Ivanhoe Mines Issues 2026 Second-Quarter Financial Results, Overview of Operations and Exploration Activities
Ivanhoe reports acid credit surges and record zinc prices while its Platreef output slips and copper guidance is trimmed.
Ivanhoe Mines Ltd. (IVN) reported second-quarter 2026 financial and operating results after the close on July 29, 2026. The company posted a profit of $46 million, a significant turnaround from the $2 million loss recorded in Q1 2026. Adjusted EBITDA reached $179 million, driven largely by a $152 million attributable EBITDA contribution from the Kamoa-Kakula operation.
Kamoa-Kakula produced 64,328 tonnes of copper, including anode, blister, and slag concentrate, with sales totaling 61,249 tonnes. The operation achieved an average realized price of $5.99 per pound against a C1 cash cost of $2.84 per pound. The on-site smelter operated at approximately 60% capacity, selling 119,603 tonnes of sulphuric acid at $465 per tonne during the quarter. Contract prices for Q3 have since risen to approximately $840 per tonne.
The company tightened its 2026 Kamoa-Kakula production guidance to 290,000–310,000 tonnes of copper, down from the previous range of 290,000–330,000 tonnes. Ivanhoe reaffirmed its 2027 guidance of 380,000–420,000 tonnes. Meanwhile, the Kipushi mine set a quarterly zinc production record of 70,177 tonnes in concentrate, with a C1 cash cost of $0.90 per pound. Unsold zinc inventory currently stands at approximately 44,000 tonnes due to logistics constraints.
At the Platreef project, Ivanhoe commissioned Shaft #3 but pushed back the commercial-production milestone to Q4 2026, moving from the previous target of mid-2026. Exploration spending for 2026 was increased to $126 million.
Ivanhoe Mines Ltd. (IVN) reported Q2 results that marked a swing back to profitability, driven by record zinc output and a surge in sulphuric acid contract prices to $840/t in Q3, which fully offsets smelter operating costs. These gains were tempered by a slight reduction in the upper end of copper guidance and a pushed-back Platreef deadline. The release largely confirms the operational picture already sketched by the July 8 production update.
Ivanhoe Mines Ltd. (IVN) is a diversified base- and precious-metals producer operating three mines: the Kamoa-Kakula copper complex, which it owns 39.6% of in the Democratic Republic of Congo (DRC); the Kipushi zinc mine, with a 62% stake in the DRC; and the Platreef PGM-nickel-copper-gold mine, held at 64% in South Africa. The company also maintains a significant exploration portfolio across the DRC’s Western Forelands, Angola, Zambia, and Kazakhstan.
Ivanhoe’s operations are anchored by tier-1 assets. Kamoa-Kakula is the world’s highest-grade large copper mine, while Kipushi is the highest-grade major zinc mine. Platreef stands as one of the largest undeveloped PGM deposits. The company’s operational profile is further distinguished by a 500 ktpa on-site copper smelter and extensive hydropower infrastructure.