09:24 AM EDT, 07/31/2024 (MT Newswires) -- Ivanhoe Mines ( IVPAF ) on Wednesday reported normalized profit for the second quarter that was little changed from a year ago, but talked up potential of the Kamoa-Kakula Copper Complext in the Democratic Republic of Congo (DRC).

Ivanhoe announced quarterly profit of US$67 million compared with a profit of $87 million for Q2 2023. It reported normalized profit for Q2 2024 was $115 million, compared with a normalized profit of $114 million for Q2 2023. Normalized profit for the quarter excludes the non-cash loss on the fair valuation of the embedded derivative component of the $575 million convertible bond and the non-cash finance costs due to the early redemption of the convertible notes. All convertible notes still outstanding at end of June were redeemed after quarter end.

Among other highlights, the Kamoa-Kakula mine in South Africa -- 39.6%-owned by Ivanhoe Mines ( IVPAF ) -- sold 95,900 tonnes of payable copper during Q2 2024, recognizing record revenue of US$817 million, record operating profit of US$463 million, and record quarterly EBITDA of US$547 million.

Meanwhile, Kamoa-Kakula's cost of sales per pound (lb.) of payable copper sold was $1.53/lb. for Q2 2024 compared with $1.50/lb. and $1.24/lb. in Q1 2024 and Q2 2023, respectively. Cash cost per pound of payable copper produced in Q2 2024 totaled $1.52/lb., which is at the lower end of the guidance range of $1.50 to $1.70/lb., compared with $1.57/lb. and $1.41/lb. achieved in Q1 2024 and Q2 2023, respectively.

Kamoa-Kakula's Phase 3 concentrator expansion was completed ahead of schedule, boosting annualized production to approx. 600,000 tonnes copper.

Among other Q2 overall highlights, Adjusted EBITDA was US$203 million for Q2 2024, compared with US$172 million for the same period in 2023, including an attributable EBITDA share from Kamoa-Kakula.

Ivanhoe Mines ( IVPAF ) has a balance sheet with cash and cash equivalents of US$246 million on hand as at June 30, 2024, with little debt at the corporate level following the redemption of the convertible notes. Ivanhoe expects cash flow from Kamoa-Kakula's Phase 1, 2, and 3 operations, as well as project level financing facilities to be sufficient to fund outstanding capital cost requirements at current copper prices, which are largely related to the completion of the smelter complex and associated ramp-up activities.