Ivanhoe Mines reports 71,417 tonnes of copper in anode produced by Kamoa-Kakula in Q1 2026; recovery efforts advancing
April 13, 2026
Ivanhoe Mines reports 71,417 tonnes of copper in anode
produced by Kamoa-Kakula in Q1 2026; recovery efforts
advancing
■
Africa’s largest copper smelter ramped up to 60% capacity;
sales of 99.7%-pure anodes and by-product high-strength
sulphuric acid improving margins
■
First copper anodes exported via Lobito Railway Corridor and
shipped to refinery in Europe
■
Kipushi produced a record 65,044 tonnes of zinc in concentrate
in Q1 2026, a quarterly increase of 6%
■
Ramp-up of Platreef Mine advancing on track, with commercial
production expected mid-year; production rates to significantly
improve following imminent first hoisting from Shaft #3
■
Construction of Platreef’s new Shaft #3 complete; unlocking
ramp-up of Phase 1 operations and Phase 2 expansion from Q4
2027
■
Ivanhoe to issue Q1 2026 financial results after market close on
May 6; host conference call for investors on May 7
■
Ivanhoe to publish nineth annual sustainability report next
week
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 first quarter production results
and an update on operational and project activities.
During the first quarter, Kamoa-Kakula produced a total of 71,417 tonnes of
copper in blister and anode. The total consisted of 63,671 tonnes of copper in
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anode produced by Kamoa-Kakula’s on-site, direct-to-blister copper smelter and
7,746 tonnes of copper in blister produced by the Lualaba Copper Smelter (LCS),
in Kolwezi. In addition, Kamoa-Kakula’s on-site copper smelter produced 117,871
tonnes of high-strength sulphuric acid during the quarter.
On March 31, 2026, Ivanhoe Mines announced the results of an updated technical
report for the Kamoa-Kakula Copper Complex (“Kamoa-Kakula MRE”). The
updated Mineral Reserve estimate is 466 million tonnes of ore at a grade of 2.82%
copper, containing 13.1 million tonnes of copper. The estimate incorporates
changes to the mine design and extraction sequence, taking into consideration
cautious geotechnical parameters adopted based on analysis by world-leading
experts. The technical report also outlined an updated mine plan and production
schedule. Under the Kamoa-Kakula MRE, the Phase 1, 2 and 3 concentrators will
ramp up to a combined steady-state rate of 17 million tonnes per annum over an
approximately 25-year life of mine. In addition, revised copper production
guidance outlined the ramp-up to over 500,000 tonnes of copper per annum from
2028 onwards.
The Kipushi concentrator delivered another record quarter, milling a record
196,774 tonnes of ore at an average grade of 36.96%, producing a record 65,044
tonnes of zinc in concentrate. The record quarterly production represented a 6%
increase compared to Q4 2025. In addition, for the first time concentrator
recoveries averaged over 90% during the quarter.
Platreef Mine’s 0.8-million-tonne-per-annum Phase 1 concentrator was
campaigned during the quarter with lower-grade development ore, ahead of
completion of Shaft #3. Shaft #3 will increase the Platreef Mine’s hoisting capacity
by approximately five times, enabling the concurrent hoisting of ore and
development waste, which was previously not possible with Shaft #1 alone.
Construction of Shaft #3, as well as its associated underground materials-
handling and crushing plants, was completed on schedule in late March and is
currently undergoing commissioning. Once Shaft #3 ramps up in the coming
weeks, the Phase 1 concentrator will then be continuously fed with higher-grade
production ore. In addition, Shaft #3 will also hoist waste development required in
preparation for the Phase 2 expansion, which is on schedule to be completed by
the end of 2027. Early works on the Phase 2 expansion’s surface infrastructure
also started during the first quarter. The breaking of ground on the 3.3-million-
tonne-per-annum Phase 2 concentrator site is expected to commence imminently.
Founder and Co-Chairman Robert Friedland commented:
“We are expecting that the continued closure of the Straits of Hormuz will have a
profound effect on global supply chains. Therefore, contingency plans have been
drawn up across Ivanhoe’s operating sites to sustain its operations, including
advanced diesel purchases. Our mine-site managers are prudent and optimistic
that we are well-positioned.
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“If the closure of the Straits of Hormuz continues, we are especially concerned
about the availability of precursor materials necessary for the mining industry to
continue operating. A second-derivative effect will be on global copper
production due to the shortage of the world's most important industrial chemical,
sulphuric acid. Approximately 20% of global copper supply relies on a process
that uses sulphuric acid to leach copper from oxide ores. With approximately 50%
of the global seaborne sulphur supply cut off, sulphur and sulphuric acid markets
are becoming extremely tight.
“Against this backdrop, Kamoa-Kakula is ideally positioned as a producer and
seller, and therefore not a consumer, of sulphuric acid… Our on-site copper
smelter produces high-strength sulphuric acid as a by-product, which we sell to
oxide copper mining operations in the DRC Copperbelt. To be clear, our industrial
process does not require sulphuric acid to produce 99.7%-pure copper anodes. In
addition, we have refurbished over 250 megawatts of hydroelectric capacity in the
Democratic Republic of the Congo that powers our operations… and soon we will
have an additional 60 megawatts of power from our new solar field with battery
storage. Kamoa-Kakula has a very low rate of diesel consumption per tonne of
copper produced, further strengthening the strategic advantage of our integrated
operations.
“The Platreef Mine’s Phase 2 expansion is advancing on schedule. The recent
completion of Shaft #3 is a major milestone that dramatically accelerates the
project.
“At Kipushi, we’ve delivered yet another record-breaking quarter, mining the
highest-grade zinc in the world. With further improvements made to the
management of grid and back-up power, further throughput gains are to come.”
The first batch of 99.7%-pure copper anodes from Kamoa-Kakula’s 500,000-
tonne-per-annum direct-to-blister copper smelter arrived at the Port of
Lobito, following just a one-week journey via the Lobito Railway Corridor.
The anodes are set to arrive in Europe for refining in May.
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Summary of quarterly production data from Kamoa-Kakula
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Phase 1 & 2 (Kakula)
Ore tonnes milled (000’s tonnes) 2,211 1,991 1,838 1,712 1,534
Feed grade of ore processed (% copper) 5.01% 4.12% 2.50% 2.32% 2.35%
Copper recovery (%) 88.3% 85.4% 81.3% 83.2% 84.1%
Copper in concentrate produced (tonnes) 97,575 71,401 37,744 34,602 30,527
Phase 3 (Kamoa)
Ore tonnes milled (000’s tonnes) 1,512 1,631 1,618 1,662 1,574
Feed grade of ore processed (% copper) 2.76% 2.92% 2.44% 2.38% 2.28%
Copper recovery (%) 85.1% 85.5% 84.2% 88.2% 87.2%
Copper in concentrate produced (tonnes) 35,545 40,608 33,522 34,814 31,379
Combined Phase 1, 2, and 3
Ore tonnes milled (000’s tonnes) 3,723 3,622 3,456 3,374 3,108
Feed grade of ore processed (% copper) 4.10% 3.58% 2.47% 2.35% 2.32%
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 61,906
Smelter*
Contained copper in blister or anode (000's tonnes) 71,417
High-strength sulphuric acid (000's tonnes) 117,871
Data in red denotes a quarterly record.
* includes production from Kamoa-Kakula’s on-site smelter, as well as Kamoa-Kakula
concentrate toll-treated at the LCS smelter in Kolwezi
During the first quarter, the Phase 1, 2, and 3 concentrators milled 3.11 million
tonnes of ore, producing 61,906 tonnes of copper in concentrate. Kamoa-Kakula’s
copper smelter produced 63,671 tonnes of anode, and LCS produced 7,746
tonnes of copper in blister, for a total of 71,417 tonnes of copper in blister and
anode produced by Kamoa-Kakula during the quarter. At quarter-end, there were
approximately 40,000 tonnes of contained copper in inventory, down from
approximately 50,000 tonnes of contained copper in inventory at the end of 2025.
The inventory includes contained copper in concentrate, in the smelter circuit
and in anode at Kamoa-Kakula, as well as contained copper in concentrate or
blister at LCS.
For Q2 2026, the Kamoa mining area, which includes the Kamoa 1, Kansoko and
Kahala underground mines, is expected to mine at a combined rate of 540,000
tonnes per month, equivalent to 6.5 million tonnes per annum (Mtpa) on an
annualized basis, with a head grade of approximately 2.3% copper. There is
sufficient ore from the Kamoa mines to fully utilize the Phase 3 concentrator.
In H2 2026, the mining rate from the Kamoa mines is expected to increase,
ramping up to approximately 700,000 tonnes per month, or 8.5 Mtpa annualized,
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driven by an increased rate of development ore mined from the new Kahala box-
cut. The increase in tonnes mined at Kamoa in the second half of 2026 will be
processed by the Phase 1 and 2 concentrators.
The Phase 1 and 2 concentrators have completed the processing of nearly all
remaining surface stockpiles. Ore feed into the Phase 1 and 2 concentrators in Q2
2026 will come from the western side of Kakula at a rate of approximately 400,000
tonnes per month, or 4.8 Mtpa annualized, at a grade of approximately 3% copper.
Throughout the second quarter, the Phase 1 and 2 concentrators will be
campaigned, or batch operated, due to reduced ore availability.
In H2 2026, the mining rate at Kakula is expected to increase to 500,000 tonnes
per month, or 6.0 Mtpa annualized, at an average grade of approximately 3.5%
copper.
The above production rates are factored into the 2026 guidance, which was
revised on March 31, 2026, to between 290,000 and 330,000 tonnes of copper in
anode or blister.
On-site, 500,000 tonnes-per-annum smelter ramp-up at 60%; Acid
sales benefiting from global supply chain disruptions
The smelter is targeting production of approximately 850 tonnes per day of
copper in anode, equivalent to an annualized rate of 300,000 tonnes of copper,
which is approximately 60% of the design capacity. Further ramp-up of the
smelter is constrained by concentrate feed. Management is currently evaluating
the purchase and toll treatment of local third-party copper concentrates to further
advance the smelter ramp-up and improve margins.
In addition to copper anodes, the smelter is also producing high-strength
sulphuric acid at an average rate of 1,350 tonnes per day, equivalent to
approximately 480,000 tonnes annualized, compared with the steady-state design
capacity of 700,000 tonnes per annum. The first sales of acid from the smelter
took place in early 2026 to nearby mining operations in the DRC Copperbelt.
There are currently 6 offtakers that purchase acid at Kamoa-Kakula’s mine gate.
The realized price for high-strength sulphuric acid is currently approximately
$500 per tonne, with spot prices generally increasing over the quarter.
The first shipment of 99.7%-pure copper anodes produced by Kamoa-Kakula’s
copper smelter, shipped along the Lobito Railway Corridor, arrived at the Atlantic
port of Lobito during the quarter. The anodes are currently being shipped to
Europe for refining and are expected to arrive in May. The transit time from the
DRC Copperbelt to Lobito port via rail averages seven days, compared with more
than three weeks when transported by truck to the ports of Durban or Dar es
Saleem.
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Launchpad for Kamoa-Kakula’s return to over 500,000 tonnes of
copper is set as crews advance back toward the high-grade eastern
section
As announced in the updated, independent technical report for the Kamoa-Kakula
Copper Complex on March 31, 2026, Kamoa Copper will increase focus on
development activities over the next 18-24 months, establishing long-term access
development and mine services ahead of the active mining fronts, applying
conservative near-term underground development advance rates.
Production guidance was announced to be 290,000 to 330,000 tonnes of copper
anodes in 2026, and 380,000 to 420,000 tonnes of copper anodes in 2027.
Management expects annualized copper anode production to exceed 500,000
tonnes from 2028 onwards.
Following recommendations from the Kamoa-Kakula MRE, Kamoa Copper has
commenced work on an optimized Feasibility Study covering the next five years
of operation. This will be accompanied by a Pre-Feasibility Study (PFS) on the
remaining life-of-mine. The study is expected to be completed in approximately
12 months.
Development will be focused on establishing the peripheral access drives around
the Kakula Mine, before stoping (production mining) of the newly developed
mining areas begins. Production stoping is planned to start at Kamoa in H2 2026,
whereas stoping at Kakula is not expected until H1 2027.
Dewatering of the Kakula Mine is currently over 70% complete, with underground
water levels on the eastern side of the mine holding steady until additional Stage
Three pumping infrastructure is installed, which is expected in Q2 2026. The
dewatering of the Kakula Mine is off the critical mining path, and implementation
does not impact the near-term mining schedule. Stage Two dewatering was
completed in December 2025, as planned.
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Aerial view over the Phase 1 and 2 concentrators, with Project 95
construction works in the foreground. Construction of Project 95 is nearing
completion, with commissioning expected to commence in the coming
weeks.
Aerial view over the construction site of the new Kahala Box Cut, located in
the Kamoa Mines area. The combined mining rate from the Kamoa Mines
area is expected to increase to an annualized rate of 8.5 Mtpa in Q4 2026,
supported by development ore from Kahala from Q3 2026.
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Kipushi concentrator produced a record 65,044 tonnes of zinc in Q1
2026, a quarter-on-quarter increase of 6%
Summary of quarterly production data from Kipushi
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Kipushi Concentrator
Ore tonnes milled (tonnes) 151,403 153,342 168,862 194,140 196,774
Feed grade of ore milled (% zinc) 32.16 33.37 37.81 36.18 36.96
Zinc recovery (%) 87.93 85.22 89.36 87.71 90.63
Zinc in concentrate produced (tonnes) 42,736 41,788 52,700 61,444 65,044
Data in red denotes a quarterly record.
A record 65,044 tonnes of zinc in concentrate were produced in Q1 2026, a 6%
quarter-on-quarter improvement. The performance was boosted by a record
22,968 tonnes of zinc produced in January.
Despite the quarterly record production, the availability of the Kipushi
concentrator was still impacted by electrical grid instability. In addition to
increasing the on-site back-up generator capacity in Q4 2025 by 20% to 20
megawatts, upgrades to Kipushi’s 120kV electrical intake substation were
recently completed and commissioned. The main benefit of the upgrade is to
better respond to and safely control grid instability experienced by the Kipushi
operations. The upgrades will thereby improve the availability and protect the
operations of the major infrastructure, such as the concentrator and shaft.
Aerial view of the upgraded 120kV main intake substation, which was
commissioned in Q1 2026