Ivanhoe Reports Strong Q3 Earnings as Kamoa-Kakula Recovery Plan Targets 500,000 t/y Copper Output
Ivanhoe Mines Posts $45 Million Q3 Profit as Kamoa-Kakula Targets Return to 500,000 Tonnes of Annual Copper Production
Ivanhoe Mines reported a third-quarter 2026 profit of $45 million and adjusted EBITDA of $241 million, driven by strong performances from the Kamoa-Kakula copper complex in the Democratic Republic of Congo and the Kipushi zinc mine.
The company said an updated life-of-mine plan for Kamoa-Kakula will be released in March 2027, outlining a strategy to restore the operation to approximately 500,000 tonnes of annual copper production through a combination of underground mining, open-pit operations and a planned Phase 4 expansion.
Kamoa-Kakula Revises Production Outlook
Ivanhoe lowered Kamoa-Kakula’s 2027 copper production guidance to 300,000-350,000 tonnes, reflecting a conservative approach as the operation undergoes a broader turnaround strategy.
During the third quarter, Kamoa-Kakula produced 76,401 tonnes of copper in saleable products and generated record quarterly revenue of $1.03 billion, operating profit of $288 million, and EBITDA of $478 million, representing an EBITDA margin of 46%.
The operation sold 67,025 tonnes of payable copper at an average realised price of $6.12 per pound, while maintaining cash costs within its annual guidance range of $2.60-$3.00 per pound.
Mining rates across the complex increased by 20% quarter-on-quarter to more than 1.2 million tonnes per month, while concentrator recoveries improved to an average of 89% during the quarter.
Smelter and Solar Investments Deliver Results
Kamoa-Kakula’s on-site copper smelter continued to generate operational benefits, producing a record 118,638 tonnes of sulphuric acid during the quarter.
The operation sold 109,424 tonnes of sulphuric acid at an average price of $915 per tonne, with by-product revenues exceeding smelter operating costs.
Ivanhoe also reported that its 60 MW hybrid solar facility has reached full operation, providing baseload power to the mining complex and reducing reliance on costly diesel generation. Plans are underway to double solar capacity to 120 MW by the first quarter of 2028.
Kipushi Delivers Record Zinc Performance
The Kipushi mine continued its strong operational momentum, producing a record 77,147 tonnes of zinc in concentrate during the quarter.
The operation generated revenue of $255 million, segment profit of $47 million and EBITDA of $108 million, more than doubling EBITDA from the previous quarter.
Kipushi sold a record 69,384 tonnes of payable zinc and remains on track to achieve annual production guidance of 270,000-290,000 tonnes, positioning it among the world’s largest zinc mines.
Platreef Expansion Progresses
In South Africa, construction of Platreef’s Phase 2 concentrator remains on schedule for completion by the end of 2027.
Once fully ramped up, the expansion is expected to deliver annual production capacity exceeding 450,000 ounces of platinum, palladium, rhodium and gold, alongside approximately 9,000 tonnes of nickel and 6,000 tonnes of copper.
Western Forelands Continues to Grow
Ivanhoe also announced continued growth of its Western Forelands copper discovery in the DRC.
Updated resources include 42 million tonnes grading 2.66% copper in the indicated category and 612 million tonnes grading 1.80% copper in the inferred category, reinforcing the project’s status as one of the most significant copper discoveries made globally in recent years.
The company is expanding exploration activities, with drilling expected to increase to 120,000 metres as it evaluates shallow mineralisation suitable for future open-pit development.
Strong Financial Position
Ivanhoe ended the third quarter with $643 million in cash and cash equivalents, providing a solid balance sheet as it advances growth projects across its copper, zinc and platinum group metals portfolio.
With Kamoa-Kakula’s recovery plan advancing, Kipushi achieving record production and Platreef progressing towards expansion, the company remains focused on strengthening its position as a major supplier of metals critical to global electrification and industrial growth.
