Ivanhoe Mines completes debottlenecking at Kipushi

Executive Summary

• Kipushi debottlenecking program finished ahead of schedule and under budget, boosting concentrator throughput by 20 % and setting multiple zinc production records.
• New off‑take agreement with Mercuria for up to one‑third of high‑grade zinc concentrate; Mercuria also provides a $20 million loan facility at SOFR + 6 %.
• Production guidance for 2025 remains unchanged (180,000–240,000 t Zn) but expected to be supported by higher throughput and improved DMS availability (70 % → 96 %).

Key Details

• Throughput Increase: Kipushi concentrator throughput rose 20 % to ~960,000 t of ore per annum.
• Record Production: 1,052 t of zinc concentrate produced in a single 24‑hour period (annualized >340,000 t); 5,545 t produced over seven days (annualized ≈290,000 t).
• DMS Upgrade: Availability improved from ~70 % to 96 %, raising concentrator recoveries to >90 %.
• Of‑take Agreement: Mercuria of Geneva signed a three‑year contract for up to one‑third of Kipushi’s high‑grade zinc concentrate; existing contracts cover the remaining two‑thirds (CITIC Metal and Trafigura Asia).
• Financing Component: Mercuria provides a $20 million loan facility, interest rate SOFR + 6 % over the term of the off‑take contract.
• Backup Power: Additional 6 MW backup generator capacity to be commissioned in Q4 2025 to mitigate grid instability.
• Safety Record: No lost‑time injuries recorded throughout construction (Sept 2022–June 2024) and debottlenecking activities.
• Guidance Confirmation: 2025 zinc production guidance unchanged at 180,000–240,000 t Zn.

Notable Quotes

“The successful completion of the debottlenecking program ahead of schedule and under budget underscores our commitment to operational excellence and safety,” – Robert Friedland, Executive Co‑Chair, Ivanhoe Mines Ltd.

All forward‑looking statements are subject to risks and uncertainties; see Ivanhoe Mines’ safe‑harbor disclaimer.