Ivanhoe Mines Ltd
TSX:IVN
Ivanhoe Mines Ltd
Ivanhoe Mines Ltd., a dynamic player in the global mining landscape, is predominantly known for its strategic focus on developing and exploring mineral properties in Africa. The company's flagship asset, the Kamoa-Kakula Project in the Democratic Republic of Congo (DRC), has swiftly garnered attention as one of the most significant copper discoveries in recent decades. This massive project is co-owned with the Congolese government and Chinese mining company Zijin Mining Group, creating a formidable alliance that promises not only substantial copper output but also a sustainable development model. The mine's proximity to critical infrastructure, such as hydroelectric power facilities, underscores its operational efficiency and potential for environmentally conscious mining practices.
In addition to its copper interests, Ivanhoe Mines also holds substantial stakes in two other major mining ventures: the Platreef Project in South Africa, focusing on platinum-group metals, and the Kipushi Project in the DRC, renowned for its exceptional zinc deposits. Ivanhoe’s diversified portfolio strategically positions the company to benefit from various metals, each serving essential roles in the global economy—from electronics to automotive manufacturing. The company's revenue model hinges on producing and selling these valuable resources on the global market, complemented by strategic partnerships that enhance capital and operational capacity. By steadily advancing these high-quality resource projects, Ivanhoe Mines not only crafts a tale of growth and resilience but also contributes significantly to regional economic development where its operations are based.
Ivanhoe Mines Ltd., a dynamic player in the global mining landscape, is predominantly known for its strategic focus on developing and exploring mineral properties in Africa. The company's flagship asset, the Kamoa-Kakula Project in the Democratic Republic of Congo (DRC), has swiftly garnered attention as one of the most significant copper discoveries in recent decades. This massive project is co-owned with the Congolese government and Chinese mining company Zijin Mining Group, creating a formidable alliance that promises not only substantial copper output but also a sustainable development model. The mine's proximity to critical infrastructure, such as hydroelectric power facilities, underscores its operational efficiency and potential for environmentally conscious mining practices.
In addition to its copper interests, Ivanhoe Mines also holds substantial stakes in two other major mining ventures: the Platreef Project in South Africa, focusing on platinum-group metals, and the Kipushi Project in the DRC, renowned for its exceptional zinc deposits. Ivanhoe’s diversified portfolio strategically positions the company to benefit from various metals, each serving essential roles in the global economy—from electronics to automotive manufacturing. The company's revenue model hinges on producing and selling these valuable resources on the global market, complemented by strategic partnerships that enhance capital and operational capacity. By steadily advancing these high-quality resource projects, Ivanhoe Mines not only crafts a tale of growth and resilience but also contributes significantly to regional economic development where its operations are based.
Record Smelter Commissioning: Ivanhoe Mines successfully commissioned Africa's largest and most advanced copper smelter at Kamoa-Kakula, with ramp-up ahead of schedule and over 60% capacity reached.
Financial Performance: Kamoa-Kakula achieved record annual revenue of $3.3 billion in 2025, up from $3.1 billion in 2024, and group EBITDA reached $578 million, with net profit of $228 million.
Kipushi Zinc Ramp-up: Kipushi completed debottlenecking and delivered strong Q4 production, setting guidance for 2026 zinc production at 240,000–290,000 tonnes.
Platreef Expansion: Platreef mine was inaugurated and is undergoing Phase 2 expansion to quadruple production to 450,000 ounces of precious metals by end-2027.
Cost Guidance: 2026 copper cash cost guidance is $2.20–$2.50 per pound, improving to $1.90–$2.30 in 2027, while Kipushi zinc costs are guided at $0.85–$0.95 per pound.
Safety Incident: The company reported a fatality at Kamoa-Kakula in Q4, with a full investigation underway and renewed commitment to safety.
Strengthened Liquidity: Ivanhoe ended 2025 with $885 million in cash and short-term deposits, plus strong liquidity at Kamoa-Kakula, and a net debt to EBITDA ratio of 2.1x.
Exploration Focus: Ivanhoe continues a $100 million exploration program, with world-leading copper discovery costs and further drilling planned at Western Forelands.
