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Ivanhoe Mines Ltd (IVPAF) Q2 2025 Earnings Call Highlights: Navigating Seismic Challenges and ...
Net Cash Flow: $169 million positive net cash flow for Q2 2025. Copper Sales: 102,000 tonnes of copper sold in Q2, down 8% from Q1. Revenue: $175 million in Q2 2025 at a realized copper price of $4.34 per pound. EBITDA: $325 million for Q2 2025. Cash Costs: $1.89 per pound of payable copper for Q2 2025. Impairment: $59 million impairment recorded in Q2 2025. Adjusted EBITDA: $123 million for Q2 2025. Profit: $35 million in Q2 2025. Cash and Cash Equivalents: $672 million on hand at the end of June 2025. Production Guidance: Revised 2025 production guidance of 370,000 to 420,000 tonnes of copper in concentrate. Warning! GuruFocus has detected 5 Warning Signs with IVPAF. Release Date: July 31, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Ivanhoe Mines Ltd (IVPAF) reported a positive net cash flow of about $169 million for the second quarter. The company successfully managed to operate its two concentrators at 80% to 85% capacity despite operational challenges. Ivanhoe Mines Ltd (IVPAF) is on track to start a smelter in September, which is expected to significantly reduce logistics costs. The Kipushi project engineering team has not recorded a single lost time injury since the construction of the Kipushi concentrator. Ivanhoe Mines Ltd (IVPAF) has a strong liquidity position with $672 million in cash and cash equivalents at the end of June. Negative Points The company experienced a significant seismic event in May, impacting mining and processing operations at Kakula. Kamoa-Kakula's cash costs increased to $1.89 per pound of payable copper due to lower ore grades and abnormal costs from the seismic activity. Ivanhoe Mines Ltd (IVPAF) recorded an impairment of $59 million in the second quarter due to assets impacted by the seismic activity. The company revised its 2025 cash cost guidance range upwards to between $1.90 and $2.20 per pound of payable copper. There is uncertainty regarding the full impact of the seismic event on future production and costs until the mine is fully dewatered and assessed. Q & A Highlights Q: Can you provide an update on the timeline for guidance at Kamoa-Kakula and what you expect to communicate in September and Q1? A: We plan to guide the market on 2026 and 2027 in September. By the end of Q1, we will have a full life of mine plan with a 43-101 report by March next year. The September guidance will include conservative assumptions, and we will isolate sections that are not yet accessible to provide certain sensitivities. Q: How will the seismic issue impact mining methods, productivity, and costs going forward? A: We are optimistic about production volume, but it's too early to determine the impact on costs. We need to schedule crews and phases before making assumptions about costs. We will provide more information once the work is completed. Q: There seems to be a large adjustment in the C1 cost relative to revenue and EBITDA. Are these costs related to the incident, and will they continue in Q3 and Q4? A: The abnormal costs related to the incident have been added back for C1 calculations. We don't expect these additional costs to recur in Q3 and Q4, except for some dewatering costs, estimated at around $10 million for the remainder of the year. Q: Regarding the updated long-term mine plans, is the additional ramp for accessing Kakula West or adjusting tonnages? A: The additional ramp is mainly for logistics. We are also considering other solutions like raised boring in the central block of the west. Q: As dewatering starts on the east of Kakula, will it open up portions for mining, or is it all on hold until fully dewatered? A: The dewatering process will be quick once the big pumps are running. We aim to be fully dewatered by December, allowing for a complete geotechnical assessment before reentering the east. Some mining might occur during this timeframe, but a full assessment will be done first. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
