Investment Rating - The industry rating is "Recommended" [3] Core Insights - Kamoa-Kakula produced a record 116,300 tons of copper concentrate in Q3 2024, with year-to-date production reaching 303,300 tons [1] - The production guidance for Kamoa-Kakula has been adjusted to 425,000 - 450,000 tons of copper concentrate for 2024, down from the previous guidance of 440,000 - 490,000 tons [2][4] - The third phase of the Kamoa-Kakula processing plant achieved commercial production, producing 22,099 tons of copper concentrate with a recovery rate of 79.9% [1] - Kipushi produced 17,800 tons of zinc concentrate during Q3 2024, with an annual steady-state production capacity expected to exceed 250,000 tons [2] Production and Operational Performance - Kamoa-Kakula's first and second phase processing plants milled approximately 2.2 million tons of ore in Q3, with an average copper grade of 4.9% and a quarterly copper output of 94,214 tons at an average recovery rate of 86.6% [1] - The third phase processing plant milled about 1.1 million tons of ore in Q3, with an average copper grade of 2.6% [1] - The total backup power capacity on-site is 135 MW, with an additional 72 MW of generators installed and commissioned during the quarter [1] - Negotiations are ongoing to increase imported power from the Southern African Power Pool to over 100 MW by year-end [1] Adjustments in Production Guidance - The production guidance for Kipushi's zinc concentrate has been revised down to 50,000 - 70,000 tons for 2024, previously set at 100,000 - 140,000 tons [4]
有色金属海外季报：[Table_Title] 艾芬豪矿业公布 Kamoa-Kakula 2024Q3 生产出 11.63 万吨铜精矿，其 2024 年铜精矿生产指引由 44-49 万吨下调至 42.5-45 万吨
HUAXI Securities·2024-10-09 08:03