Kolwezi, Democratic Republic of Congo--(Newsfile Corp. - July 5, 2022) -  Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng "Miles" Sun are pleased to announce that the Kamoa-Kakula Mining Complex in the Democratic Republic of Congo has set a new quarterly production record in the second quarter of 2022, with 87,314 tonnes of copper in concentrate produced.

Kamoa 1 and Kamoa 2 box cut and decline ramp nearing completion, Phase 3 twin decline excavation progressing well

The Pre-Feasibility Study for the Phase 3 expansion is expected to be announced during the fourth quarter of this year. Kamoa-Kakula's Phase 3 will consist of two new mines known as Kamoa 1 and Kamoa 2, as well as the initial decline development at Kakula West. A new, 5-million-tonne-per-annum concentrator plant will also be established adjacent to the two new mines at Kamoa. The associated power and surface infrastructure for Phase 3 will be designed to support future expansions.

Construction is nearing completion on the Phase 3 box cut and decline ramp at the Kamoa 1 and Kamoa 2 mines, while excavation of the twin declines to access Phase 3 mining areas also is advancing well. Construction works for the ramp, cut-off drains, and water-collection sumps are well advanced.

Basic engineering design for the Phase 3, 5-million-tonne-per-annum concentrator plant is nearing completion with procurement activities underway. During June, orders were placed for the following long-lead items: ball mills, concentrate filters, cone crushers and flotation cells. The earthworks contract is scheduled to be issued imminently.

Upon commencement of Phase 3 production, Kamoa Copper will have a total processing capacity of greater than 14 million tonnes per annum. Phase 3 is expected to increase copper production capacity to approximately 600,000 tonnes per year, with commissioning expected by the fourth quarter of 2024. This production rate will position Kamoa Copper as the world's third-largest copper mining complex, and the largest copper mining complex on the African continent.