Ivanhoe Mines Delivers Strong Q2 Results Amid Operational Resilience Across Key Projects
Ivanhoe Mines Posts $35M Q2 Profit, Highlights Progress at Kamoa-Kakula, Platreef, and Kipushi Operations
Ivanhoe Mines has reported a second-quarter profit of $35 million, alongside adjusted EBITDA of $123 million.
This includes $128 million in attributable EBITDA from the Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC).
Kamoa-Kakula produced 112,009 tonnes of copper during the quarter. The Phase 1 and 2 concentrators operated at 85% of their design capacity, while the newly commissioned Phase 3 concentrator exceeded expectations, running at 30% above its design capacity.
Operations at the Kakula underground mine were disrupted earlier in the quarter due to severe flooding caused by seismic activity, leading to a temporary shutdown.
Mining resumed in June on the western side of the mine, and Stage 1 dewatering has progressed significantly. Stage 2 dewatering is expected to begin shortly.
Mining rates in the resumed areas have steadily improved, and the operation remains aligned with revised 2025 production guidance of 370,000 to 420,000 tonnes of copper-in-concentrate.
Capital expenditure plans for Kamoa-Kakula have been updated to support the dewatering and ramp-up process.
“More important than the financial results this quarter are the milestones achieved beneath the surface at Kakula,” said Ivanhoe Mines founder and co-chairperson Robert Friedland.
“Since restarting in early June, our underground teams have exceeded expectations, demonstrating exceptional commitment under challenging conditions.”
Friedland also praised the company’s teams in China for sourcing and shipping high-capacity submersible pumps to support the dewatering effort.
These pumps are expected to provide access to the mine’s high-grade eastern zones by the end of 2025.
During Q2, Kamoa-Kakula sold 101,714 tonnes of copper (net of payability) at an average realized price of $4.34/lb, down from 109,963 tonnes sold in Q1 2025 at $4.19/lb.
Sales continued to lag production due to an inventory build-up for the upcoming smelter, which is scheduled to begin operations in September. Copper inventory stood at approximately 53,600 tonnes at the end of the quarter, up from around 48,000 tonnes previously.
At the Platreef project in South Africa, rising platinum and palladium prices have increased the operation’s net present value (NPV) by more than 20%, reaching approximately $3.8 billion.
Friedland described Platreef as “the future of sustainable mining,” highlighting its large-scale, mechanized operations, cost efficiency, environmental responsibility, and strong community engagement.
“Platreef is not just a new mine—it redefines how PGMs, nickel, and copper can be produced responsibly. The dawn of the Platreef era is upon us, and the world is watching,” he added.
Meanwhile, the Kipushi zinc mine in the DRC achieved another record-breaking quarter. The concentrator processed 153,342 tonnes of ore at an average grade of 33.4% zinc, producing 41,788 tonnes of zinc-in-concentrate with a contained grade exceeding 51%.
Ivanhoe confirmed that a debottlenecking initiative at Kipushi is nearing completion and is expected to boost processing capacity by an additional 20%.
