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Image source: Company Update
Highlights
- Ivanhoe Mines recognized USD 40.8 million in revenue for FY24, driven by zinc concentrate sales
- Operating profit for FY24 declined by 17% YoY to USD 148.5 million due to rising operational expenses
- In FY24, the company reported a 36.2% YoY decrease in profit for the year, partially offset by income tax recovery
- In FY25, the company expects Kamoa-Kakula mine to produce between 520,000 and 580,000 tonnes of copper concentrate
Ivanhoe Mines Ltd (TSX:IVN) is a mineral exploration and development company focused on discovering and recovering minerals and precious gems from its properties across Africa.
In the financial year 2024 (FY24), the company recognized revenue of USD 40.8 million, primarily driven by the sale of zinc concentrate. This marked the first time the company reported revenue, as there was no revenue recorded in FY23.
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