Ivanhoe Mines Returns to Profit as Kamoa-Kakula Copper Operations Recover
Ivanhoe Mines Posts $46 Million Profit as Kamoa-Kakula Copper Production Recovers
TSX-listed Ivanhoe Mines returned to profitability in the second quarter of 2026, reporting a net profit of $46 million as operations at its Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC) continued to recover from disruptions earlier in the year.
The company reported adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $179 million for the quarter, up from $123 million in the same period last year. Kamoa-Kakula contributed $152 million of attributable EBITDA.
The copper complex sold 61,249 tonnes of payable copper during the quarter, generating revenue of $880 million, an operating profit of $160 million and EBITDA of $385 million, representing an EBITDA margin of 44%.
However, around 40,000 tonnes of unsold copper remained in inventory at the end of the quarter. Ivanhoe expects to destock the inventory during the second half of 2026 as market conditions remain supportive.
Ivanhoe Mines founder and co-chairperson Robert Friedland said the operational recovery at Kamoa-Kakula was gaining momentum, with mining rates improving at both the Kamoa and Kakula mines.
He said continued underground development and the addition of new mining areas were expected to support higher copper production during the second half of 2026 and provide a stronger foundation for 2027.
Beyond Kamoa-Kakula, Ivanhoe reported continued progress across its broader DRC portfolio, particularly in the Western Forelands exploration district.
The company expects to release a significant mineral resource update for Western Forelands in September, which Friedland said could further demonstrate the district’s potential as a major emerging copper discovery.
Ivanhoe’s Kipushi zinc-copper-germanium-silver-lead mine in the DRC also delivered a solid quarter, generating $146 million in revenue and $51 million in EBITDA.
However, zinc sales volumes were affected by logistical constraints, resulting in additional unsold concentrate inventory.
In South Africa, Ivanhoe continued advancing the Phase 2 expansion of its Platreef mine in Limpopo and completed financial close on a $700 million senior project finance facility for the project.
The company ended the quarter with $635 million in cash and cash equivalents.
Looking ahead, Ivanhoe expects its financial position to strengthen as it sells accumulated metal inventories against a favourable pricing backdrop.
Friedland said the company expects to further strengthen its balance sheet in the second half of 2026 by monetising unsold metal stockpiles, including zinc inventories, while higher copper and zinc prices could increase the value of those holdings.
With Kamoa-Kakula’s operational recovery gaining pace, Ivanhoe is positioning itself for stronger copper production in the second half of the year while continuing to advance exploration and expansion projects across the DRC and South Africa.
