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Ivanhoe tightens Kamoa-Kakula guidance and moves Kakula stoping to the second half of 2027
Second-quarter copper production of 64,328 tonnes at a cash cost of US$2.84 a pound came with a narrower 2026 range and a later restart of production mining at Kakula than the March study had set.
Kamoa-Kakula, 39.6% owned by Ivanhoe Mines, produced 64,328 tonnes of copper in the quarter ended June 30, 2026 and sold 61,249 tonnes at a realized US$5.99 a pound, for revenue of US$880 million and EBITDA (a non-IFRS measure) of US$385 million on a 100% basis [1][2]. The cash cost rose to US$2.84 a pound from US$2.58 in the first quarter [1]. Ivanhoe itself reported a profit of US$46 million and held US$635 million of cash at quarter end [1].
The company tightened 2026 guidance to 290,000 to 310,000 tonnes from the 290,000 to 330,000 tonnes set in its March 31 study [1][3]. The more consequential line is the schedule: stoping at Kakula, the mine suspended after seismic activity in May 2025, is now expected to begin in the second half of 2027, where the March study had it in the first half, with the company citing adverse geotechnical and hydrological conditions for slower development and new dewatering infrastructure under construction [2][3]. Production stoping at Kamoa began toward the end of the quarter [2].
The smelter has run at about 60% of capacity since mid-February; Kipushi set a zinc record of 70,177 tonnes, and Platreef is expected to reach commercial production in the fourth quarter [1].
A U.S. holder of the OTCQX line should read this as a recovery whose main variable is ground conditions in the DRC, not the copper price. The 2027 range of 380,000 to 420,000 tonnes now rests on a stoping start that has moved once already [3].
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1
Ivanhoe Mines issues 2026 second-quarter financial results, overview of operations and exploration activities
64,328 t produced; 61,249 t sold at $5.99/lb; revenue $880M; EBITDA $385M (44%); C1 $2.84/lb (Q1 $2.58); 2026 guidance tightened to 290,000–310,000 t from 290,000–330,000 t; smelter ~60% of capacity, 850 t/day anode target in H2; Project 95 commissioned; Ivanhoe profit $46M, adjusted EBITDA $179M, cash $635M; Kipushi record 70,177 t zinc; Platreef commercial production expected Q4 2026.
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Ivanhoe Mines issues 2026 second-quarter financial results (PDF)
Stoping at Kakula expected to commence in H2 2027; production stoping at Kamoa began toward the end of Q2; heading development lower than expected due to adverse geotechnical and hydrological conditions; new dewatering infrastructure under construction; Ivanhoe 39.6% of Kamoa-Kakula.
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3
Ivanhoe Mines announces updated, independent study results for the Kamoa-Kakula Copper Complex
2026 guidance 290,000–330,000 t; 2027 380,000–420,000 t; Kakula stoping delayed to H1 2027.
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