Ivanhoe Mines Reports 64,328 Tonnes of Copper Produced by Kamoa-Kakula in Q2 2026

Ivanhoe Mines Ltd. released its Q2 2026 production results and a detailed operations update, reporting that Kamoa-Kakula produced 64,328 tonnes of copper (anode, blister, or saleable slag concentrate), down from 71,417 tonnes in Q1. This decline was largely due to a 56-day planned shutdown at the Lualaba Copper Smelter (LCS). The on-site smelter alone produced 62,072 tonnes of anode, while LCS contributed only 2,256 tonnes of blister. Concentrator performance remained solid, with Phase 1, 2, and 3 plants milling 2.97 Mt of ore and delivering 61,134 tonnes of copper in concentrate. Copper inventory remained at approximately 40,000 tonnes, with up to 10,000 tonnes of destocking planned for the second half of the year.

On the development front, Project 95, the concentrator recovery upgrade, has been completed, with higher recoveries expected from Q3. The 60-MW solar facility with battery storage is currently being commissioned, with full capacity targeted by the end of Q3. Ivanhoe Mines maintains its 2026 Kamoa-Kakula production guidance of 290,000–330,000 tonnes of copper. H2 mining rates are targeted to rise 30% to 700,000 tonnes per month, equating to approximately 8.5 Mtpa. The smelter is targeting 850 tpd of anode in H2, representing 60% of design capacity, while a further ramp to full 500 ktpa is deferred to 2028.

At Kipushi, the company set a new quarterly zinc production record of 70,177 tonnes of concentrate, an 8% quarter-over-quarter increase. This output was driven by record mill throughput and grade, processing 200,774 tonnes at 38.71% Zn with a 91.91% recovery, cementing its path to meet 2026 guidance of 240,000–290,000 tonnes. Meanwhile, Platreef completed Shaft #3 commissioning and produced 1,538 oz of PGMs. Stoping of higher-grade ore has begun, and commercial production remains on target for Q4 2026. Financial results for Q2 will follow on July 29.

Ivanhoe Mines Ltd. (IVN) released a routine quarterly operations update containing no new guidance, surprise cost overruns, or project delays that alter the investment case. Key takeaways include Project 95 completion, solar commissioning, and Kipushi’s record performance. These developments were positive but were clearly telegraphed in prior releases and the investor presentation.

The company experienced a 56-day LCS shutdown that was not flagged earlier, but the on-site smelter more than mitigated the impact, and full-year guidance remains intact. For the $12-billion diversified producer, a 9-kilo-tonne quarter-over-quarter copper production dip is already priced into the ramp-up narrative.

The stock’s recent slide, from approximately $18.80 to $10.04, reflects broader sector and copper price weakness rather than operational failure. The sustained ramp-up and record zinc output reinforce credibility but do not provide new, market-moving information.

Ivanhoe Mines Ltd. (IVN) is a diversified mining company operating three producing assets: the Kamoa-Kakula copper mine in the Democratic Republic of Congo, the Kipushi zinc mine in the DRC, and the Platreef PGM-nickel-copper-gold project in South Africa, alongside a large exploration portfolio. The flagship Kamoa-Kakula complex is a world-class sediment-hosted copper deposit featuring a new on-site smelter and 17 Mtpa concentrator capacity. Kipushi operates as an ultra-high-grade zinc mine, while Platreef, a tier-one PGM deposit, is being developed in phases with first concentrate already produced and Phase 2 expansion under construction. The company holds strategic exploration ground in the DRC, Angola, Zambia, and Kazakhstan. Key shareholders include CITIC Metal (21.2%), Zijin Mining (12.2%), Robert Friedland (11.5%), and QIA (4.0%).