Ivanhoe Copper and Zinc Production Soars Amid Smelter Commissioning

Ivanhoe copper

Strong First Quarter Driven by Kamoa-Kakula and Kipushi Output

Ivanhoe Mines reported a 79% year-on-year rise in adjusted EBITDA to $226 million in Q1 2025. The surge was fueled by a major jump in Ivanhoe copper and zinc production in the Democratic Republic of the Congo (DRC). The Kamoa-Kakula mine delivered 133,120 tonnes of copper, a 55% increase from last year. Meanwhile, Kipushi mine produced 42,736 tonnes of zinc, up by 32% on the quarter.

Smelter Commissioning Set to Unlock More Copper Value

Construction of the 500,000 t/yr smelter at Kamoa-Kakula is now complete, with commissioning underway. First copper anode production is expected in July. Despite selling 109,963 tonnes of copper in Q1 — up 29% — some inventory was held back in preparation for the smelter launch. Ivanhoe’s 2025 copper guidance remains 520,000–580,000 tonnes, with a long-term target of 600,000 tonnes/year.

Zinc Output Accelerates as Kipushi Ramps Up

Kipushi zinc sales rose 77% to 30,108 tonnes, reflecting ramp-up momentum since the November reopening. EBITDA at Kipushi jumped 160% to $10.5 million. Ivanhoe maintained 2025 zinc output guidance at 180,000–240,000 tonnes, with plans to exceed 250,000 tonnes in 2026. Ivanhoe is also expanding its exploration footprint through the Western Forelands copper belt, targeting discoveries near Kamoa-Kakula.

The Metalnomist Commentary

Ivanhoe’s investment in processing infrastructure like the Kamoa-Kakula smelter signals a strategic shift toward higher-margin, vertically integrated production. The scale and pace of Ivanhoe copper and zinc production position it as a dominant player in Africa’s critical minerals landscape.