The Q2 profit compares to a loss of $108.6 million for the same period in 2021 and includes the company's share of profit from the Kamoa-Kakula joint venture of $84.6 million.
Commercial production began from the Phase 2 concentrator at Kamoa-Kakula on April 7 and the mine delivered a new quarterly production record of 87,314 tonnes of copper concentrate in Q2.
The phase 2 commissioning was four months ahead of schedule and has enabled Ivanhoe to lift the lower end of its full year 2022 production guidance with the new range standing at 310,000-340,000 tonnes of copper in concentrate, compared to the previous range of 290,000-340,0000 tonnes.
"Ivanhoe Mines is very well positioned to manage the current commodity-market volatility and industry-wide inflationary pressures, with a strong balance sheet, tier-one, low-cost mining assets, and an experienced management team," company president Marna Cloete said.
Ivanhoe's C1 cash cost guidance for Kamoe-Kakula of $1.20-$1.40/pounds for 2022 remains unchanged after recording $1.42/lb for the second quarter.
"Cash costs for the second quarter included a significant increase in off-site concentrate transportation and logistics changes, which is projected to continue during the third quarter as a result of the ongoing maintenance at the Lualaba Copper Smelter and as Komia Copper and its partners implement logistical optimizations," the company said.
Ivanhoe's EBITDA was $286.31 million in Q2, which was down from $399.39 million in Q1.
Ivanhoe's share price was C$8.60 (US$8.60) on 15 August, giving the company a market capitalisation of C$10.42 billion.