Ivanhoe hits 2025 copper, zinc guidance as Kamoa-Kakula smelter ramps

Ivanhoe Zinc mining

Ivanhoe hits 2025 copper, zinc guidance after meeting targets at Kamoa-Kakula and Kipushi. The company produced 388,838t of copper in concentrate in 2025. Ivanhoe hits 2025 copper, zinc guidance while positioning 2026 for higher-value sales from on-site smelting.

Kamoa-Kakula’s Phase 3 concentrator delivered the operational backbone of 2025 performance. It produced 144,493t of copper in concentrate during the year. Meanwhile, Ivanhoe hits 2025 copper, zinc guidance as the slag concentrator added 3,030t ahead of the smelter’s late-2025 start.

Kamoa-Kakula leans on high throughput and a new smelter model

Kamoa-Kakula processed 6.4mn t of ore in 2025 at Phase 3, beating its 5mn t/yr design rate. Fourth-quarter recovery reached a record 88.2pc. However, underground mining normalisation remains a key variable after May 2025 seismic disruption and ongoing dewatering.

Ivanhoe reaffirmed 2026 copper production guidance of 380,000–420,000t in concentrate. The company also reiterated its 2027 outlook of 500,000–540,000t. Therefore, investors will track whether stable underground access converts processing strength into sustained higher mined output.

Why inventory drawdowns and sulphuric acid matter in 2026

Ivanhoe expects 2026 copper sales to exceed production by about 20,000t as it draws down concentrate inventory. Inventories stood near 37,000t of contained copper before first smelter feed. As a result, inventories are expected to drop toward about 17,000t during 2026.

The smelter has started producing 99.7pc-pure copper anodes at about 500 t/d on average. That pace implies an annualised run-rate near 150,000 t/yr after availability. Meanwhile, sulphuric acid output averages about 1,200 t/d and could reach 700,000 t/yr at steady state, adding a material by-product revenue stream.

Kipushi also delivered a strong 2025, producing 203,168t of zinc in concentrate. Fourth-quarter output hit 61,444t, with December at 22,629t. Therefore, 2026 guidance of 240,000–290,000t signals continued ramp-up, although grid stability remains a constraint.

The Metalnomist Commentary

Ivanhoe is shifting from “concentrate exporter” to “smelter-linked margin capture.” However, the upside depends on consistent underground access and reliable power. If both hold, the value uplift could outpace pure volume growth.