08:51 AM EDT, 04/30/2024 (MT Newswires) -- Ivanhoe Mines ( IVPAF ) on Tuesday said it swung to a first-quarter loss on non-cash charges and lower revenue as it continues to expand its copper-mining operations in the Democratic Republic of the Congo.

The company said it lost US$73.64 million, or US$0.05 per share, in the period, compared with a profit of US$74.15 million, or US$0.07, in the year-prior quarter. Normalized profit was US$70 million, down 38% from US$113 million a year earlier. Per-share normalized revenue was not disclosed.

Revenue fell 10% to US$618.3 million from US$689.1 million.

The company said copper sales from its Kamoa-Kakula complex fell to 85,155 tonnes from 86,777 tonnes in the first quarter of 2023, while its average price fell to US$3.82 per pound from US$4.04.

The company said production in the quarter was hampered by an unstable electricity supply it countered by importing power from Zambia and increasing on-site generation.

"Our management team has acted swiftly and decisively to resolve this issue, by securing 55 megawatts of imported power from neighboring countries via the Zambian grid, as well as by expanding our on-site backup generation capacity," Executive Co-Chairman Robert Friedland said in a release. "As a result of this intervention, we have seen a significantly improved start to the second quarter at Kamoa-Kakula."

Ivanhoe Mines ( IVPAF ) shares closed up $0.26 to $20.62 Monday on the Toronto Stock Exchange.