Ivanhoe Mines guided for 2022 copper concentrate production of 290,000-340,000 tonnes, and said plant expansion at the site was ahead of schedule.

Production at the asset began in 2021, with output for the year of 105,884 tonnes of copper concentrate. This beat previous guidance of 92,500-100,000 tonnes, thanks to a record month in December.

Ivanhoe issued guidance for cash costs of $1.20-1.40 per pound in 2022, compared to $1.37 per pound in the fourth quarter of 2021.

The company has had to overcome a number of hurdles to progress the project, including last minute negotiations to overcome a ban on copper concentrate exports.

Kamoa-Kakula is a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the Government of the Democratic Republic of Congo (20%). It has hit a number of key goals ahead of target.

Ivanhoe said it was now focused on a phase 2 expansion of the mine's concentrator plant, which is expected to start production in the second quarter of 2022, at least three months ahead of schedule.

The project will double the mine's nameplate milling throughput to 7.6 million tonnes per annum and bring capacity to approximately 400,000 tonnes of copper per year.

Ivanhoe shares in Toronto were up 3.8%, at C$11.10 at 16.30 London time.