Ivanhoe Mines reports 71,266 tonnes of copper produced by Kamoa-Kakula in Q3 2025; recovery efforts advancing well
October 7, 2025
Ivanhoe Mines reports 71,266 tonnes of copper produced by
Kamoa-Kakula in Q3 2025; recovery efforts advancing well
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Stage Two dewatering advancing on schedule; approximately
20% complete
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Start-up of Africa’s largest copper smelter to commence in
early November
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Kipushi produced a record 57,200 tonnes of zinc in Q3 2025, a
quarterly increase of 37%
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First platinum-palladium-nickel-gold-rhodium-copper
production from Platreef Phase 1 expected in Q4 2025; Phase 2
development underway
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Ivanhoe Mines to issue Q2 2025 financial results after market
close on October 29; host conference call for investors on
October 30
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 third-quarter production results
and an update on operational and project activities.
During the third quarter, Kamoa-Kakula’s Phase 1, 2, and 3 concentrators milled a
total 3.46 million tonnes of ore, producing 71,226 tonnes of copper. Copper
production year to date totaled 316,393 tonnes. Production guidance of 370,000
tonnes to 420,000 tonnes of copper in concentrate is maintained, with mining of
higher-grade areas on the western side of the Kakula Mine expected from mid-
November.
Stage Two dewatering activities are over 20% complete, with underground water
levels on the eastern side of the Kakula Mine having declined by over 20 metres
since the beginning of September. Stage Two dewatering is expected to be
completed by the end of November.
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Smelter start-up is scheduled to commence in early November, as the installation
of a 60 MW uninterruptible power supply (UPS) unit nears completion. The UPS
will safeguard the smelter complex from potential power interruptions during the
ramp-up period.
Production rates from Kipushi notably improved during the quarter following the
completion of the debottlenecking program in August. In the third quarter, the
Kipushi concentrator milled a record 168,862 tonnes of ore at an average milled
grade of 37.8%, producing a record 57,200 tonnes of zinc in concentrate. The
record quarterly production represented a 37% increase compared to Q2 2025.
Phase 1 operations at the Platreef Mine are expected to commence shortly, with
the first feed of ore into the concentrator expected in the coming weeks. Project
development work on the Phase 2 expansion is already underway, with the
appointment of the engineering, procurement and construction management
(EPCM) contractor in the fourth quarter. First production from the Phase 2
concentrator is targeted for Q4 2027.
Founder and Co-Chairman Robert Friedland commented:
"Our recovery efforts at the Kakula Mine are advancing well due to exceptional
execution from our operating teams under a decisive plan of action put in place
by our management team and joint-venture employees. We are on track to restore
Kamoa-Kakula towards its previous copper production levels as we rehabilitate
the existing workings and develop new high-grade areas across this Tier-One ore
body. Insights gathered during the dewatering efforts will be combined with input
from our world-class team of independent experts to design an updated mine
plan that will chart Kamoa-Kakula's bright future as a leading producer in the
copper industry.
"This quarter should mark a turning point in operations, as we anticipate higher
grades from Kakula's western side from next month, with selective mining of the
existing workings on the eastern side of Kakula planned from Q1 2026. We're also
on the cusp of starting operations at Africa's largest and greenest, direct-to-
blister copper smelter, which is expected to drive lower cash costs as we
complete its ramp-up.
"In addition, we're extremely excited for imminent first production at the Platreef
Mine, which is on schedule for later this month. Given rising prices and interest in
platinum-group metals, we are bringing the world's next great precious metals
complex online at an exceptionally opportune moment. Platreef's major
endowment of nickel, copper, and gold makes it one of the lowest-cost and
scalable producers of platinum, palladium, nickel, gold, rhodium and copper on
our planet ... and we are already at work on a Phase 2 expansion that will propel
Platreef into a Top 10 producer globally."
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In preparation for the heat-up of Kamoa-Kakula’s state-of-the-art, 500,000-
tonne-per-annum, direct-to-blister copper smelter, an operator oversees a
training exercise on the slag cleaning furnace blister ladles.
Summary of quarterly production data from Kamoa-Kakula
Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Phase 1 & 2
Ore tonnes milled (000’s tonnes) 2,215 2,329 2,211 1,991* 1,838
Feed grade of ore processed (% copper) 4.86% 5.08% 5.01% 4.12%* 2.50%
Copper recovery (%) 86.6% 87.0% 88.3% 85.4%* 81.3%
Copper in concentrate produced (tonnes) 94,214 102,042 97,575 71,401* 37,744
Phase 3
Ore tonnes milled (000’s tonnes) 1,050 1,326 1,512 1,631 1,618
Feed grade of ore processed (% copper) 2.64% 2.82% 2.76% 2.92% 2.44%
Copper recovery (%) 79.9% 85.1% 85.1% 85.5% 84.2%
Copper in concentrate produced (tonnes) 22,099 31,777 35,545 40,608 33,522
Combined Phase 1, 2, and 3
Ore tonnes milled (000’s tonnes) 3,266 3,655 3,723 3,622 3,456
Feed grade of ore processed (% copper) 4.14% 4.26% 4.10% 3.58% 2.47%
Copper recovery (%) 85.3% 86.6% 87.4% 85.4% 82.7%
Copper in concentrate produced (tonnes) 116,313 133,819 133,120 112,009 71,266
Data in red denotes a quarterly record
*Phase 1 & 2 production was impacted in the second quarter by seismic activity at the Kakula
Mine as announced on May 20, 2025.
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Kakula head grades to improve in Q4 2025 as dewatering activities
open up higher-grade mining areas
During the third quarter, the Phase 1, 2, and 3 concentrators milled 3.46 million
tonnes of ore, producing 71,226 tonnes of copper. Total copper production year
to date is 316,393 tonnes.
As announced on June 11, 2025, mining operations on the western side of the
Kakula Mine restarted on June 7, 2025. Since mid-June, the mining rate has
increased to an average rate of 350,000 tonnes per month (4.2 million tonnes on
an annualized basis). To assist with the increase in the mining rates from the
western side of the Kakula Mine, the cut-off grade has been lowered to 1.5%
copper (previously 2.0%).
Mining on the western side of the Kakula Mine has been focused on higher-
elevation areas in the north and southwest, where copper grades are lower than
those of the higher-grade centre, which is currently submerged. From mid-
November, mining crews plan to advance towards the centre of the western side
of the Kakula Mine, improving head grades to between 3.5% and 4.5%.
The Phase 1 and 2 concentrators will continue to process ore from the western
side of the Kakula Mine, as well as surface stockpiles, until Q1 2026, when the
stockpiles are depleted. Thereafter, selective mining will commence within the
existing workings on the eastern side of the Kakula Mine, which will augment
rising production from higher-grade areas on Kakula’s western side to underpin
improved underground mining rates.
The Phase 3 concentrator milled 1.62 million tonnes of ore in the third quarter,
producing 33,522 tonnes of copper. For a second consecutive quarter, the Phase
3 concentrator averaged a milling rate equivalent to 6.5 million tonnes annualized,
which is 30% higher than design capacity of 5.0 million tonnes per annum. The
average quarterly feed grade for the Phase 3 concentrator was 2.44% copper. The
cut-off grade was also lowered to 1.5% copper at the Kamoa Mine to achieve
higher mining rates, providing sufficient feed for the Phase 3 concentrator and
supplementary feed for the Phase 1 and 2 concentrators. For the foreseeable
future, it is expected that the feed grade into the Phase 3 concentrator will
continue to average approximately 2.5% copper.
Stage Two dewatering of the Kakula Mine is advancing to plan at over
20% complete
The four Stage Two high-capacity submersible pumps were commissioned over
the course of two weeks between the end of August and mid-September. The four
pumps are operating at the total design rate of approximately 2,600 litres per
second. Including the mobile Stage One pump stations located underground, the
total pumping rate at the Kakula Mine, has the potential to pump up to 6,400 litres
per second, or 550 megalitres per day, subject to available underground access.
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Stage Two dewatering of the Kakula Mine is over 20% complete and is expected
to be completed by the end of November 2025, at which point the underground
water level is anticipated to be near the bottom of the Stage Two dewatering
shafts.
To date, approximately 13 kilometres of lateral development has been
rehabilitated. As the water level declines, the mining crews are primarily focused
on rehabilitating the access drives required for repositioning the Stage One
underground pumping infrastructure, as well as the access towards the Stage
Three pump stations, which are currently submerged.
Stage Three pumping will complete the remaining dewatering below the water
level accessible by the Stage Two high-capacity submersible pumps, as shown in
Figure 1. The mining crews expect to start gaining access to the existing Stage
Three pumping infrastructure from November. Each pump station will be refitted
and recommissioned with new pump motors and associated electrical
infrastructure. Stage Three pumping is expected to be complete in Q1 2026.
Aerial view looking south over the two adjacent sites where the four Stage
Two high-capacity, submersible pumps were installed, in pairs, at the bottom
of two existing 400-metre deep shafts.
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Figure 1. A schematic of the projected decrease in underground water levels
at the Kakula Mine from the end of September (light blue) to the end of
November 2025 (dark blue). Dewatering of the entire Kakula mine is expected
to be completed in February 2026.
Water pumped out from the Kakula Mine is fed into nearby settling ponds .
Stage Two dewatering of the Kakula Mine is expected to be complete at the
end of November 2025.
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The two sites where the Stage Two dewatering infrastructure is located. Both
sites were established , with all pumping infrastructure installed and
commissioned within just 6 weeks.
Mine planning and scheduling is well advanced to support the ramp-up of
underground mining activities from both the Kakula and Kamoa mines, with a
medium-term target of returning the milling rate to 17 million tonnes per year, and
ultimately targeting annualized copper production of over 550,000 tonnes
Copper production guidance for 2026 and 2027 will be released once sufficient
physical inspection of the newly dewatered areas of the Kakula Mine has been
completed. The new life-of-mine plan is expected to be released in Q1 2026.
Smelter start-up scheduled for early November; installation nearing
completion of 60-megawatt, battery-powered, uninterruptible power
supply facility
Heat-up of Kamoa-Kakula’s on-site, direct-to-blister copper smelter is expected to
commence in early November 2025. Kamoa-Kakula’s management team expects
to prioritize the processing of all concentrates produced by the Phase 1, 2, and 3
concentrators through the on-site smelter, with any excess concentrate
continuing to be toll-treated at the nearby Lualaba Copper Smelter (LCS), in
Kolwezi.
The smelter start-up will commence as the installation of the uninterruptible
power supply (UPS) facility nears completion later this month. The 60 MW UPS is
designed to provide up to 2 hours of instantaneous back-up power to the smelter,
protecting the operation from voltage fluctuations in the DRC grid. In addition to
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the UPS, there is a further 60 MW of dedicated diesel-powered, back-up generator
capacity.
There is sufficient on-site copper concentrate inventory for the smelter start-up in
early November. As of September 30, 2025, Kamoa-Kakula’s unsold copper in
concentrate inventory totaled 59,000 tonnes, which includes 7,300 tonnes located
at LCS. The first feed of concentrate into the smelter is expected approximately
four to six weeks after heat-up commences.
Members of the smelter team are inspecting the sulphuric acid plant ahead
of the furnace heat-up. The smelter is expected to produce up to 700,000
tonnes per annum of high-strength sulphuric acid, which is in high demand
across the Central African Copperbelt.