08:39 AM EDT, 10/30/2024 (MT Newswires) -- Ivanhoe Mines ( IVPAF ) on Wednesday said its third-quarter profit rose 29% on higher revenue and a rise in copper production from its Kamoa-Kakula copper mine in the Democratic Republic of Congo. even as it lowered production guidance for the operation.

The company said it earned US$141.53 million, or US$0.09 per share, in the quarter, up from US$109.68 million, or US$0.08, in the year-prior period.

Normalized profit, excluding most one-time items, rose 22% to US$122.11 million, or US$0.09, from US$100.29 million, or US$0.08.

Revenue was US$827.89 million, up 19% from US$694.84 million, as copper sales rose 6.8% to 103,106 tonnes while its average price for the metal was up 8.3% to US$4.16 per pound.

Ivanhoe lowered its 2024 production guidance for the mining complex to 425,000 to 450,000 tonnes from its original forecast of 440,000 to 490,000 tonnes due to issues with electricity supply earlier this year, which it estimated lowered output by 36,000 tonnes.

The company commissioned a Phase 3 copper concentrator in September, boosting production capacity by 600,000 tonnes per year.

"Kamoa-Kakula has reached a major milestone with the ramp-up of the Phase 3 expansion. Phase 3 provides steady-state milling capacity of 600,000 tonnes of copper per annum. We have reached the top tier of the world's most significant copper complexes, which at every phase were delivered ahead of schedule ... a true rarity in our industry," co-chairman Robert Friedland said in a statement.

IVN's share closed up $0.52 or 2.7% to $19.75 Tuesday on the Toronto Stock Exchange.