CF Energy Announces Financial Results For The Year ended December 31, 2024
TORONTO, April 28, 2025 (GLOBE NEWSWIRE) -- CF Energy Corp. (TSX-V: CFY) ('CF Energy' or the 'Company', together with its subsidiaries, the 'Group'), an energy provider in the People's Republic of China (the 'PRC' or 'China'), announces that the Company has filed its audited consolidated financial results for the year ended December 31, 2024
The audited consolidated financial statements and Management's Discussion and Analysis ('MD&A') can be downloaded from www.sedarplus.ca or from the Company's website at www.cfenergy.com.
The audited consolidated financial statements have been prepared in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board ('IASB') (collectively, 'IFRS Accounting Standards'). This news release contains financial terms that are non-IFRS Accounting Standards ('non-GAAP') financial measures.
Results for the year ended December 31, 2024
Continuing Operations
In millions
2024
2023
Change
%
2024
2023
Change
(except for % figures)
RMB
RMB
RMB
CAD
CAD
CAD
Continuing Operations
Revenue
520.0
434.0
86.0
20%
99.0
82.8
16.2
Gross Profit
134.6
119.3
15.3
13%
25.6
22.8
2.8
Gross Profit Margin
25.9%
27.5%
-1.6%
Net Profit
16.9
3.0
13.9
467%
3.2
0.6
2.6
Adjusted net Profit [non-GAAP]
16.9
20.7
(3.8)
-18%
3.2
4.0
(0.8)
EBITDA
103.9
72.2
31.7
44%
19.8
13.8
6.0
Adjusted EBITDA [non-GAAP]
103.9
89.9
14.0
16%
19.8
17.2
2.6
Revenue in 2024 was RMB520.0 million (approx. CAD99.0 million), an increase of RMB86.0 million (approx. CAD16.2 million), or 20%, from RMB434.0 million (approx. CAD82.8 million) in 2023.
Gross profit in 2024 was RMB134.6 million (approx. CAD25.6 million), an increase of RMB15.3 million (CAD2.8 million) or 13% from RMB119.3 million (approx. CAD22.8 million) in 2023. Overall gross margin in 2024 was 25.9%, a decrease of 1.6 percentage points from 27.5% in 2023.
In millions
2024
2023
Change
%
2024
2023
Change
(except for % figures)
RMB
RMB
RMB
CAD
CAD
CAD
Continuing Operations
Net profit for the year
16.9
3.0
13.9
467%
3.2
0.6
2.6
Non-recurring items
Fair value change on derivative financial instrument
-
18.5
(18.5)
-100%
-
3.5
(3.5)
Government financial assistance
-
(0.8)
0.8
-100%
-
(0.1)
0.1
Adjusted net profit for the year (non-GAAP)
16.9
20.7
(3.8)
-18%
3.2
4.0
(0.8)
Net profit in 2024 was RMB16.9 million (approx. CAD3.2 million), an increase of RMB13.9 million (approx. CAD2.6 million) from RMB3.0 million (approx. CAD0.6 million) in 2023. No non-recurring/non-operating item was included in the net profit of 2024. On a comparable basis, after excluding the fair value loss on derivative financial instrument of RMB18.5 million (approx. CAD3.5 million) and the government financial assistance of RMB0.8 million (approx. CAD0.1 million), the adjusted net profit in 2023 (non-GAAP) was RMB20.7 million (approx. CAD4.0 million). Adjusted net profit in 2024 (non-GAAP) remained at RMB16.9 million, a decrease of RMB3.8 million (approx. CAD0.8 million), or 18% from RMB20.7 million in 2023.
Basic earnings per share ('EPS') in 2024 from continuing operations was RMB0.37 (CAD0.07) per share, an increase of RMB0.23 (CAD0.04), as compared to RMB0.14 (CAD0.03) per share in 2023.
In millions
2024
2023
Change
%
2024
2023
Change
(except for % figures)
RMB
RMB
RMB
CAD
CAD
CAD
Continuing Operations
EBITDA for the year
103.9
72.2
31.7
44%
19.8
13.8
6.0
Non-recurring items
Fair value change on derivative financial instrument
-
18.5
(18.5)
-100%
-
3.5
(3.5)
Government financial assistance
-
(0.8)
0.8
-100%
-
(0.1)
0.1
Adjusted EBITDA for the year (non-GAAP)
103.9
89.9
14.0
16%
19.8
17.2
2.6
EBITDA (non-GAAP) in 2024 was RMB103.9 million (approx. CAD19.8 million), an increase of RMB31.7 million (approx. CAD6.0 million), or 44%, from RMB72.2 million (approx. CAD13.8 million) in 2023. No non-recurring/non-operating item was included in EBITDA of 2024. On a comparable basis, after excluding the fair value loss on derivative financial instrument of RMB18.5 million (approx. CAD3.5 million) and the government financial assistance of RMB0.8 million (approx. CAD0.1 million), the adjusted EBITDA in 2023 (non-GAAP) was RMB89.9 million (approx. CAD17.2 million). Adjusted EBITDA in 2024 (non-GAAP) remained at RMB103.9 million, an increase of RMB14.0 million (approx. CAD2.6 million), or 16% from RMB89.9 million in 2023.
Chair Statement
In the past five years, CF Energy has successfully transformed from a traditional natural gas company to a district energy solutions provider. The Sanya Haitang Integrated Smart Energy Project is now operating with a steadily increasing customer base. The advantage of Haitang Bay is that customers can have a one-stop energy supplier under the influence of Changfeng natural gas division. Through customer accumulation, electrochemical energy storage can be further promoted as an added value and effectively promoted among customers in Haitang Bay.
CF Energy is also one of the few companies in China to successfully operate a battery swap station network. Our goal for entering the battery swap business has always been in testing viability in district energy storage via station and battery packs. The company's expertise and understanding of storage related technology has increased immensely in the three years that the company has entered this business. It will become an important next step in the integration of the Sanya district energy management solution. The supply chain generated by the operation mode of battery swapping and storage, combined with the number of users accumulated in pipeline business, further promotes the use of electrochemical energy storage in industry and commerce.
The Company envisions the smart energy centralized cooling for hotels, battery swap stations, and operates as a virtual power plant with active end user participation. The combined energy capacity from the cooling system, battery swap stations, additional storage units, can act as a virtual power plant, providing grid services such as peak shaving, load balancing, and frequency regulation. Through the above methods, we aim to promote investment in electrochemical energy storage for the target customer group (industrial and commercial), complete the investment in Changfeng's electrochemical energy storage cloud platform, and reduce operating costs. We will also form a digital platform for user side energy consumption management, and actively participate in peak shaving and frequency regulation of national power grids, generating sustainable income.
Company Outlook
While the Company is ambitious in its goal to become the largest clean energy service solutions provider and carbon asset management company in Hainan, we recognize the economic and political instability in the world and will be cautious in our investments in the next few years. That being said, the need for CF Energy to become a clean energy service solutions provider rather than just a natural gas distributor is more important than ever. The natural gas industry faces a variety of challenges ranging from regulatory impacts to market dynamics, and in the competitive and shifting landscape, we must evolve to embrace the changes and plan ahead.CF Energy Corp. has developed from a traditional natural gas company into a comprehensive energy solutions provider that aims to incorporate its smart energy system and battery swapping network via energy storage technology to create a highly integrated and efficient framework for sustainable energy management.
CF Energy's Haitang Bay integrated smart energy project and Meishan project are examples of standalone distributed energy system with advanced grid technologies that enable real-time monitoring and responsive energy distribution based on demand and supply conditions. Through ice storage technology, the Haitang Bay integrated smart energy system was founded.
We have entered the field of electrochemical energy storage for cost reduction and energy conservation through the mode of battery swapping in new energy vehicles. The battery pack also serves as a power storage unit, if scaled to a network, can also be considered a distributed energy system. Incorporating battery storage into an energy system provides flexibility and enhances system stability. Strategically placed storage systems, both at utility-scale and distributed sites, ensure energy availability across the network, especially in remote or critical areas. The CF Energy battery swap station network in Sanya already successfully provides an energy storage and distribution network for the EV taxis in Sanya city.
Combining deep cultivation in the energy storage field of ice and electrochemical energy storage technology, vigorously expanding cooperation with companies in the industry, relying on the customer base of the natural gas company, further promoting the application of industrial and commercial energy storage.The company is working with partners in the IoT (internet of things), and cloud services field to create an efficient EMS (energy management system) that connects the standalone distributed smart energy systems with various energy storage technologies (including battery storage). - IoT Devices and Sensors are deployed across all components of the energy system—solar panels, energy storage units, battery swapping stations, and consumer endpoints. They collect real-time data on energy production, storage levels, battery health, and consumption patterns. Using historical data and machine learning models, the EMS can predict demand spikes, potential system disruptions, and optimal energy production schedules. This helps in preemptive management, reducing wastage, and increasing system reliability.
This interconnected ecosystem facilitates a sustainable, resilient, and efficient energy landscape, capable of reducing carbon footprints and promoting the use of clean energy technologies. Integrated software and management platforms monitor and control the flow of energy throughout the ecosystem. They optimize when to store energy, when to release it, and how to efficiently distribute it across various needs. CF Energy's integrated system operates on a cycle of data-driven decision-making where sensors collect data, the EMS analyzes and makes decisions, and commands are sent to adjust production, storage, or distribution. This smart, interconnected ecosystem not only supports current energy needs but also scales to meet future demands and technological advancements.
By adopting an open market model, we aim to further attract upstream/midstream clean energy enterprises and improve the design, implementation, and operation of regional energy management roles. Further improve the integration of relevant supply chains, from the production end of upstream related equipment to equipment integrators, and finally in the development of relevant software and equipment operation and maintenance, forming a closed-loop chain involving production, sales, and maintenance.In the past five years, the Company has successfully established itself in the district energy and renewable energy space. The Haitang Bay smart energy centralized cooling project was the Company's first venture into energy management services and despite setbacks during COVID-19, the project is now successfully in operation, reducing the overall carbon footprint of the Haitang Bay area. CF Energy is also one of the few companies in China to successfully operate battery swap station networks. Our goal for entering the battery swap business has always been in testing viability in district energy storage via station and battery packs. CF Energy's stations also incorporate solar panel installation to optimize the energy usage of the stations.
The Company envisions the smart energy centralized cooling for hotels, battery swap stations, and operates as a virtual power plant with active end user participation. The combined energy capacity from the cooling system, battery swap stations, and possibly additional storage units, can act as a virtual power plant, providing grid services such as peak shaving, load balancing, and frequency regulation.
The Company is working to integrate a demand response system where hotels and other end users can opt-in to adjust their energy usage during peak periods in response to incentives. For example, shifting non-essential power usage to off-peak hours. EV owners can charge their vehicles during off-peak hours to benefit from lower rates and reduce grid strain during high-demand periods. Alternatively, V2G (Vehicle to Grid) concept allows EVs to return energy to the grid during peak times, effectively using the vehicle's battery as a grid resource. Furthermore, utilizing a platform for energy trading that allows surplus energy (from renewable sources and stored energy) to be sold back to the grid or shared among participants will add additional revenue stream and encouraging sustainable practices. The integration must connect all components through a smart grid that enables two-way communication between the energy providers and consumers. This integration allows for real-time monitoring, control, and optimization of energy flows.
The traditional core business of CF Energy will also be integrated into this system, utilize the flexibility and high-energy density of natural gas to balance and support the renewable components of the system, especially during peak demands or intermittent renewable supply. The combined heat and power (CHP) design is already a part of the Haitang Bay project, with the aim to simultaneously generate electricity and thermal energy from natural gas. The electricity can support the grid or local energy needs, while the thermal energy is used directly for hotel heating or to augment the centralized cooling system via absorption chillers.
Using natural gas turbines or engines to provide additional power generation capacity, especially during periods when renewable energy sources are insufficient. This can ensure continuous operation of critical infrastructure without interruption.
By integrating these elements, CF Energy works to establish the model of a distributed energy system that can effectively operate as a centralized cooling and heating provider for end consumers, a battery swap station network, and a virtual power plant, all while engaging end users to participate actively in energy management. This not only enhances energy efficiency and sustainability but also creates a cooperative ecosystem that benefits all participants economically and environmentally.
About CF Energy Corp. (Previously known as: Changfeng Energy Inc.)
CF Energy Corp. is a Canadian public company currently traded on the Toronto Venture Exchange ('TSX-V') under the stock symbol 'CFY'. It is an integrated energy provider and natural gas distribution company (or natural gas utility) in the PRC. CF Energy strives to combine leading clean energy technology with natural gas usage to provide sustainable energy to its customer base in the PRC.
CONTACT INFORMATION
Corporate Investment RelationsInvestor.relations@changfengenergy.cn
Charles WangExecutive Assistant to CEO & Chair of the Boardzhaoyu.wang@changfengenergy.cn
Frederick WongDirector of the Boardfred.wong@changfengenergy.cn
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking statements and forward-looking information (collectively, 'Forward-Looking Statements'). All statements, other than statements of historical fact, included or incorporated by reference in this document are Forward-Looking Statements, including statements regarding activities, events or developments that the Company expects or anticipates may occur in the future (including, without limitation, no significant adjustments to the gas selling price and charges for related services imposed by the relevant PRC government, the tourism industry continues to recover from COVID-19 impact and no delay in the development of the electric vehicle battery swap stations or the Haitang Bay Integrated Smart Energy Project). These Forward-Looking Statements can be identified by the use of forward-looking words such as 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'believe' or 'continue' or similar words or the negative thereof. No assurance can be given that the plans, intentions or expectations or assumptions upon which these Forward-Looking Statements are based will prove to be correct and such Forward-Looking Statements included in this news release should not be unduly relied upon. Although management believes that the expectations represented in such Forward-Looking Statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such Forward-Looking Statements are not a guarantee of performance and involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such Forward-Looking Statements. These factors include, without limitation, no significant and continuing adverse changes in general economic conditions or conditions in the financial, tourism, and gas distribution and electric vehicle markets or delays in the development of key projects. Readers are cautioned that all Forward-Looking Statements involve risks and uncertainties, including those risks and uncertainties detailed in the Company's filings with applicable Canadian securities regulatory authorities, copies of which are available at www.sedarplus.ca. The Company urges readers to carefully consider those factors. The Forward-Looking Statements included in this news release are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any Forward-Looking Statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. This news release contains future oriented financial information and financial outlook information (collectively, "FOFI") (including, without limitation, statements regarding expected average production), and are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraph. The FOFI has been prepared by management to provide an outlook of the Company's activities and results, and such information may not be appropriate for other purposes. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's reasonable estimates and judgments, however, actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein. Any FOFI speaks only as of the date on which it is made, and the Company disclaims any intent or obligation to update any FOFI, whether as a result of new information, future events or results or otherwise, unless required by applicable laws.
Non-GAAP Financial Measures
This news release contains financial terms that are non-GAAP financial measures, such as EBITDA, Adjusted EBITDA and Adjusted Net Profit. These financial measures, together with measures prepared in accordance with IFRS Accountings Standards, provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Company. The Company's determination of these non-GAAP measures may differ from other reporting issuers, and therefore are unlikely to be comparable to similar measures presented by other companies. Further, these non-GAAP measures should not be considered in isolation or as a substitute for measures of performance or cash flows prepared in accordance with IFRS Accounting Standards. These financial measures are included because management uses this information to analyze operating performance and liquidity. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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To view an enhanced version of this graphic, please visit: A high-capacity submersible pump, similar to those being procured by Kamoa Copper for dewatering the Kakula Mine, prior to being lowered down a shaft at the Luansha Copper Mine, Zambia in September 2024. Photo source: CNMC (China Nonferrous Metal Mining Group Co., Ltd). To view an enhanced version of this graphic, please visit: Preliminary geotechnical findings on the cause of recent seismic activity Two prominent, independent geotechnical engineering organizations, Beck Engineering of New South Wales, Australia (Beck Engineering) and Open House Management Solutions of Potchefstroom, South Africa (Open House), were engaged and mobilized to Kamoa-Kakula shortly after seismic activity was first detected on May 18, 2025. Both consulting engineering firms have been working diligently with Kamoa-Kakula's engineering team, with support from Ivanhoe Mines. Preliminary findings indicate that the seismic activity originated in an area within the eastern side of the Kakula Mine with a mature percentage of extraction. Current thinking postulates that blocks of ore, earmarked for secondary extraction, started to yield in a cascading fashion, which resulted in stress redistribution onto regional pillars. As a consequence, the regional pillars became over-stressed and started to yield. The backfill, placed in mined-out stopes, was not capable of preventing the stress redistribution onto regional support pillars, but may have been a mitigant. The possibility that adverse regional geological features may have exacerbated the yielding of regional pillars cannot be excluded at this time. Pillars are sections of untouched ore or rock left in place to support the roof of the mine, while stopes are mined-out areas. Backfill is the process whereby mined-out stopes are filled with a mixture of concentrator tailings and cement, which cures to achieve a targeted strength. The geotechnical assessment has not yet been finalized as it relies on physical access to the eastern section of the Kakula Mine once dewatering is completed. The preliminary findings recommend modifying the short-term mine plans to increase pillar widths for additional structural support. The findings also advise changes to the mining sequence to improve stress distribution and overall stability. Furthermore, enhanced geotechnical monitoring will be installed throughout the mine. Kamoa-Kakula's management, together with Beck Engineering, Open House and other technical consultants, are evaluating any changes to the short-, medium- and long-term mine plans in light of these preliminary geotechnical findings. Work on an updated life-of-mine integrated development plan, which was underway before the seismic activity occurred, has been paused until Ivanhoe Mines' engineering team and its panel of technical experts have reviewed and agreed on any updated assumptions. Ivanhoe Mines will provide a timing update on the delivery of an updated IDP once work recommences. Members of Kamoa-Kakula's mining crew, (L-R) Kalume Malidja, Mining Foreman and Morné Du Plooy, Mining Superintendent To view an enhanced version of this graphic, please visit: Phase 1 and 2 concentrators operating at reduced capacity and set to ramp up as mining restarts on western side of the Kakula Mine; Phase 3 concentrator continues to outperform Crews recommenced mining on the western side of Kakula on June 7, 2025. Mining from this section will commence safely and conservatively, with planned ramp-up to an annualized mining rate of 3.6 million tonnes during the third quarter. This rate is sufficient for the Phase 1 and 2 concentrators to operate at a throughput of more than 80% of their combined design capacity of 9.2 million tonnes per annum, supplemented by ore from surface stockpiles and ore trucked from the Kamoa mines. Run-of-mine grade from the western side of Kakula, including development, is expected to range between 3.0% and 4.0% copper for the remainder of the year. The Phase 1 and 2 concentrators continue to operate at approximately 50% of their combined capacity, processing ore from surface stockpiles since underground operations ceased on May 18, 2025. The Phase 3 concentrator, located adjacent to the Kamoa mines area as shown in Figure 3, has continued to outperform operationally since the start of the year. The concentrator is operating at an average annualized milling rate of approximately 6.5 million tonnes per annum, which is 30% higher than the concentrator's design capacity of 5 million tonnes per annum. Year-to-date, ore processed by the Phase 3 concentrator has an average feed grade of 2.84% copper. Mining from the Kamoa and Kansoko mines, have ramped up over the past 2 months to a combined rate of over 6.8 million tonnes per annum on an annualized basis. Short-term mine plans for the Kamoa and Kansoko mines have findings been updated to include the recommendations from the preliminary geotechnical assessment. Longer-term mine plans will be also be reviewed alongside Kakula. Figure 3. Overview of the Kamoa-Kakula Copper Complex To view an enhanced version of this graphic, please visit: Revised 2025 production guidance Kamoa-Kakula's updated 2025 production guidance is based on several assumptions and estimates as of June 10, 2025. The guidance provided involves estimates of known and unknown risks, uncertainties, and other factors that may cause the actual results to differ materially. The revised 2025 production guidance takes into account the probable effect of recent seismic activity and associated interruptions in mining operations at the Kakula Mine. Although mining in the western side of the Kakula Mine has restarted risk factors remain, including; it is too early to accurately predict potential disruption caused by further unexpected seismic activity, the integrity of underground infrastructure, the ability to ramp up underground operations, the ability to complete dewatering activities and the time required to access the new mining areas. The updated 2025 production guidance is based on an assessment of these factors that management believes are reasonable at this time, given all available information. A waterfall diagram shown in Figure 4 details a breakdown of the revised production guidance. Revised 2025 Production Guidance Kamoa-Kakula 370,000 - 420,000 Contained copper in concentrate (tonnes) All figures are on a 100%-project basis and metal reported in concentrate is before refining losses or payability deductions associated with smelter terms. Figure 4. Waterfall breakdown of original to revised 2025 production guidance, approximated by category ('000's tonnes of copper) with percentage change shown in boxes To view an enhanced version of this graphic, please visit: The 2026 target of approximately 600,000 tonnes of copper production is withdrawn pending further review. Ivanhoe Mines will provide a timely update on the 2026 target production rate when more information becomes available. Ivanhoe Mines will provide updated 2025 C1 cash cost (C1) per pound of payable copper in the second quarter of 2025 financial results. On-site direct-to-blister smelter to start up in third quarter Kamoa-Kakula's senior management has confirmed that the start-up of the on-site direct-to-blister copper smelter will commence in early September 2025, with first anode expected in October. The smelter can operate at a minimum operating capacity of 50%, or approximately 250,000 tonnes of copper on an annualized basis. As at May 31, 2025, unsold concentrate stockpiles consisted of 33,000 tonnes of copper. In preparation for the first feed of concentrate, approximately four to six weeks after start-up commences, it is expected that total unsold concentrate stockpiles will be approximately 35,000 tonnes of copper in concentrate. In addition, Kamoa-Kakula's senior management anticipates the commissioning of the 178-megawatt Turbine #5 at the Inga II hydroelectric dam in October 2025, further boosting domestically generated hydroelectricity supplied to the Kamoa-Kakula Copper Complex. Ivanhoe Mines to host a conference call for investors on June 12, 2025 The company will hold an investor conference call to discuss the operational update at Kamoa-Kakula before the market opens on June 12, 2025, at 8:00 a.m. Eastern time / 5:00 a.m. Pacific time. The conference call will conclude with a question-and-answer (Q&A) session. Media are invited to attend on a listen-only basis. To view the webcast, use the link: Audience Phone Number: (+1) 647 951 0841 (Toll, for international callers)(+1) 888 985 7261 (Toll-Free North America) An audio webcast recording of the conference call, together with supporting presentation slides, will be available on Ivanhoe Mines' website at Disclosure of Technical Information Disclosures of a scientific or technical nature in this news release, other than the preliminary geotechnical findings and the technical information in Figure 1, have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience, and professional association, a Qualified Person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is Ivanhoe Mines' Executive Vice President, Projects. Mr. Amos has verified the technical data disclosed in this news release. Disclosures of a scientific or technical nature regarding the preliminary geotechnical findings in this news release have been reviewed and approved by Koos Bosman, who is considered, by virtue of his education, experience, and professional association, a Qualified Person under the terms of NI 43-101. Mr. Bosman is considered independent of the company for purposes of NI 43-101 as he is Managing Director of Open House. Mr. Bosman has verified the technical data regarding the preliminary geotechnical findings disclosed in this news release. Disclosures of a scientific or technical nature in Figure 1 of this news release have been reviewed and approved by Joshua Chitambala, who is considered, by virtue of his education, experience, and professional association, a Qualified Person under the terms of NI 43-101. Mr. Chitambala is not considered independent under NI 43-101 as he is the Resource Manager for Ivanhoe Mines. Mr. Chitambala has verified the other technical data regarding the surface stockpiles disclosed in this news release. About Ivanhoe Mines Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa; the expansion of the Kamoa-Kakula Copper Complex in the DRC, the ramp-up of the ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC; and the phased development of the tier-one Platreef platinum-palladium-nickel-rhodium-gold-copper Mine in South Africa. Ivanhoe Mines is exploring for copper in its highly prospective, 54-100% owned exploration licences in the Western Forelands, covering an area over six times larger than the adjacent Kamoa-Kakula Copper Complex, including the high-grade discoveries in the Makoko District. Ivanhoe is also exploring for new sedimentary copper discoveries in new horizons including Angola, Kazakhstan, and Zambia. Follow Robert Friedland (@robert_ivanhoe) and Ivanhoe Mines (@IvanhoeMines_) on X. Information contact Investors Vancouver: Matthew Keevil +1.604.558.1034 London: Tommy Horton +44 7866 913 207 MediaTanya Todd +1.604.331.9834 Forward-Looking Statements Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the company, its projects, or industry results to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified using words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events, or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance, and results and speak only as of the date of this news release. Such statements include, without limitation: (i) statements that development from existing underground infrastructure toward a new mining area in the eastern side of the Kakula is expected to commence imminently, and that this development will be isolated from the dewatering activities; (ii) statements that dewatering of the eastern side of the Kakula Mine is expected to commence by the end of August 2025 and be complete during the fourth quarter; (iii) statements that the processing rate of the concentrators will ramp up throughout the remainder of 2025, as mining on the western side of the Kakula Mine increases, supplemented by feed from ore stockpiles; (iv) statements that, with necessary copper concentrate expected to be available, the on-site copper smelter is expected to start up in the third quarter, with first anode expected in October; (v) statements that Kamoa-Kakula's mining crews aim to ramp up mining from the western side of the Kakula Mine to approximately 300,000 tonnes per month (3.6 million tonnes per year on an annualized basis) during the second half of 2025, subject to underground conditions; (vi) statements that for the remainder of 2025, Kakula's underground mining crews will focus on the following three activities: ramping up mining on the western side of the Kakula Mine, developing a new mining area on the eastern side of the Kakula Mine and ramping up production from the Kamoa mining area; (vii) statements that the new box cut at Kansoko will enable increased production from Kansoko, providing an additional source of ore for the Phase 1 and Phase 2 concentrators; (viii) statements that development of a new mining area on eastern side of the Kakula Mine will commence imminently; (ix) statements that development of the new mining area is expected to be conducted in a mix of ore and waste and be completed in the second quarter of 2026; (x) statements that following the completion of dewatering activities on the eastern side of Kakula, a physical geotechnical inspection of the mine's existing workings will be conducted, concluding the full assessment by the geotechnical experts; (xi) statements regarding additional pumps being ordered as part of the long-term pumping infrastructure plan and such pumps being deployed in pairs; (xii) statements that delivery, installation, and commissioning of the surface dewatering infrastructure is expected by mid-September; (xiii) statements regarding the impact of the preliminary assessment on the mine plan at Kakula, Kamoa and Kansoko; (xiii) production guidance for Kamoa Kakula for 2025; (xiv) statements that ore from the western side of Kakula is expected to deliver a head grade ranging between 3.0% and 4.0% copper; (xv) statements that the smelter's minimum operating capacity is 50%, or approximately 250,000 tonnes of copper on an annualized basis; (xvi) statements that Kamoa-Kakula's senior management anticipates the commissioning of the 178-megawatt Turbine #5 at the Inga II hydroelectric dam in September, further boosting domestically generated hydroelectricity to the Kamoa-Kakula Copper Complex; and (xv) statements regarding the locations where the "Stage Two" dewatering surface pumping infrastructure will be installed to dewater the eastern side of the Kakula Mine and that water will be discharged into existing surface water channels. Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indicators of whether such results will be achieved. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: (i) uncertainty around the rate of water ingress into underground workings; (ii) the ability, and speed with which, additional equipment can be secured; (iii) the continuation of seismic activity; (iv) the state of underground infrastructure; (v) uncertainty around when future underground access can be secured; (vi) the fact that future mine stability cannot be guaranteed; (vii) the fact that future mining methods, may differ the impact on Kakula operations; and (viii) the ultimate conclusion of the assessment of the cause of the seismic activity at Kakula and the impact of same on the mining plan at the Kamoa Kakula Copper Complex. Additional factors also include those discussed above and under the "Risk Factors" section in the company's MD&A for the three months ended March 31, 2025, and its current annual information form, and elsewhere in this news release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; changes in the rate of water ingress into underground workings; the continuation of seismic activity; the state of underground infrastructure; delays in securing underground access; changes to the mining methods required in the future; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release. The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors outlined in the "Risk Factors" section in the company's MD&A for the three months ended March 31, 2025, and its current annual information form. 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Business Wire
30 minutes ago
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Seritage Growth Properties Makes $40 Million Loan Prepayment
NEW YORK--(BUSINESS WIRE)--Seritage Growth Properties (NYSE: SRG) (the 'Company'), a national owner and developer of retail, residential and mixed-use properties, announced that today the Company has made a voluntary prepayment of $40 million toward its $1.6 billion term loan facility provided by Berkshire Hathaway Life Insurance Company of Nebraska ('Berkshire Hathaway'). With the prepayment, the Company has now repaid a total of $1.4 billion since December 2021 and $200 million of the term loan facility remains outstanding. The current prepayment will reduce Seritage's total annual interest expense related to the term loan facility by approximately $2.8 million. The cumulative repayments since December 2021 have reduced Seritage's total annual interest expense related to the term loan facility by approximately $99.4 million. About Seritage Growth Properties Prior to the adoption of the Company's Plan of Sale, Seritage was principally engaged in the ownership, development, redevelopment, management and leasing of diversified and mixed-use properties throughout the United States. As of March 31, 2025, the Company's portfolio consisted of interests in 16 properties comprised of approximately 1.6 million square feet of gross leaseable area ('GLA') or build-to-suit leased area and 240 acres of land. The portfolio encompasses nine wholly owned properties consisting of approximately 0.8 million square feet of GLA and 132 acres and seven unconsolidated entities consisting of approximately 0.8 million square feet of GLA and 108 acres. Forward-Looking Statements This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as 'may,' 'should,' 'expects,' 'intends,' 'plans,' 'anticipates,' 'believes,' 'estimates,' 'predicts,' 'potential,' 'will,' 'approximately,' or 'anticipates' or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company's control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that could cause or contribute to such differences include, but are not limited to: declines in retail, real estate and general economic conditions; risks relating to redevelopment activities; contingencies to the commencement of rent under leases; the terms of the Company's indebtedness and other legal requirements to which the Company is subject; failure to achieve expected occupancy and/or rent levels within the projected time frame or at all; the impact of ongoing negative operating cash flow on the Company's ability to fund operations and ongoing development; the Company's ability to access or obtain sufficient sources of financing to fund the Company's liquidity needs; environmental, health, safety and land use laws and regulations; and possible acts of war, terrorist activity or other acts of violence or cybersecurity incidents. For additional discussion of these and other applicable risks, assumptions and uncertainties, see the 'Risk Factors' and forward-looking statement disclosure contained in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's annual report on Form 10-K for the year ended December 31, 2024 and any subsequent Form 10-Qs. While the Company believes that its forecasts and assumptions are reasonable, the Company cautions that actual results may differ materially. The Company intends the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.
