Kamoa-Kakula copper production rises in 2Q as Ivanhoe locks in offtake

Ivanhoe Mines

Kamoa-Kakula copper production increased 11% year on year in the second quarter. Kamoa-Kakula copper production reached 112,009 tonnes of copper in concentrate. Operations resumed in early June after a 20 May seismic event. Ivanhoe cut 2025 guidance to 370,000–420,000 tonnes. Kamoa-Kakula copper production for the first half totaled 245,127 tonnes.

June output validated stable operations across three concentrators. The site produced 28,147 tonnes in June alone. The on-site 500,000-tonne-per-year smelter will start in early September. First 99.7% copper anode is scheduled for October.

Smelter start-up and offtake de-risk cash flows

Trafigura signed a three-year offtake for 20% of anode output. The deal includes a $200 million prepayment facility. Citic Metal and Gold Mountains secured the remaining 80% earlier this year. As a result, anode sales have full coverage during ramp-up.

In-country smelting should reduce transport and TC/RC exposure. The smelter also improves working capital turns. Therefore, Ivanhoe gains greater margin control across the value chain.

Recovery upgrades and new ore underpin 2026 growth

Project 95 targets a recovery lift from 87% to 95% by early 2026. The project is about 50% complete and on schedule. A new eastern mining area will add high-grade ore by the second quarter of 2026. These upgrades support volumes and lower unit costs.

Portfolio updates complement the copper outlook. Kipushi produced 41,788 tonnes of zinc in the quarter. Platreef remains on track for first PGM production in the fourth quarter.

The Metalnomist Commentary

Ivanhoe is pairing operational resilience with commercial de-risking. The smelter and offtakes tighten cash generation while recovery gains add structural margin. Watch guidance delivery, smelter ramp curves, and ore-quality cadence into 2026.