After producing 55,602 tonnes of copper in concentrate in Q1—which compares to 105,884 tonnes for the full year of 2021, Ivanhoe expects to reach the upper end of 2022 copper production guidance of 290,000-340,000 tonnes. This has been aided by the early commissioning of the phase 2 concentrator plant, it said.

C1 cash costs, meanwhile, were US$1.21 per pound in the quarter which compares to guidance for the full-year of $1.20-$1.40/lbs.

A de-bottlenecking programme is taking place at phase 1 and 2 with copper production from the first two phases projected to exceed 450,000 tonnes per year by Q2 2023.

First production from the third phase expansion at the project is anticipated by the end of 2024.

Ivanhoe reported a basic profit per share of $0.02 in Q1, which was level year on year.

Ivanhoe's share price rose 1% day on day on May 10 to C$9.29 (US$7.14).