采率和品位;(xviii) 政治因素;(xix) 矿山进水情况及对于开采作业的潜在影响;以及 (xx) 电源的稳定性和供应。

本新闻稿还载有矿产资源和矿产储量估算的参考信息。矿产资源估算未能确定,并涉及对许多有关因素的主观判断。矿产储量的估算提供了更多的确定性,但仍然涉及类似的主观判断。矿产资源不是矿产储量,不具有论证的经济潜力。任何该等估算的准确性是可用数据的数量和质量函数,并根据工程和地质诠释的假设和判断而作出 (包括公司项目的未来产量估算、预期将开采的矿石量和品位,以及估计将实现的回收率),可能被证明是不可靠,在一定程度上取决于钻探结果和统计推论的分析,而最终可能证明是不准确的。矿产资源或矿产储量估算可能需要根据下列因素作出重新估算﹕(i) 铜、镍、锌、铂族金属、黄金或其他矿产价格的波动;(ii) 钻探结果;(iii) 选冶试验和其他研究的结果;(iv) 建议采矿作业,包括贫化;(v) 在矿山计划的任何估算及/或变更日期之后作出的矿山计划评估 (vi) 未能取得所需准许、批准和许可证的可能性;以及(vii) 法律或法规的修订。

前瞻性陈述及信息涉及重大风险和不确定性,故不应被视为对未来表现或业绩的保证,并且不能准确地指示能否达到该等业绩。许多因素可能导致实际业绩与前瞻性陈述或信息所讨论的业绩有重大差异,包括但不限于“风险因素”以及公司截至2022年6月30日止三个月及六个月的《管理层讨论与分析》其他部分所指的因素,以及有关部门实施的法律、法规或规章或其不可预见的变化;与公司签订合约的各方没有根据协议履行合约;社会或劳资纠纷;商品价格的变动;以及勘查计划或研究未能达到预期结果或未能产生足以证明和支持继续勘查、研究、开发或运营的结果。虽然本新闻稿载有的前瞻性陈述是基于公司管理层认为合理的假设而作出,但公司不能向投资者保证实际业绩会与前瞻性陈述的预期一致。这些前瞻性陈述仅是截至本新闻稿发布当日作出,而且受本警示声明明确限制。根据相应的证券法,公司并无义务更新或修改任何前瞻性陈述以反映本新闻稿发布当日后所发生的事件或情况。

基于公司截至2022年9月30日止三个月及九个月的《管理层讨论与分析》的 “风险因素” 所指的因素,公司的实际业绩可能与这些前瞻性陈述所预计的业绩产生重大差异。

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