Copper, zinc and platinum-group metals / Operating producer · ramp-up and recovery / Copper
Ivanhoe Mines
TSXIVNOTCQXIVPAF
Ivanhoe Mines is a Canadian-listed company whose mines are in southern Africa. Its registered office is in Vancouver, it keeps an executive office in Sandton, South Africa, and its results releases are datelined Johannesburg [1][2]. The shares trade on the Toronto Stock Exchange as IVN and on the OTCQX in the United States as IVPAF; there is no NYSE or Nasdaq listing, so a U.S. investor buys the over-the-counter line or the TSX line through a broker that quotes it [3]. The company reports in U.S. dollars and has never declared or paid a dividend [3][2].
The principal asset is the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo, in which Ivanhoe and Zijin Mining each hold an indirect 39.6% interest and the DRC government holds 20% [2]. Ivanhoe also owns 62% of the Kipushi zinc mine in the DRC, with Gécamines holding 38%, 64% of the Platreef platinum-group-metals, nickel and copper mine in South Africa, and 54% to 100% of the Western Forelands exploration licences next to Kamoa-Kakula [2]. Because Kamoa-Kakula is a joint venture, Ivanhoe equity-accounts it: the mine's revenue does not appear on Ivanhoe's income statement, only Ivanhoe's share of its profit, which was US$16.277 million in the quarter ended June 30, 2026, and Ivanhoe's own reported revenue of US$152.611 million came mainly from Kipushi [2].
The story of the last eighteen months is the Kakula mine. On May 18, 2025 Kamoa Copper suspended underground mining at Kakula after a week of seismic activity in the mine's eastern section; no one was hurt, and the Kamoa mine and the Phase 3 concentrator were unaffected [4]. Water inflow stabilized at about 4,000 litres per second, the company's engineers described blocks of ore yielding in a cascading fashion that over-stressed the regional pillars, and mining restarted on the western side on June 7, 2025 [5]. The 2025 copper guidance was cut to 370,000 to 420,000 tonnes and the target of about 600,000 tonnes for 2026 was withdrawn [5]. Stage Two dewatering was completed in December 2025, Kamoa-Kakula produced 388,838 tonnes of copper in concentrate for the year, and an updated independent study in March 2026 set guidance at 290,000 to 330,000 tonnes of copper anode for 2026 and 380,000 to 420,000 tonnes for 2027, with over 500,000 tonnes a year from 2028 over a mine life of about 25 years [6][7][8].
The quarter ended June 30, 2026 shows the recovery still in progress. Kamoa-Kakula produced 64,328 tonnes of copper, sold 61,249 tonnes at a realized US$5.99 per pound, and reported revenue of US$880 million and EBITDA (a non-IFRS measure) of US$385 million at a cash cost (C1) of US$2.84 per pound, up from US$2.58 in the first quarter [2][9]. The company tightened 2026 guidance to 290,000 to 310,000 tonnes, said ore from Kakula would come solely from development for the next twelve months, and moved the start of stoping at Kakula to the second half of 2027 from the first half in the March study [9][8]. Ivanhoe itself reported a profit of US$46 million, adjusted EBITDA of US$179 million and cash and cash equivalents of US$635 million [2][9]. Kipushi set a quarterly record of 70,177 tonnes of zinc in concentrate, and Platreef's Phase 1 concentrator, in production since November 18, 2025, is expected to reach commercial production in the fourth quarter of 2026 [2][9].
What a U.S. reader should take from the Canadian listing is limited: Vancouver supplies the corporate law, the TSX rules and the filings on SEDAR+ (the Canadian securities filing system). The ore, the power, the water, the government partner and the export route are all in the DRC and South Africa, and the risks sit there too.
Primary assets & business
- Kamoa-Kakula Copper Complex · Democratic Republic of Congo (operating; Ivanhoe 39.6% indirect, Zijin Mining 39.6%, DRC government 20%; Kamoa and Kakula underground mines, Phase 1, 2 and 3 concentrators, on-site 500,000 tpa direct-to-blister smelter running at about 60% of capacity since mid-February 2026; 2026 guidance 290,000–310,000 t copper; mineral reserves 466 Mt at 2.82% Cu containing 13.1 Mt on a 100% basis) [2][9][8]
- Kipushi · Democratic Republic of Congo (operating; Ivanhoe 62%, Gécamines 38%; record 70,177 t zinc in concentrate in Q2 2026; 2026 guidance 240,000–290,000 t; C1 US$0.90/lb in Q2) [2][9]
- Platreef · South Africa (Ivanhoe 64%; Phase 1 0.8 Mtpa concentrator in production since November 18, 2025; commercial production expected Q4 2026; 3.3 Mtpa Phase 2 concentrator targeted for completion Q4 2027; US$700M Phase 2 project finance facility closed April 30, 2026; Shaft #3 completed June 2026) [2][9]
- Western Forelands exploration project · DRC (Ivanhoe 54%–100%) [2]
- Kamoa-Kakula sulphuric acid by-product: 119,603 t sold in Q2 2026 at an average US$465/t, with July and August contracts at about US$840/t [9]
- Lualaba Copper Smelter (third-party, Kolwezi): 2,256 t of copper in blister produced for Kamoa-Kakula in Q2 2026 alongside 62,072 t of anode from the complex's own smelter [2]
Financial position
| Kamoa-Kakula copper production (100% basis, fiscal 2025) | 388,838 tCopper in concentrate; within the revised guidance of 380,000–420,000 t. | Year ended Dec 31, 2025 [6] |
|---|---|---|
| Kamoa-Kakula copper production (100% basis, latest quarter) | 64,328 tQ1 2026: 71,417 t [10]. 2026 guidance 290,000–310,000 t, tightened from 290,000–330,000 t [9]; the January 2026 guidance was 380,000–420,000 t before the March study [6][8]. | Quarter ended Jun 30, 2026 [9] |
| Kamoa-Kakula cash cost (C1, non-IFRS) | US$2.84/lbQ1 2026: US$2.58/lb. Fiscal 2025: US$2.16/lb [7]. 2026 guidance US$2.60–3.00/lb [8][9]. | Quarter ended Jun 30, 2026 [9] |
| Kamoa-Kakula realized copper price | US$5.99/lbOn 61,249 t sold net of payability. Q2 2025 sales: 101,714 t [2]. | Quarter ended Jun 30, 2026 [9] |
| Kamoa-Kakula revenue (100% basis, latest quarter) | US$880MEBITDA (non-IFRS) US$385M, a 44% margin; Ivanhoe's attributable share US$152M. Fiscal 2025 revenue US$3.28B, EBITDA US$1.45B [7]. | Quarter ended Jun 30, 2026 [9] |
| Ivanhoe profit (consolidated, latest quarter) | US$46MUS$0.03 per share basic and diluted; Q2 2025: US$44M [2]. Fiscal 2025 profit after tax US$228M (2024: US$193M) [7]. | Quarter ended Jun 30, 2026 [9] |
| Ivanhoe adjusted EBITDA (non-IFRS, latest quarter) | US$179MFiscal 2025: US$578M (2024: US$625M) [7]. | Quarter ended Jun 30, 2026 [9] |
| Cash and cash equivalents | US$635MDec 31, 2025: US$885M of cash, cash equivalents and short-term deposits [7]. Kamoa-Kakula's own borrowings are held at the joint venture and are not consolidated [2]. | Jun 30, 2026 [9] |
| Kipushi zinc production (100% basis, latest quarter) | 70,177 tZinc in concentrate; a quarterly record. Fiscal 2025: 203,168 t [6]. 2026 guidance 240,000–290,000 t. | Quarter ended Jun 30, 2026 [9] |
| Market capitalization | Not yet verifiedNot verified against a dated close. |
All figures in U.S. dollars, the company's reporting currency. Kamoa-Kakula, Kipushi and Platreef figures are on a 100% basis unless marked attributable; Ivanhoe's economic share is 39.6%, 62% and 64% respectively. Quarterly figures are for the three months ended June 30, 2026 from the July 29, 2026 release; annual figures from the January 15 and February 18, 2026 releases. EBITDA, adjusted EBITDA and C1 cash cost are management's non-IFRS measures. Blank means not yet verified, never zero.
Ownership & capital structure
| Common shares outstanding | 1,269,698,059Class A shares as stated in a May 2024 early-warning release; a current figure should be taken from the latest MD&A on SEDAR+. | Apr 26, 2024 [11] |
|---|---|---|
| CITIC Metal | ~24.78%314,671,533 common shares per CITIC's early-warning report; not updated here. | May 27, 2024 [11] |
| Other significant shareholders | Not yet verifiedNot verified; see SEDAR+ early-warning reports and the management information circular. | |
| Dividend | NoneThe company has never declared or paid a dividend. | Investor FAQ, 2026 [3] |
What has to happen next
- Second-half 2026 copper production at Kamoa-Kakula against the tightened 290,000–310,000 t full-year range, with Project 95 recoveries expected to rise toward 90–95% [9].
- Start of production stoping at Kakula, now expected in the second half of 2027 after the March 2026 study had it in the first half; over the next twelve months Kakula ore comes solely from development [9][8].
- Construction of new dewatering infrastructure at Kakula, described as required for access to new mining areas [9].
- Ramp-up of the Kamoa-Kakula smelter from about 60% of capacity to a targeted 850 t/day of anode in the second half of 2026 and full 500,000 tpa capacity in 2028 [9].
- Platreef Phase 1 commercial production in Q4 2026 and the Phase 2 concentrator in Q4 2027 [9].
- The 2027 guidance of 380,000–420,000 t of copper anode set in the March 31, 2026 study [8].
- Commissioning of the 60 MW baseload power facility serving Kamoa Copper, expected fully ramped by the third quarter of 2026 [2].
Research checkpoints, not a dated event calendar or a promise of outcomes.
Valuation context
We publish no valuation conclusion. Ivanhoe cannot be valued from its own income statement, because Kamoa-Kakula is equity-accounted; the useful starting point is 39.6% of the joint venture's cash generation after its own debt service and capital spending (US$284 million of capex in Q2 2026 and US$1,100 million to US$1,400 million guided for the year), plus 62% of Kipushi and 64% of a Platreef that is still ramping up [9][2]. The March 2026 study's path to over 500,000 tonnes a year from 2028 is management's plan, not a delivered result; the quarter-by-quarter test is whether C1 costs fall back from US$2.84 per pound as volumes recover [8][9]. Any multiple should be struck on attributable, not 100%, figures.
Mandatory reading
Key risks
- The Kakula mine's recovery has slipped once already: stoping moved from the first half of 2027 in the March 2026 study to the second half in the July release, and the company cites adverse geotechnical and hydrological conditions for slower development [8][9].
- The DRC holds 20% of Kamoa-Kakula and Gécamines 38% of Kipushi; fiscal terms, export rules and power supply are set in Kinshasa, not Vancouver, and the Canadian listing does not change that [2].
- Cash costs rose to US$2.84 per pound in Q2 2026 from US$2.16 for 2025 as volumes fell; the unit-cost recovery depends on tonnes the mine has not yet produced [7][9].
- Ivanhoe holds US$635 million of cash at the parent, while Kamoa-Kakula carries its own shareholder loans, term loans and advance-payment facilities inside the joint venture; the parent's balance sheet understates the debt a shareholder is exposed to [2][9].
- Sulphuric acid by-product revenue, which offset most of the smelter's operating cost in Q2 2026, depends on a regional acid price that moved from US$465 per tonne in the quarter to about US$840 for July and August contracts and can move back [9].
- There is no U.S. exchange listing; the OTCQX line and the TSX line can trade at different prices and liquidity, and a U.S. holder relies on Canadian filings on SEDAR+ rather than SEC reports [3].
Source documents
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1
Contact
Vancouver office at 889 Harbourside Drive, North Vancouver; registered and records office at 666 Burrard Street, Vancouver; South Africa office at 82 Maude Street, Sandton.
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2
Ivanhoe Mines issues 2026 second-quarter financial results, overview of operations and exploration activities (PDF)
Dateline Johannesburg; ownership (Kamoa-Kakula 39.6% each for Ivanhoe and Zijin, DRC 20%; Kipushi 62%; Platreef 64%; Western Forelands 54–100%); revenue $152,611k; share of JV profit $16,277k; Kamoa Holding borrowings (shareholder loans, term loans, advance-payment and overdraft facilities); Q2 2025 comparatives (101,714 t sold; $44M profit); 60 MW baseload power facility; no dividend declared; 62,072 t anode and 2,256 t blister at Lualaba Copper Smelter; Kakula stoping H2 2027.
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3
Investor FAQs
TSX: IVN; OTCQX Best Market: IVPAF; the company has never declared or paid a dividend.
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4
Ivanhoe Mines reports temporary interruption of underground mining at Kakula Mine
Seismic activity in the eastern section over the prior week; suspension on May 18, 2025; no injuries; Kamoa mine and Phase 3 concentrator unaffected; Phase 1 and 2 concentrators at reduced capacity on surface stockpiles of about 3.80 Mt at 3.2% copper (April 30, 2025).
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5
Ivanhoe Mines announces restart of underground mining operations on western side of Kakula Mine on June 7, 2025
2025 guidance revised to 370,000–420,000 t; 2026 target of ~600,000 t withdrawn; inflow stabilized at ~4,000 L/s; ~4,400 L/s of pumping installed; five 650 L/s pumps ordered; ore blocks yielded in a cascading fashion and over-stressed regional pillars; flooding concentrated on the deeper eastern side; 33,000 t of copper in unsold concentrate at May 31, 2025; smelter start-up early September 2025.
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6
Ivanhoe Mines provides 2025 production results, 2026 production guidance
2025 production 388,838 t of copper in concentrate within the revised 380,000–420,000 t range; Q4 2025 69,419 t; 2026 guidance 380,000–420,000 t; Kipushi 203,168 t zinc in 2025 and 240,000–290,000 t guided for 2026; Stage Two dewatering complete, Stage Three into Q2 2026; dateline Johannesburg.
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7
Ivanhoe Mines issues 2025 fourth quarter and annual financial results
2025 profit after tax $228M (2024: $193M); adjusted EBITDA $578M (2024: $625M); cash, equivalents and short-term deposits $885M at Dec 31, 2025; Kamoa-Kakula 2025 revenue $3.28B, EBITDA $1.45B, C1 $2.16/lb; 2026 C1 guidance $2.20–2.50/lb and capex $1.10–1.40B; Kipushi C1 $0.85–0.95/lb, capex $60M; Platreef capex $350–380M; Stage Two dewatering completed in December.
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8
Ivanhoe Mines announces updated, independent study results for the Kamoa-Kakula Copper Complex
2026 guidance 290,000–330,000 t of copper anode; 2027 380,000–420,000 t; over 500,000 t/yr from 2028; ~25-year mine life; C1 $2.60–3.00/lb (2026), $2.10–2.50/lb (2027), ~$2.00/lb from 2028; reserves 466 Mt at 2.82% Cu (13.1 Mt contained); indicated 1.27 Bt at 2.65%; inferred 336 Mt at 1.8%; Kakula stoping delayed to H1 2027 to complete peripheral development.
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9
Ivanhoe Mines issues 2026 second-quarter financial results, overview of operations and exploration activities
Kamoa-Kakula 64,328 t produced, 61,249 t sold at $5.99/lb; revenue $880M; EBITDA $385M (44%); attributable EBITDA $152M; C1 $2.84/lb (Q1 $2.58); cost of sales $4.86/lb; capex $284M; 2026 guidance tightened to 290,000–310,000 t, C1 $2.60–3.00/lb, capex $1,100–1,400M; acid 119,603 t at $465/t, July–August contracts ~$840/t; smelter ~60% of capacity, 850 t/day anode target in H2 2026, full capacity 2028; Project 95 commissioned, recoveries 90–95% expected; Kakula ore solely from development for 12 months, stoping H2 2027, development rates up 21%, adverse geotechnical and hydrological conditions, new dewatering infrastructure; Ivanhoe profit $46M, adjusted EBITDA $179M, EPS $0.03, cash $635M; Kipushi 70,177 t zinc, 43,424 t sold at $1.58/lb, C1 $0.90/lb, revenue $146M, EBITDA $51M; Platreef Phase 1 since November 18, 2025, 1,538 oz 3PE+Au in Q2, commercial production Q4 2026, Shaft #3 complete, Phase 2 Q4 2027, $700M facility closed April 30, 2026.
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10
Ivanhoe Mines reports 71,417 tonnes of copper in anode produced by Kamoa-Kakula in Q1 2026; recovery efforts advancing
Q1 2026 71,417 t (63,671 t anode plus 7,746 t blister at Lualaba Copper Smelter); dewatering over 70% complete; Stage Three pumping expected Q2 2026; Kamoa stoping H2 2026, Kakula stoping not expected until H1 2027; Kipushi 65,044 t zinc; Platreef ~2,400 oz since November 2025.
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11
CITIC files early warning report
CITIC Metal holds 314,671,533 common shares, about 24.78%; 1,269,698,059 Class A shares outstanding as of April 26, 2024; head office then at 606–999 Canada Place, Vancouver.
