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BMO Keeps Ivanhoe Mines' Outperform Rating, C$16.00 Price Target Following Q1 Production Results

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BMO Capital Markets on Tuesday reiterated its outperform rating on the shares of Ivanhoe Mines (IVN.TO) and its C$16.00 price target following the company's first-quarter production results.

Ivanhoe's copper in concentrate production of 61,906 tonnes in the first quarter was relatively close to guidance and BMO's expectations.

BMO expects the market to be looking to the second half for higher mining rates and higher production that show a trajectory towards 500,000 tonnes per year of copper.

Ivanhoe also remains one of the few mining companies with surplus sulfuric acid production, BMO added.

Price: $12.62, Change: $+0.62, Percent Change: +5.17%

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