Ivanhoe Mines announced the company’s first quarter production results and an update on operational and project activities.
During the first quarter, Kamoa-Kakula produced a total of 71,417 tonnes of copper in blister and anode. The total consisted of 63,671 tonnes of copper in anode produced by Kamoa-Kakula’s on-site, direct-to-blister copper smelter and 7,746 tonnes of copper in blister produced by the Lualaba Copper Smelter (LCS), in Kolwezi. In addition, Kamoa-Kakula’s on-site copper smelter produced 117,871 tonnes of high-strength sulphuric acid during the quarter.
On March 31, 2026, Ivanhoe Mines announced the results of an updated technical report for the Kamoa-Kakula Copper Complex (“Kamoa-Kakula MRE”). The updated Mineral Reserve estimate is 466 million tonnes of ore at a grade of 2.82% copper, containing 13.1 million tonnes of copper. The estimate incorporates changes to the mine design and extraction sequence, taking into consideration cautious geotechnical parameters adopted based on analysis by world-leading experts. The technical report also outlined an updated mine plan and production schedule. Under the Kamoa-Kakula MRE, the Phase 1, 2 and 3 concentrators will ramp up to a combined steady-state rate of 17 million tonnes per annum over an approximately 25-year life of mine. In addition, revised copper production guidance outlined the ramp-up to over 500,000 tonnes of copper per annum from 2028 onwards.
The Kipushi concentrator delivered another record quarter, milling a record 196,774 tonnes of ore at an average grade of 36.96%, producing a record 65,044 tonnes of zinc in concentrate. The record quarterly production represented a 6% increase compared to Q4 2025. In addition, for the first time concentrator recoveries averaged over 90% during the quarter.
Platreef Mine’s 0.8-million-tonne-per-annum Phase 1 concentrator was campaigned during the quarter with lower-grade development ore, ahead of completion of Shaft #3. Shaft #3 will increase the Platreef Mine’s hoisting capacity by approximately five times, enabling the concurrent hoisting of ore and development waste, which was previously not possible with Shaft #1 alone. Construction of Shaft #3, as well as its associated underground materials-handling and crushing plants, was completed on schedule in late March and is currently undergoing commissioning. Once Shaft #3 ramps up in the coming weeks, the Phase 1 concentrator will then be continuously fed with higher-grade production ore. In addition, Shaft #3 will also hoist waste development required in preparation for the Phase 2 expansion, which is on schedule to be completed by the end of 2027. Early works on the Phase 2 expansion’s surface infrastructure also started during the first quarter. The breaking of ground on the 3.3-million-tonne-per-annum Phase 2 concentrator site is expected to commence imminently.
Founder and Co-Chairman Robert Friedland commented:
“We are expecting that the continued closure of the Straits of Hormuz will have a profound effect on global supply chains. Therefore, contingency plans have been drawn up across Ivanhoe’s operating sites to sustain its operations, including advanced diesel purchases. Our mine-site managers are prudent and optimistic that we are well-positioned.
“If the closure of the Straits of Hormuz continues, we are especially concerned about the availability of precursor materials necessary for the mining industry to continue operating. A second-derivative effect will be on global copper production due to the shortage of the world’s most important industrial chemical, sulphuric acid. Approximately 20% of global copper supply relies on a process that uses sulphuric acid to leach copper from oxide ores. With approximately 50% of the global seaborne sulphur supply cut off, sulphur and sulphuric acid markets are becoming extremely tight.
“Against this backdrop, Kamoa-Kakula is ideally positioned as a producer and seller, and therefore not a consumer, of sulphuric acid… Our on-site copper smelter produces high-strength sulphuric acid as a by-product, which we sell to oxide copper mining operations in the DRC Copperbelt. To be clear, our industrial process does not require sulphuric acid to produce 99.7%-pure copper anodes. In addition, we have refurbished over 250 megawatts of hydroelectric capacity in the Democratic Republic of the Congo that powers our operations… and soon we will have an additional 60 megawatts of power from our new solar field with battery storage. Kamoa-Kakula has a very low rate of diesel consumption per tonne of copper produced, further strengthening the strategic advantage of our integrated operations.
“The Platreef Mine’s Phase 2 expansion is advancing on schedule. The recent completion of Shaft #3 is a major milestone that dramatically accelerates the project.
“At Kipushi, we’ve delivered yet another record-breaking quarter, mining the highest-grade zinc in the world. With further improvements made to the management of grid and back-up power, further throughput gains are to come.”
