Ivanhoe Mines Reports Mixed Q1 2026 Performance as Expansion Projects Advance

Ivanhoe Mines has reported a mixed set of first-quarter 2026 financial and operational results, as the company continued recovery efforts at its flagship Kamoa-Kakula copper complex while advancing major expansion projects across Africa.

The miner posted an adjusted EBITDA of US$191 million for the quarter, including US$158 million attributable from the Kamoa-Kakula copper operation in the Democratic Republic of Congo (DRC). The company also reported a net loss of US$2 million during the period.

Kamoa-Kakula recovery gains momentum

Production at the Kamoa-Kakula complex continued to recover following operational disruptions experienced in 2025. During Q1 2026, the operation produced 71,417 tonnes of copper in blister and anode form, while the on-site smelter ramped up to approximately 60% of capacity.

Ivanhoe said dewatering activities at the Kakula mine are now more than 70% complete, with additional pumping infrastructure expected to stabilise underground water levels and support increased mining activity.

The company maintained its guidance for annualised copper production to exceed 500,000 tonnes from 2028 onward, supported by updated life-of-mine development plans.

Smelter and acid sales improve margins

The company noted that operational margins were strengthened by the commissioning of Africa’s largest copper smelter at Kamoa-Kakula, alongside growing sales of high-strength sulphuric acid.

Sulphuric acid production averaged 1,350 tonnes per day during the quarter, with contract prices reportedly rising more than 50% year-to-date to approximately US$725 per tonne.

Ivanhoe also confirmed that the first copper anodes produced at Kamoa-Kakula were exported via the Lobito Railway Corridor to European refineries, highlighting growing regional logistics integration.

Platreef and Kipushi projects progress

In South Africa, construction of Shaft #3 at the Platreef platinum-group metals project was completed on schedule, increasing hoisting capacity five-fold and paving the way for accelerated ramp-up activities. Earthworks for the Phase 2 concentrator are also underway, targeting expanded production from late 2027.

Meanwhile, the Kipushi zinc mine in the DRC delivered a record quarterly production of 65,044 tonnes of zinc concentrate, with cash costs tracking near the lower end of company guidance.

Exploration investment increases

Ivanhoe said it has increased its 2026 group exploration budget to US$127 million, with the majority allocated to exploration activities in the Makoko District within the Western Forelands region of the DRC.

The company said ongoing investments across copper, zinc and platinum-group metals position it to benefit from long-term demand growth linked to the global energy transition and electrification trends.