Ivanhoe Mines Calls 2025 a “Decisive Turning Point” Amid Strong Financial and Operational Momentum
Ivanhoe Mines Reports $228M Profit as Kamoa-Kakula, Kipushi and Platreef Drive 2025 Growth
“This year marks a decisive turning point for Ivanhoe Mines,” said founder and co-chairperson Robert Friedland in the company’s fourth-quarter and full-year 2025 financial results.
According to Friedland, the convergence of operational milestones across the company’s Tier 1 assets and tightening global commodity markets positions the Canadian miner for sustained growth.
Ivanhoe Mines is focused primarily on three flagship operations:
-The Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC)
-The Kipushi Mine in the DRC
-The Platreef Mine in South Africa
The company is also advancing the Makoko District copper discovery in the Western Forelands and exploring for sedimentary-hosted copper deposits across the DRC, Angola, Zambia and Kazakhstan.
Operational Momentum Across Key Assets
Kamoa-Kakula: Turning the Corner
Friedland noted that as copper prices approach historic highs, the company is regaining momentum at Kamoa-Kakula following a seismic event in 2025 that temporarily impacted production.
He described the operation as the highest-grade major copper complex globally, with multiple decades of mine life supported by hydroelectric power.
In the Western Forelands, Ivanhoe continues to expand its copper resource base at what Friedland described as an industry-leading discovery cost below one cent per pound of copper at a 1% cutoff grade.
Platreef: Polymetallic Growth
At Platreef, Phase 1 concentrator ramp-up is under way as prices for platinum, palladium, nickel, rhodium, copper and gold approach multi-year highs.
Engineering contractors have now been mobilised for the Phase 2 expansion. From the fourth quarter of 2027, production is expected to increase by more than 400% compared with Phase 1 levels, positioning Platreef as one of the world’s most significant polymetallic operations.
Kipushi: Rising Zinc Output
Kipushi is advancing toward becoming the world’s fourth-largest zinc mine. The ramp-up coincides with strengthening zinc prices, further enhancing project economics.
Financial Performance for 2025
Ivanhoe Mines reported:
-Net profit of $228 million
-Adjusted EBITDA of $578 million
-Kamoa-Kakula
-Revenue: $3.28 billion
-EBITDA: $1.45 billion
-EBITDA margin: 44%
-Cost of sales: $2.82/lb
-Cash cost: $2.16/lb
Despite lower production and sales since May, the complex achieved revised 2025 guidance.
Cash cost guidance for 2026 is $2.20/lb to $2.50/lb, with costs expected to decline to $1.90/lb to $2.30/lb by 2027.
Kipushi
During its ramp-up phase in 2025, Kipushi generated:
-Revenue: $441 million
-EBITDA: $91 million
In the fourth quarter alone, the mine delivered:
-Revenue: $138 million
-EBITDA: $44 million
-EBITDA margin: 32%
Cost of sales stood at $1.12/lb, with a cash cost of $0.92/lb, in line with guidance. For 2026, cash costs are forecast at $0.85/lb to $0.95/lb.
Strategic Outlook
Friedland confirmed that the company continues to engage in strategic discussions with sovereign governments and industry participants worldwide.
“Our growth pipeline is aligned with the intense and ever-increasing long-term demand for responsibly produced critical metals,” he said.
With expanding production capacity, strong margins and exposure to copper, zinc and platinum group metals, Ivanhoe Mines enters 2026 positioned to benefit from tightening global supply and accelerating demand linked to electrification and the energy transition.
