Name of the Project
Kipushi zinc/copper/lead/germanium mine.

Location
Democratic Republic of Congo (DRC).

Project Owner/s
Kipushi Corporation (KICO), a joint venture between Ivanhoe Mines (68%) and DRC State-owned mining company Gécamines (32%). Gécamines will acquire an increasing percentage of the share capital and voting rights in KICO over time, subject to completing conditions precedent.

Project Description
Kipushi will be the world’s highest-grade major zinc mine, with an average grade of 36.4% zinc over the first five years.

The 2022 feasibility study focuses on the mining of Kipushi’s zinc-rich Big Zinc and Southern Zinc zones.

The feasibility study envisages the restart of underground mining operations, and the construction of a new concentrator facility on surface with a processing capacity of 800 000 t/y of ore, producing on average 240 000 t/y of zinc contained in concentrate over a 14-year mine life.

The project will benefit from significant existing surface and underground infrastructure to allow for substantially lower capital costs than comparable development projects.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
At a long-term zinc price of $1.20/lb, the project has an after-tax net present value, at an 8% real discount rate, of $941-million and an after-tax real internal rate of return of 40.9%, with a payback of 2.3 years.

Capital Expenditure
Preproduction capital costs have been estimated at $382-million.

Planned Start/End Date
The Kipushi mine started operations in mid-2024. The first ore was fed into the new concentrator on May 31, 2024, and the first concentrate was produced on June 14, 2024.

Latest Developments
Production rates from Kipushi have significantly improved following the completion of the debottlenecking programme in August. 

In the third quarter, the Kipushi concentrator milled a record 168 862 t of ore at an average milled grade of 37.8%, producing a record 57 200 t of zinc in concentrate. The record quarterly production represented a 37% increase, compared with production in the second quarter of 2025.

Key Contracts, Suppliers and Consultants
OreWin; MSA; SRK Consulting (South Africa); and MDM (Technical) Africa, a division of Wood (technical report).

Contact Details for Project Information
Ivanhoe Mines (North America), tel +1 604 688 6630/+27 11 088 4300 (South Africa) or email info@ivanhoemines.com.