TSX-listed Ivanhoe Mines has announced its 2025 production target for the Kamoa-Kakula copper complex in the Democratic Republic of the Congo (DRC), aiming for between 520 000 t and 580 000 t in the year.

This follows a record-breaking performance in 2024 with the complex producing 437 061 t of copper in concentrate for the full year, marking a 12% year-on-year increase. The fourth-quarter of 2024 alone delivered a record 133 819 t, a 15% quarter-on-quarter increase, while December saw a monthly production record of 47 058 t.

Ivanhoe attributes the year-on-year growth to the ramp up of the Phase 3 concentrator in the second half of 2024; while the record quarter production was a result of strong performance from the Phase 1 and 2 concentrators, delivering record throughput with improved grade and recovery, as well as the Phase 3 concentrator reaching and at times exceeding nameplate design parameters.

Kamoa-Kakula’s high- and medium-grade ore surface stockpiles totalled about 4.19-million tonnes at an estimated, blended average grade of 3.18% copper.

Contained copper in the stockpiles at the end of December totalled about 133 000 t.

At year-end, there were about 30 000 t of unsold copper in inventory, up from 16 000 t of unsold copper in concentrate at the end of the third quarter.

The inventory of unsold copper is largely undergoing toll treatment at Lualaba Copper Smelter (LCS) and is expected to reduce during the first quarter.

However, Ivanhoe reported that a recent fire caused damage to a portion of Kamoa-Kakula’s on-site backup generator, which could potentially delay the commissioning of its on-site smelter by up to three months. Expedited repairs are under way

In addition to its copper operations, Ivanhoe’s ultra-high-grade Kipushi zinc mine, also in the DRC, produced 50 307 t of zinc in concentrate in 2024, including a monthly record 14 900 t in December as ramp-up approaches nameplate capacity.

Kipushi 2025 production guidance has been set at between 180 000 t and 240 000 t of zinc.

At the end of December, Kipushi’s high- and medium-grade ore surface stockpiles totalled about 344 000 t at an estimated average grade of 23% zinc. Contained zinc in the stockpiles totalled about 79 500 t.

In recent months, imported power available to Kamoa-Kakula has been reduced owing to drought conditions affecting hydroelectric capacity in Zambia and Mozambique. Although the rainy season has begun, the company says it is too early to predict the degree to which reservoirs that provide hydropower in Zambia and Mozambique will be recharged.

Given this uncertainty, 2025 production guidance will be reviewed at the end of the rainy season in the second quarter.

Meanwhile, Ivanhoe Mines is also exploring options for future hydropower imports from Angola.

Ivanhoe Mines expects to release its 2024 financial results after market close on February 19.