Ivanhoe copper jumps 19% as Kamoa-Kakula rebounds

Ivanhoe Mines’ (TSX: IVN) third quarter copper production totalled 76,401 tonnes, a 19% increase compared to the previous quarter, bringing output back towards 2025 levels as mining operations recover, the producer reported Thursday. 

In the third quarter, the Kamoa-Kakula mine in the Democratic Republic of Congo (DRC) produced 76,401 tonnes of copper in saleable products, including copper anodes, blister copper, slag concentrate and high-grade fines. Third quarter production of 68,188 tonnes of copper in concentrate remained about 4% below the 71,266 tonnes produced in the same period last year, but was 11.5% higher than the second quarter of 2026.

Mining rates increased by 30% to more than 700,000 tonnes per month, equivalent to about 8.5 million tonnes per annum (Mtpa), as additional crews, a new box-cut access point at the Kamoa 1 mine and the start of stoping helped accelerate underground operations, Ivanhoe said. 

April forecast cut

The quarterly rebound follows Ivanhoe’s 23% guidance reduction for 2026 and 2027 announced in April, when the company shifted its near-term focus from production to underground development, rehabilitation and access work. Ivanhoe still expects annual output near the lower end of its revised range.

Kamoa-Kakula, one of Africa’s major copper operations is located 1,520 km southeast of the capital Kinshasa. The mine is owned by Ivanhoe, Zijin Mining, the DRC government and Crystal River.  

Shares in Ivanhoe Mines fell 4.4% to C$11.09 ($7.78) apiece by midday Thursday in Toronto, valuing the company at C$15.8 billion ($11 billion). 

More than concentrate 

Ivanhoe maintained its 2026 production guidance of 290,000 to 310,000 tonnes of copper in saleable copper products, but said output is trending towards the lower end of guidance. At the end of the third quarter, Kamoa-Kakula had around 43,000 tonnes of copper in inventory. 

The complex’s 500,000 tonnes-per-annum copper smelter is operating at 60% capacity, not only producing copper anodes but also about 480,000 tonnes of high-strength sulphuric acid annually.  

The smelter produced 118,638 tonnes of sulphuric acid during the third quarter. The acid is sold to other operations on the DRC Copperbelt that use it to leach copper and cobalt metal from oxide ores at about $900 per tonne. 

In addition to its Kamoa-Kakula operations, Ivanhoe also said that its output at the Kipushi zinc mine in DRC rose 10% to 77,147 tonnes of zinc in concentrate. 

Kamoa-Kakula’s on-site hybrid solar facility with battery storage led to a 40% decrease in diesel generator consumption in September. The largest hybrid solar installation at a mining site on the continent Africa delivers power to the operation at a continuous rate of 60 megawatts over 24 hours, and Ivanhoe is looking to double the site’s solar capacity within 18 months. 

Ivanhoe is scheduled to release its third-quarter financial results on Nov. 3, providing further details on the financial impact of the production recovery, smelter operations and power improvements.