Ivanhoe Mines provides 2025 production results, 2026 production guidance
January 15, 2026
Ivanhoe Mines provides 2025 production results, 2026
production guidance
■
Kamoa-Kakula produced 388,838 tonnes of copper in
concentrate in 2025, achieving guidance
■
Ivanhoe confirms previously set 2026 Kamoa-Kakula
production guidance of 380,000 to 420,000 tonnes of copper
■
99.7%-pure copper anode production from Kamoa-Kakula
smelter already averaging 500 tonnes per day; first exports
expected imminently
■
Production of 98%-pure high-strength sulphuric acid from
smelter averaging 1,200 tonnes per day; first sales complete
■
Kipushi produced record 203,168 tonnes of zinc in concentrate
in 2025, achieving guidance, including a monthly record 22,629
tonnes in December
■
Ivanhoe sets 2026 Kipushi Mine production guidance of
240,000 to 290,000 tonnes of zinc
■
Ivanhoe Mines to issue 2025 financial results after market close
on February 18; host conference call for investors
on February 19
JOHANNESBURG, SOUTH AFRICA – Ivanhoe Mines’ (TSX: IVN; OTCQX: IVPAF)
Executive Co-Chair Robert Friedland and President and Chief Executive Officer
Marna Cloete announced today the company’s 2025 fourth quarter and full-year
production results for the Kamoa-Kakula Copper Complex in the Democratic
Republic of the Congo (DRC) and the ultra-high-grade Kipushi zinc mine, also in
the DRC. Following the release of Kamoa-Kakula’s 2026 and 2027 production
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guidance on December 3, 2025, the company also announced today 2026
production guidance for the Kipushi Mine.
Kamoa-Kakula produced 388,838 tonnes of copper in 2025, achieving
guidance, including record production and throughput achieved by
the Phase 3 concentrator.
Kamoa-Kakula produced a total of 388,838 tonnes of copper in concentrate in
2025, within the revised guidance range of 380,000 tonnes to 420,000 tonnes.
Total copper production consisted of 385,808 tonnes of copper in concentrate
produced by the Phase 1, 2 and 3 concentrators, as well as 3,030 tonnes of
copper in concentrate produced by the slag concentrator located at the on-site
smelter.
Kamoa-Kakula summary of quarterly and annual production data
Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025
Phase 1 & 2
Ore tonnes milled (000’s tonnes) 2,211 1,991 1,838 1,712 7,752
Feed grade of ore processed (% copper) 5.01% 4.12% 2.50% 2.32% 3.59%
Copper recovery (%) 88.3% 85.4% 81.3% 83.2% 85.6%
Copper in concentrate produced (tonnes) 97,575 71,401 37,744 34,602 241,315
Phase 3
Ore tonnes milled (000’s tonnes) 1,512 1,631 1,618 1,662 6,423
Feed grade of ore processed (% copper) 2.76% 2.92% 2.44% 2.38% 2.62%
Copper recovery (%) 85.1% 85.5% 84.2% 88.2% 85.7%
Copper in concentrate produced (tonnes) 35,545 40,608 33,522 34,814 144,493
Combined Phase 1, 2, and 3
Ore tonnes milled (000’s tonnes) 3,723 3,622 3,456 3,374 14,175
Feed grade of ore processed (% copper) 4.10% 3.58% 2.47% 2.35% 3.15%
Copper recovery (%) 87.4% 85.4% 82.7% 85.7% 85.6%
Copper in concentrate produced (tonnes) 133,120 112,009 71,266 69,419 385,808
Slag concentrator*
Copper in concentrate produced (tonnes) 877 2,153 3,030
Data in red denotes a quarterly / annual record
*Slag concentrator was temporarily used to assist with copper production prior to the start-
up of the smelter in late Q4 2025
Prior to the first feed of concentrate into the smelter furnace, as announced on
December 1, 2025, the smelter’s slag concentrator was used to reprocess fines
and spillage from the Phase 1, 2 and 3 concentrators during Q3 and Q4 2025. The
smelter site at Kamoa-Kakula includes a 600,000-tonne-per-annum conventional
concentrator plant, which under normal operating conditions is used to regrind
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and refloat slag produced by the smelter. Slag produced by the smelter contains
approximately 4% copper, which, once reprocessed, enables the smelter to
achieve a recovery rate of 98.5%. Concentrate produced by the concentrator was
stored on site and will be fed into the Kamoa-Kakula smelter. With the smelter
now operational, the slag concentrator will no longer produce additional copper
in concentrate.
Kamoa-Kakula’s copper production was supported by a record 144,493 tonnes of
copper produced by the Phase 3 concentrator during 2025. The Phase 3
concentrator milled 6.4 million tonnes of ore during 2025, approximately 30%
above the design capacity of 5.0 million tonnes per annum. The Phase 3
concentrator also achieved a record throughput of 1.66 million tonnes and
averaged a record recovery rate of 88.2% in the fourth quarter.
Aerial view of the Kamoa-Kakula Copper Smelter, with the smelter’s
600,000-tonne-per-annum slag concentrator (bottom right). Ahead of
starting up the smelter furnace in December 2025, the slag concentrator
assisted with copper concentrate production.
Smelter ramp-up advances with 99.7%-pure anode production already
at approximately 500 tonnes per day, in line with specification; first
truck-loads of anodes loaded for export.
As announced on January 2, 2026, the casting of the first anode at Kamoa-Kakula
copper smelter took place in December 2025. Ramp-up of 99.7%-pure copper
anode production since the first casting is advancing to plan, with current
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production averaging 500 tonnes per day, equivalent to an annualized production
rate of 150,000 tonnes per annum after accounting for availability.
The first truckloads of 99.7% pure copper anodes were recently loaded and are
ready for export, with provisional revenues expected to be recognized
imminently.
2026 copper sales are expected to be approximately 20,000 tonnes higher than
copper production as the on-site inventory of unsold copper concentrate is
destocked, predominantly during H1 2026. Prior to the first feed of concentrate
into the smelter, Kamoa-Kakula’s on-site concentrate inventory contained
approximately 37,000 tonnes of copper. Total unsold copper in concentrate at the
smelter, held in stockpiles and the smelting circuit, is expected to be reduced to
approximately 17,000 tonnes during 2026 as the smelter ramps up. As destocking
occurs, Kamoa-Kakula’s management aims to capitalize on near-record-high
copper prices.
99.7%-pure copper anodes are inspected in the anode yard of the smelter
prior to loadout and export.
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The first batch of copper anodes were recently loaded onto trucks ready for
export. Revenues from the first export of anodes are expected imminently.
Kamoa-Kakula’s operating margins are set to expand due to reduced
logistics costs and from revenue generated from by-product, high-
strength sulphuric acid sales.
Kamoa-Kakula’s margins are expected to expand as the smelter ramps up, as
concentrates produced by Phase 1, 2, and 3 concentrators are smelted on-site
rather than exported unbeneficiated. Kamoa-Kakula’s logistics costs are
expected to approximately halve as the copper content per truck-load exported
more than doubles, from approximately 45% contained copper in concentrate to
99.7%-pure copper anodes.
Further improvement in Kamoa-Kakula’s margins is also expected to be achieved
through the revenues generated from sulphuric acid sales. In addition to the
production of copper anodes, the Kamoa-Kakula smelter is currently producing
on average 1,200 tonnes per day of sulphuric acid, equivalent to an annualized
production rate of 400,000 tonnes per annum. The smelter is expected to produce
up to 700,000 tonnes per annum of high-strength sulphuric acid at steady-state
operations, which will be sold locally. The first sales of acid from the smelter
have already taken place, with the first shipment to nearby mining operations in
the DRC Copperbelt expected imminently.
Sulphuric acid is currently in high demand by other mining operations across the
Central African Copperbelt, especially following the export ban of acid by Zambia
in September 2025. Spot acid prices have reached as high as $700 per tonne in
Kolwezi in recent months. Recent sales have taken place at materially higher
prices than the $150 per tonne forecast price used in the Kamoa-Kakula
Integrated Development Plan 2023 Technical Report, dated March 6, 2023.
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A smelter operator takes a sample while 99.7%-pure copper anodes are
poured and cast at the Kamoa-Kakula Copper Smelter.
Stage Two dewatering of Kakula Mine complete; selective mining on
the eastern side commenced ahead of schedule in late December
As announced on January 2, 2026, Stage Two dewatering activities are complete,
with the first pair of high-capacity submersible dewatering pumps (Pumps 3 and
4) running dry. As announced on December 3, 2025, following an underground
survey, Pumps 3 and 4 were repositioned lower in late November to enable an
additional Stage Two dewatering. Since then, the water level has declined by a
further 19 metres to the level shown in Figure 1. The second pair of Stage Two
pumps (Pumps 1 and 2), which are approximately 20 metres lower in elevation
compared with Pumps 3 and 4 are expected to run dry in January 2026.
Stage Three dewatering activities will take over from Stage Two dewatering, and
consist of re-commissioning the existing, water-damaged underground horizontal
pump stations, which are used for steady-state operations. The rehabilitation
work consists of fitting new pump motors, substations and electrical cabling. All
required equipment is on site, and installation will begin once access to the
horizontal pump stations becomes available.
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Figure 1. A schematic of the underground water levels at the Kakula Mine
as at December 22, 2025, overlaid with the underground pumping
infrastructure.
There is currently 5,600 litres per second of installed pumping capacity at the
Kakula Mine, excluding the Stage Two pumping infrastructure. Stage Three
dewatering activities are expected to continue into Q2 2026 and will not be on the
critical path for Kakula’s mining operations.
In addition, the western side of the Kakula Mine has been dewatered, enabling the
mining of higher-grade areas. Head grades from mining areas on the western side
of Kakula are expected to increase from 3.5% copper in January to approximately
4.0% copper by the end of Q1 2026. In addition, selective mining on the eastern
side of the Kakula Mine began ahead of schedule at the end of December.
The Kipushi concentrator produced a record 203,168 tonnes of zinc in
2025, including a quarterly record of 61,444 tonnes in Q4 2025,
achieving guidance.
Zinc production from the Kipushi concentrator continued to improve in the fourth
quarter, breaking the third-quarter throughput and production records. The
improvement in production rates was attributed to the ramp-up following the
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completion of the debottlenecking program in the third quarter, as well as
improved power availability due to the installation of additional back-up generator
power in the fourth quarter.
Following improved production rates in the second half of 2025, the Kipushi
operations achieved the originally stated production guidance of between 180,000
and 240,000 tonnes of zinc.
Summary of quarterly production data from Kipushi
Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025
Kipushi Concentrator
Ore tonnes milled (tonnes) 151,403 153,342 168,862 194,140 667,748
Feed grade of ore milled (% zinc) 32.16 33.37 37.81 36.18 35.20
Zinc recovery (%) 87.93 85.22 89.36 87.71 87.30
Zinc in concentrate produced (tonnes) 42,736 41,788 52,700 61,444 203,168
Data in red denotes a quarterly record
Engineering work on the debottlenecking program commenced in September
2024 to boost the concentrator throughput rate by 20% from 800,000 to 960,000
tonnes of ore per annum. The debottlenecking program was completed in early
August, both ahead of schedule and under budget, following a seven-day planned
shutdown.
Multiple concentrator records have since been achieved, including a monthly
record of 22,629 tonnes of zinc in concentrate produced in December. In addition,
during December, recoveries averaged a record 93.4%. The production record is
equivalent to an annual production rate of over 270,000 tonnes of zinc.
Maintaining this production rate would make the Kipushi Mine the world’s fifth-
largest zinc mine.
Despite improved production rates, operations remain affected by electrical grid
instability. An additional six megawatts of back-up generator capacity were
installed in the fourth quarter, improving operational consistency. The new
generators increase the total onsite back-up power to 20 megawatts, sufficient to
maintain steady-state operations during periods of grid instability.