TSX-listed Ivanhoe Mines’ has announced an operations and project development update. Ivanhoe Mines is a leading Canadian mining company with three principal tier one mining operations in Southern Africa.
The company is primarily focused on operations at the Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo (DRC); ramping up production and debottlenecking the ultra-high-grade Kipushi zinc-copper-lead-germanium mine in the DRC; and soon, commencing the startup of the Platreef platinum, palladium, rhodium, nickel, gold, and copper mine in South Africa.
In addition, Ivanhoe Mines is expanding the Makoko District copper discovery in the Western Forelands, as well as exploring for new sedimentary-hosted copper discoveries across its expansive and highly prospective exploration licence packages across the DRC, Angola, Zambia, and Kazakhstan.
Founder Robert Friedland commented: “More important than the financial results of this second quarter are the milestones achieved beneath the surface at Kakula. Since resuming operations in early June, our underground teams have delivered remarkable outcomes, exceeding our expectations and demonstrating extraordinary dedication under challenging circumstances. Their efforts are driving steady, week-on-week improvements, as we work our way back towards full capacity. Guided by technical assessments and strategic leadership directives, this progress showcases robust momentum and a clear path forward.
“Equally commendable are our colleagues in China, whose exceptional coordination has been instrumental in sourcing, assembling, and shipping four high-capacity submersible pumps. These critical infrastructure components, set to begin operation in August, will expedite the dewatering efforts of Kakula. By the end of 2025, these pumps are expected to enable us access back into the mine's eastern high-grade zones.
By the end of 2025, these pumps are expected to enable us access back into the mine's eastern high-grade zones.
“However, the most groundbreaking transformation is yet to come. With the Platreef Mine poised to begin production next quarter, this will be a new frontier for the global platinum group metals industry and South Africa. Platreef signifies the future of sustainable mining, combining large-scale operations, mechanization, cost efficiency, environmental stewardship, and an emphasis on social and community partnership. It is not merely a new mine but a redefinition of how platinum group metals, as well as nickel and copper, are produced responsibly. The dawn of the Platreef era is upon us, and the world is watching.”
Operational Highlights
- During the second quarter, Kamoa-Kakula’s Phase 1, 2, and 3 concentrators milled 3.62 million tonnes of ore, producing 112,009 tonnes of copper, representing an 11% increase when compared with the same period in 2024. This included a monthly record of approximately 50,000 5 tonnes of copper in April, prior to the occurrence of seismic activity in May 2025. Copper production for the first half of 2025 totaled 245,127 tonnes.
- Quarterly copper production was significantly impacted by seismic activity on the eastern side of the Kakula Mine, as reported on May 20, 2025. This resulted in the suspension of underground mining activities at the Kakula Mine. Mining recommenced on the western side of the Kakula Mine on June 7, 2025. Kamoa-Kakula’s 2025 production guidance was revised to between 370,000 and 420,000 tonnes of copper.
- The Phase 1 and 2 concentrators commenced the processing of ore from the western side of the Kakula Mine on June 8, 2025. For the remainder of the year, the Phase 1 and 2 concentrators are expected to operate at between 80% and 85% of plant capacity, targeting 50% of ore feed from surface stockpiles and 50% from ore mined from the western side of Kakula. The processing of surface stockpiles is expected to continue until they are depleted in Q1 2026.
- The Phase 3 concentrator milled a record 1.6 million tonnes of ore in the second quarter, producing a record 40,608 tonnes of copper. The milling record is equivalent to an annualized rate of 6.5 million tonnes, which is 30% higher than the Phase 3 concentrator’s design capacity of 5.0 million tonnes per annum. The average quarterly feed grade for the Phase 3 concentrator was a record 2.92% copper.
- Stage One dewatering continues as planned, with water levels modestly decreasing. The delivery of the four Stage Two, submersible, high-capacity dewatering pumps has recently commenced with the first of three cargo flights arriving in Lubumbashi. Stage Two dewatering is on schedule to start in August.
- Ivanhoe Mines is targeting to provide in September 2025 an update on Kamoa-Kakula’s recovery plan and ramp-up to steady-state operations over the medium term. Work has also commenced on an updated life-of-mine integrated development plan, which is targeted for completion in the first quarter of 2026.
- Kamoa-Kakula's 500,000-tonne-per-annum on-site, direct-to-blister copper smelter, the largest in Africa, is expected to commence start up in September. All concentrates produced by Phase 1, 2, and 3 concentrators are expected to be treated by the on-site smelter.
- Site clearance and early earthworks for Kamoa-Kakula’s 60-megawatt (MW), on-site solar (PV) facility with battery storage have commenced. The solar facility is expected to be operational in mid-2026, supplying up to 25% of Kakula’s energy requirements.
- Mechanical and electrical equipment installation for the refurbished Turbine at the Inga II hydroelectric facility is now completed. Pre-commissioning activities have already commenced and are expected to be completed early in the fourth quarter.
- At Kipushi, during Q2 2025, the concentrator milled a record 153,342 tonnes of ore at a record average grade of 33.4% zinc, producing a near-record 41,788 tonnes of zinc in concentrate at a contained grade of over 51% zinc.
- The first phase of Kipushi’s debottlenecking program was completed in June with the second phase on schedule to be completed in the coming weeks, requiring a shutdown to tie in the newly installed equipment. In mid July following completion of the first phase, Kipushi achieved a daily production record equivalent to 327,000 tonnes of zinc in concentrate on an annualized basis, and a weekly production record equivalent to 289,000 tonnes of zinc in concentrate on an annualized basis.
- Kipushi produced 84,524 tonnes of zinc during H1 2025. The production rate in H2 2025 is expected to significantly improve following improved availability of the dense media separation (DMS) circuit and the imminent completion of the debottlenecking program. Kipushi’s 2025 production guidance is maintained at 180,000 to 240,000 tonnes of zinc in concentrate.
- At Platreef, the first feed of ore into the Phase 1 concentrator is on schedule to take place in Q4 2025. Phase 1 is the first step of a three-phase expansion plan, which aims to make the Platreef Mine one of the world’s largest producers of platinum, palladium, rhodium, and gold, with significant copper and nickel credits.
- Phase 2 expansion activities are underway and on track for first production in Q4 2027. Platreef’s Phase 2 expansion is expected to produce over 460,000 ounces of platinum, palladium, rhodium, and gold per annum, plus approximately 9,000 tonnes of nickel and 6,000 tonnes of copper.
- The Platreef Mine is projected to be the lowest-cost primary platinum group-metals producer globally. The Phase 2 life-of-mine total cash cost is estimated to be $599 per ounce of 3PE+Au, net of nickel and copper by product credits. This compares very favourably with a basket spot price of approximately $1,600 per ounce of 3PE+Au, as at July 29, 2025.
- On May 8, 2025, mining crews at the Platreef Mine started underground development into the high-grade polymetallic Flatreef orebody for the first time, as the mine rapidly advances to commercial production later this year. This significant milestone comes 15 years after the discovery of the 26-metre thick, flat-lying Flatreef orebody was made. Development ore is being stockpiled on the surface and will be used in the ramp-up of the Phase 1 concentrator. The Ivanplats team aims to accumulate a stockpile of approximately 60,000 tonnes of development ore ahead of the first feed of ore into the Phase 1 concentrator.
- Equipping of Shaft #3 is progressing well. Installation of the rock winder has commenced, with the mechanical and electrical work nearing completion. Shaft #3 is expected to be “ready to hoist” from Q1 2026 with a capacity of approximately 4 million tonnes per annum.
- In the Western Forelands, Ivanhoe continues exploration across its vast licence area, adjacent to Kamoa-Kakula. Drilling activity increased as the wet season ended in late April, with the deployment of four more rigs. In total, nine contractor-operated diamond drill rigs were active during the quarter, which completed a total of 14,843 meters of drilling.
- On May 14, 2025, Ivanhoe announced its independently verified, updated Mineral Resource estimate for the Makoko District in the Western Forelands. The total copper contained in the Makoko District has approximately doubled in the past 18 months, during which 86,000 metres of diamond drilling were completed. The Makoko District ranks as the world’s fifth-largest copper discovery since Kakula in 2015.
