Ivanhoe Mines Announces Completion of Hydropower Ramp-Up of 178-megawatt Turbine #5 at Inga II

On November 25, 2025, Ivanhoe Mines announced the completion of the hydropower ramp-up of the 178-megawatt (MW) Turbine #5 at the Inga II dam. The Kamoa-Kakula Copper Complex is now receiving the first 50 MW of clean hydroelectric power from this source. The company expects power delivery to increase to 100 MW in the first quarter of 2026 and to 150 MW by the first half of 2027 as further grid improvements are completed. This increases the total domestically sourced power at Kamoa-Kakula to 110 MW. The ultimate goal is to reach 210 MW of renewable, grid-supplied power by the end of 2027.

This news is a material positive de-risking event for Ivanhoe Mines. The stability and cost of power have been persistent operational concerns, exacerbated by reliance on expensive diesel generators and an unstable grid. The successful delivery of the first 50 MW from the refurbished Inga II Turbine #5 is a crucial step in stabilizing operations, reducing costs, and supporting the power-intensive ramp-up of the new 500,000 tpa copper smelter.

Looking at the historical context, the company has been providing updates on this project throughout the year, with timelines shifting slightly but ultimately guiding for completion in Q4 2025. - January 8, 2025: Guided for Inga II wet commissioning in Q2 2025. - August 25, 2025: Stated refurbishment was nearing completion with pre-commissioning activities underway. - October 30, 2025 (Q3 Call): Management confirmed they expected to receive the first 50 MW in November.

The November 25 announcement confirms successful execution, meeting the most recent guidance. This is a significant operational milestone following the major setback from the seismic event at the Kakula mine in May 2025. Securing a stable, long-term, and low-cost source of clean energy is fundamental to achieving the company's production targets and cost guidance. It directly impacts the profitability of the flagship Kamoa-Kakula asset and improves the company's ESG credentials. While not unexpected, the confirmation removes a key execution risk and provides a clear pathway to further power increases, which is essential for future expansions.

Ivanhoe Mines is a Canadian mining company with three core, world-class assets in Southern Africa. - Kamoa-Kakula Copper Complex (DRC): The company's flagship asset and a joint venture with Zijin Mining, CITIC Metal, and the DRC government. It is one of the world's largest and highest-grade copper deposits. The project has undergone a rapid multi-phase expansion. A major operational challenge in 2025 has been the recovery from a seismic event in May that caused flooding and suspended mining in parts of the Kakula mine. The commissioning of a 500,000 tpa on-site smelter is a key near-term value driver. - Kipushi Mine (DRC): An ultra-high-grade, producing zinc mine that is currently ramping up production. - Platreef Project (South Africa): A giant, thick, high-grade deposit of platinum-group metals, nickel, copper, and gold. Phase 1 is commencing production in late 2025, with large-scale phased expansions planned. - Exploration: The company also holds a vast and highly prospective exploration land package in the Western Forelands (DRC), adjacent to Kamoa-Kakula, as well as new projects in Zambia, Angola and Kazakhstan.