Core Insights - Ivanhoe Mines has commenced initial production of copper anodes at its Kamoa-Kakula smelter, which is the largest copper smelter in Africa with a capacity of 500,000 tonnes per annum [1] - The smelter is expected to ramp up production and reach steady-state production rates by the end of 2026, with sales anticipated to exceed production levels as the company processes stockpiled copper [2] - The first sale of copper anodes has been completed, marking a significant milestone for the company following a $1.1 billion investment [4] Production and Capacity - The Kamoa-Kakula smelter produced its first copper anodes approximately five weeks after the heat-up process began and one week after receiving its first concentrate feed [1] - The smelter plans to process 20,000 tonnes of stockpiled copper into 99.7% pure copper anodes to capitalize on near-record copper prices [2] - Annual production capacity for sulphuric acid is forecasted to reach up to 700,000 tonnes, which will help meet local demand following Zambia's export ban [3] Operational Developments - Mining operations at Kakula have completed stage two dewatering and have begun selective mining earlier than planned, allowing access to higher-grade ore areas [5] - Infrastructure improvements include a 60MW uninterruptible power supply system, with a solar power site expected to be operational by the second quarter of 2026 [4] - Unsold stocks of copper in concentrate are projected to decrease from 37,000 tonnes to around 17,000 tonnes throughout 2026 [3]

Core Viewpoint - Chemtrade Logistics Income Fund has successfully completed the acquisition of Polytec, Inc. for US$150 million, enhancing its water treatment solutions capabilities and supporting its Vision 2030 growth targets [1][2][3]. Group 1: Acquisition Details - The acquisition of Polytec, a provider of turnkey water treatment solutions based in the southeastern United States, was financed through Chemtrade's credit facility [1]. - Polytec's founder will remain involved post-acquisition to ensure a smooth transition for employees and customers [2]. Group 2: Strategic Benefits - This acquisition allows Chemtrade to leverage a unique solutions platform across its North American operations, creating cross-selling and growth opportunities in municipal and food-processing markets [2][4]. - The addition of Polytec expands Chemtrade's existing water treatment chemicals platform, enhancing service capabilities and product offerings [3][4]. Group 3: Financial Implications - Chemtrade's CFO highlighted that the acquisition is supported by a strengthened balance sheet and robust cash flows, which will enable continued investments in high-return organic growth projects [5]. - Following the acquisition, Chemtrade's leverage remains within target ranges, ensuring ample liquidity for future investments and capital returns to unitholders [5].