Base and precious metals miner Ivanhoe Mines recorded a profit of $31-million for the quarter ended September 30, compared with profit of $108-million reported for the third quarter of 2024, as a result of the lower share of profit from the Kamoa Holding joint venture (JV).

The company’s share of profit from the JV was $72-million less for the quarter under review than in the third quarter of 2024, as a result of the Kamoa-Kakula Copper Complex, in the Democratic Republic of Congo (DRC), having sold 61 528 t of payable copper, realising revenue of $566-million for the JV for the quarter, compared with the sale of 103 106 t of payable copper for revenue of $828-million in the prior comparable quarter.

Production at Kamoa-Kakula has been impacted by flooding on the eastern side of the Kakula mine since May, resulting in the curtailment of production rates and lower volumes of copper-in-concentrate sales. A staged dewatering programme is under way.

Stage 2 dewatering of the Kakula mine is about 35% complete and is expected to be completed in early December, at which point the underground water level is anticipated to be near the bottom of the Stage 2 dewatering shafts. 

“At Kamoa-Kakula, our teams continue to work around the clock to complete the Stage 2 dewatering. As this critical work is completed, underground workings and infrastructure are systematically inspected and rehabilitated to prepare for the resumption of mining activities in higher-grade areas.

“Meanwhile, the engineering team of Kamoa Copper, together with Ivanhoe and Zijin, is working alongside world-leading geotechnical experts to determine a conservative and responsible plan to increase mining rates from underground to fill our concentrators. We expect production to continue to rise over coming months and quarters, ultimately targeting over 550 000 t/y of copper, reaffirming Kamoa-Kakula’s position among the world’s most essential and lowest-carbon copper producers," says Ivanhoe founder and co-chairperson Robert Friedland.

Kamoa-Kakula's copper production for the first nine months of this year totalled 316 393 t and the complex is guided to produce between 370 000 t and 420 000 t of copper for the full-year to December 31.

Kamoa-Kakula’s 2025 capital expenditure (capex) guidance range of $1.42-billion to $1.6-billion has been lowered by $100-million to a range of $1.32-billion to $1.5-billion, with $910-million having been spent in the nine months to September 30.

The 2026 capex guidance for the mining complex has, meanwhile, been raised by $100-million from a range of $700-million to $1.2-billion, to a range of $800-million to $1.3-billion.

Meanwhile, the Kipushi zinc/copper/germanium/silver/lead mine, in the DRC, produced a record 57 200 t of zinc-in-concentrate in the third quarter and is on track to meet its full-year guidance of between 180 000 t and 240 000 t of zinc.

Kipushi's capex for the nine months ended September 30 was $63-million. The mine's full-year capex guidance has been increased by $10-million to $80-million.

“Kipushi’s rebirth as one of the world’s great zinc mines is now complete – the debottlenecking programme has elevated it to the ranks of the globe’s top producers.

"Very soon, with copper from Kamoa-Kakula; zinc, copper, germanium, gallium and silver from Kipushi; as well as platinum, palladium, rhodium, nickel, copper and gold from Platreef, Ivanhoe stands on the threshold of becoming one of the largest and most significant producers of these critical metals to power our planet’s future," comments Friedland.

PLATREEF
Ivanhoe points out that, at the Platreef platinum group metals mine, in South Africa, the Phase 1 concentrator started the final stages of hot commissioning on October 29, with the first feed of platinum/palladium/nickel/gold/rhodium/copper ore. The first production of concentrate is expected within the coming months.

“After almost 30 years of hard work, vision and perseverance, the Platreef mine has come to life. Today, as the first feed of ore entered the concentrator, a dream that began as a drill hole in the Limpopo dust in the last century is now a living, breathing mine.

"Platreef will prosper for generations to come as one of the lowest-cost and largest sources of platinum, palladium, rhodium, nickel, copper and gold. We are incredibly proud of the thousands of dedicated, hard-working men and women who have made this dream a reality so far . . . but, we are only just getting started . . . the Phase 1 mine is just a baby first step to an operation that we’ll be making ten times larger, over two further phases of expansion," Friedland says.

Work has started on the Phase 2 development at the mine, with the concentrator expansion targeted for completion in the fourth quarter of 2027.

Earthworks on the Phase 2 concentrator site, located adjacent to the Phase 1 concentrator, are scheduled to start in the first quarter of 2026.

Ivanhoe highlights that the spot prices for platinum and palladium have increased by about 78% and 60%, respectively, for the year to date, boosting the Platreef project's value by more than 50%.