Ivanhoe Mines Reports $31 Million Q3 Profit as Kamoa-Kakula Output Dips Amid Flooding
Ivanhoe Mines Q3 2025 Profit Falls to $31 Million as Kamoa-Kakula Faces Flooding; Kipushi and Platreef Projects Advance
Ivanhoe Mines has reported a profit of $31 million for the quarter ended September 30, 2025, compared with $108 million in the same period last year. The decline was primarily driven by a lower share of profit from the Kamoa Holding joint venture (JV), which operates the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC).
The company’s share of profit from the JV was $72 million lower year-on-year, as Kamoa-Kakula sold 61,528 tonnes of payable copper during the quarter, generating $566 million in revenue, compared with 103,106 tonnes and $828 million in the third quarter of 2024.
Kamoa-Kakula: Production Hit by Flooding
Operations at Kamoa-Kakula have been hampered since May 2025 by flooding on the eastern side of the Kakula mine, reducing production rates and copper concentrate sales volumes.
A staged dewatering program is in progress, with Stage 2 dewatering about 35% complete and expected to finish by early December. Once complete, underground water levels are anticipated to be near the bottom of the Stage 2 shafts.
“Our teams are working around the clock to complete the Stage 2 dewatering,” said Ivanhoe founder and co-chairperson Robert Friedland. “As underground access is restored, we are systematically rehabilitating workings to resume mining in higher-grade zones.
We expect production to gradually recover, targeting over 550,000 tonnes per year of copper, reaffirming Kamoa-Kakula’s position as one of the world’s most important and lowest-carbon copper producers.”
Kamoa-Kakula produced 316,393 tonnes of copper in the first nine months of 2025 and is on track to meet its full-year guidance of 370,000–420,000 tonnes.
The mine’s 2025 capital expenditure (capex) forecast has been revised downward by $100 million to between $1.32 billion and $1.5 billion, with $910 million already spent by September 30.
However, the 2026 capex guidance has been increased by $100 million to a range of $800 million–$1.3 billion to support future expansion.
Kipushi Mine: Record Zinc Output
Meanwhile, the Kipushi zinc-copper-germanium-silver-lead mine in the DRC achieved a record production of 57,200 tonnes of zinc-in-concentrate in the third quarter. The mine remains on course to meet its 2025 production guidance of 180,000–240,000 tonnes of zinc.
Capex for Kipushi totaled $63 million in the first nine months of the year, and its full-year guidance has been raised by $10 million to $80 million.
“Kipushi’s rebirth as one of the world’s great zinc mines is now complete,” Friedland said. “With copper from Kamoa-Kakula, zinc and other critical metals from Kipushi, and platinum group metals from Platreef, Ivanhoe is on the threshold of becoming a leading global producer of the essential minerals powering our planet’s future.”
Platreef: First Ore Feed Marks a Milestone in South Africa
At the Platreef platinum group metals (PGM) mine in South Africa, Ivanhoe has begun the final stages of hot commissioning for the Phase 1 concentrator, with the first feed of platinum, palladium, nickel, gold, rhodium, and copper ore introduced on October 29. The first concentrate production is expected in the coming months.
“After nearly three decades of effort, the Platreef mine has come to life,” said Friedland. “This project will stand for generations as one of the lowest-cost and largest sources of platinum, palladium, rhodium, nickel, copper, and gold.”
Construction of the Phase 2 concentrator is underway, with completion targeted for Q4 2027. Earthworks are scheduled to begin in Q1 2026.
Ivanhoe also noted that spot prices for platinum and palladium have risen by about 78% and 60%, respectively, in 2025—boosting Platreef’s project value by more than 50%.
