Ivanhoe Mines Reports US$45 Million Quarterly Profit as Kamoa-Kakula Generates Record US$1 Billion Revenue
Ivanhoe Mines reported a strong third-quarter financial performance, driven by record revenue from the Kamoa-Kakula copper complex in the Democratic Republic of Congo and continued operational improvements at the Kipushi zinc mine.
The Canadian mining company posted a profit after tax of US$45 million for the third quarter, up from US$31 million during the same period last year.
The result was supported by earnings contributions from both the Kipushi zinc operation and Ivanhoe’s stake in the Kamoa-Kakula joint venture.
Adjusted EBITDA rose sharply to US$241 million, compared with US$86 million in the third quarter of 2025, highlighting the growing profitability of the company’s flagship assets.
Kamoa-Kakula was the standout performer during the quarter, generating record revenue of approximately US$1 billion, operating profit of US$288 million and EBITDA of US$478 million.
The operation achieved an EBITDA margin of 46%, reinforcing its position as one of the world’s leading copper mining complexes.
During the quarter, Kamoa-Kakula sold approximately 67,000 tonnes of copper at an average realised price of US$6.12 per pound.
Operating performance also improved, with cost of sales declining to US$4.59 per pound from US$4.86 per pound in the previous quarter.
Ivanhoe said Kamoa-Kakula remains on track to meet its 2026 cash cost guidance of between US$2.60 and US$3.00 per pound despite elevated diesel prices.
Average cash costs during the first nine months of the year stood at US$2.80 per pound.
The complex also continued to benefit from strong by-product revenues through sulphuric acid sales.
During the quarter, Kamoa-Kakula sold approximately 109,000 tonnes of sulphuric acid at an average price of US$915 per tonne, with prices expected to remain elevated in the coming months.
Meanwhile, the Kipushi zinc mine achieved record quarterly zinc sales of 69,384 tonnes, generating revenue of US$255 million and EBITDA of US$108 million.
EBITDA margins increased to 43%, reflecting improved operating efficiency and stronger realised zinc prices.
Beyond its producing assets, Ivanhoe continues to invest heavily in growth projects. Capital expenditure at the Platreef platinum group metals project in South Africa reached US$124 million during the quarter. The company subsequently increased its full-year capital expenditure guidance for Platreef to between US$415 million and US$445 million as development activities advance toward commercial production.
Ivanhoe ended the quarter with a strong balance sheet, reporting cash and cash equivalents of US$643 million.
Looking ahead, the company is advancing plans for the Phase 4 expansion of Kamoa-Kakula, which is expected to increase annual copper production capacity to approximately 500,000 tonnes.
Detailed engineering work is scheduled to begin in the first quarter of 2027, with the expansion potentially completed within 18 to 24 months following project approval.
The planned expansion, together with the introduction of high-grade open-pit mining, is expected to enhance operational flexibility and support long-term production growth at one of the world’s most significant copper operations.
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