Ivanhoe Mines Provides 2025 Production Results, 2026 Production Guidance
Ivanhoe Validates Recovery Path as Kamoa Smelter and Kipushi Ramp-up Offset Lingering Kakula Constraints.
The news release dated January 15, 2026, provides the full-year 2025 production results and initial 2026 guidance for Ivanhoe’s three primary assets. Kamoa-Kakula produced 388,838 tonnes of copper in concentrate, successfully meeting the revised guidance range of 370,000 to 420,000 tonnes. Kipushi produced 203,168 tonnes of zinc, also meeting its targets. The Kamoa-Kakula smelter is currently producing 500 tonnes per day of copper anodes and 1,200 tonnes per day of sulphuric acid.
Crucially, the company issued 2026 guidance of 380,000 to 420,000 tonnes of copper for Kamoa-Kakula. This indicates that 2026 will be a year of stabilization rather than explosive growth, with the major jump to 500,000+ tonnes deferred to 2027. Kipushi guidance for 2026 is set at 240,000 to 290,000 tonnes of zinc.
The impact is material and positive because it confirms the company has successfully navigated the technical crisis triggered by the May 2025 seismic event. Achieving guidance in a year where the flagship mine faced partial flooding and structural instability is a significant operational feat that restores management credibility.
However, a critical review shows that the 2026 copper guidance (400,000 tonnes midpoint) is essentially flat compared to the 2025 revised performance. Before the 2025 earthquake, the market had expected 2026 production to approach 600,000 tonnes. This news confirms a permanent "step down" in the 2026 production profile as the company prioritizes safe re-entry into high-grade zones and dewatering. The material positive is the smelter ramp-up, which will significantly reduce C1 cash costs by eliminating third-party smelting charges and reducing logistics costs by exporting 99.7% pure blister copper instead of concentrate.
Ivanhoe Mines is a Tier-1 diversified miner focused on Southern Africa. Its flagship project is the Kamoa-Kakula Copper Complex (DRC), a joint venture with Zijin Mining and the DRC government. It is the highest-grade major copper mine in the world. Other key assets include the Kipushi Zinc Mine (DRC), currently ramping up, and the Platreef Project (South Africa), the world’s largest precious metals mine under development. The company is characterized by extremely high grades and a low carbon footprint compared to global peers.