Kipushi Zinc Output Hits Record as Ivanhoe Ramps DRC Supply

Ivanhoe Mines

Kipushi zinc output reached a monthly record in May as Ivanhoe Mines continued ramping one of the Democratic Republic of the Congo’s most important base metals operations. The mine produced 25,677t of zinc in concentrate during the month.

Kipushi zinc output was supported by record milling performance, with concentrators processing 72,003t of ore in May. Ivanhoe has produced around 110,000t of zinc so far this year.

Kipushi zinc output is expected to reach 240,000-290,000t in 2026, up from 203,168t last year. That growth could make the mine an increasingly important source of zinc concentrate for global smelters.

The operation also produces lead and germanium, giving Kipushi strategic relevance beyond zinc alone. Germanium remains important for semiconductors, fibre optics, defence and other advanced technologies.

Record Throughput Strengthens Zinc Supply Outlook

Kipushi’s May performance shows that the mine is moving toward more stable large-scale production. Higher ore throughput is allowing Ivanhoe to increase concentrate output and improve utilisation of its processing infrastructure.

This matters because zinc mine supply remains sensitive to operational disruptions and project delays. Additional tonnes from Kipushi can provide more feedstock for smelters at a time when concentrate availability remains an important factor in treatment charges and refined zinc economics.

The mine’s 2026 production guidance implies another significant step up from last year. If Ivanhoe reaches the upper end of its target, output would rise by more than 40% from 2025 levels.

Kipushi’s high throughput also improves the economics of recovering associated metals. Lead and germanium can add value to the concentrate stream and strengthen the mine’s strategic importance.

The project is 62% owned by Ivanhoe, with DRC state-owned miner Gecamines holding the remaining 38%.

Grid Reliability Remains the Main Operating Risk

Despite stronger output, electrical grid instability continues to affect concentrator availability. Ivanhoe highlighted power reliability as a constraint in its first-quarter results.

This remains the key risk to sustained production growth. Zinc mining and concentration require stable electricity, and repeated interruptions can reduce throughput, recovery and equipment utilisation.

For the DRC, Kipushi demonstrates both the opportunity and weakness of its mining sector. The country has world-class mineral resources, but infrastructure reliability remains critical to converting those resources into consistent export supply.

The mine’s germanium exposure also adds strategic significance. As western economies seek diversified sources of critical materials, by-product recovery from large base metal mines is becoming increasingly valuable.

Kipushi therefore matters not only as a zinc project, but as a broader source of strategic metals from Central Africa.

The Metalnomist Commentary

Kipushi’s record output shows that Ivanhoe is successfully scaling one of the DRC’s most important zinc assets. The next challenge is power reliability, because infrastructure rather than geology may determine how much zinc and germanium the mine can ultimately deliver.