In 2022, Ivanhoe's DRC copper concentrate capacity is expected to reach 290,000 to 340,000 tons

Ivanhoe Mines said Monday it expects its Kamoa-Kakula copper mine in the Democratic Republic of Congo (DRC) to produce 290,000 to 340,000 tonnes
of copper concentrate in 2022.

The Canadian miner, which began production at the asset last year, said annual production ended Dec.
31 at 105,884 tonnes of copper concentrate, exceeding the upper limit
of the guidance range of 92,500 to 100,000 tonnes.
The company said year-end total production was driven
by a record 18,853 tonnes per month in December.

The cash cost guidance range for copper production in 2022 is set at between $1.
20 and $1.
40 per pound, down from the $1.
37 per pound Ivanhoe achieved in the final quarter of 2021
.

Ivanhoe said it is currently focused on completing the mine's Phase II concentrator expansion, which is expected to begin production in the second quarter of 2022, about three months
ahead of schedule.

The project will double the mine's milling output to 7.
6 million tonnes per year (Mtpa),
the company said.
The first and second phases are expected to produce about 400,000 tonnes of copper
per year.

Ivanhoe said the third phase of expansion is also moving forward
.
An updated pre-feasibility study, including the third phase of expansion
, is expected in the third quarter of this year.

"Our distinguished team of geologists believes that the Kamoa and Kakula mines are just a preliminary discovery of a major new mine that extends the legendary African Copper Belt southwest to the Zambian border," Ivanhoe co-chair Robert Friedland said
in the statement.

Robert Friedland noted: "This year we will undertake extensive drilling activities on our majority-owned Western Foreland exploration licence to unlock the potential
of this highly promising land.
”

The second largest copper mine

Ivanhoe signed an agreement in June with CITIC Metal, a Congolese subsidiary and trader of Chinese Zijin Mining, to sell 50 percent
of the mine's copper production.

Mining billionaire Robert Friedland has said the project will be the second-largest copper mine in the world and the highest-grade copper mine
in its main business.
He also believes that the Democratic Republic of the Congo has the potential to become the world's largest copper producer, surpassing Chile
.

The company has also vowed to produce the "greenest" copper in the industry as it strives to become the first net-zero operational carbon emitter among the world's top copper producers, but has yet to set a date
to meet that target.

Ivanhoe is also advancing the development of the Platreef Palladium-Rhodium-Platinum-Nickel-Copper-Gold mine in South Africa, with production scheduled to begin in
2024.
The miner said a feasibility study for the project should be completed
in early 2022.
In Congo, the company is upgrading the historic Kipushi zinc-copper-lead-germanium mine to resume production
.