Ivanhoe Mines has reported a profit after tax of $45 million for the third quarter of 2026, supported by stronger financial performances from its Kipushi mine and Kamoa-Kakula joint venture in the Democratic Republic of Congo (DRC).
The Toronto- and Johannesburg-listed mining company recorded an increase from the $31 million profit reported in the third quarter of 2025. Its second-quarter profit stood at $46 million.
Kipushi contributed a segmental profit of $47 million, while Ivanhoe’s share of profit from the Kamoa-Kakula joint venture reached $25 million.
The company’s adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) climbed to $241 million, compared with $86 million in the same period last year.
Kamoa-Kakula was a major contributor, generating record quarterly revenue of approximately $1 billion, an operating profit of $288 million and EBITDA of $478 million. The operation sold around 67,000 tonnes of copper at an average realised price of $6.12 per pound.
Kamoa-Kakula’s cost of sales improved to $4.59 per pound from $4.86 in the previous quarter. Its cash costs averaged $3 per pound during the third quarter, while the nine-month average stood at $2.80 per pound.
Ivanhoe CEO Marna Cloete said the operation remained on track to meet its 2026 cash cost guidance of between $2.60 and $3 per pound, despite elevated diesel prices.
The mine also sold approximately 109,000 tonnes of sulphuric acid during the quarter at an average price of $915 per tonne (around R14,990).
Meanwhile, the Kipushi mine achieved record quarterly zinc sales of 69,384 tonnes, up from 43,424 tonnes in the second quarter. It generated revenue of $255 million (approximately R4.18 billion) and EBITDA of $108 million (around R1.77 billion), representing an EBITDA margin of 43%.
In South Africa, Ivanhoe’s Platreef platinum group metals project in Limpopo recorded capital expenditure of $124 million (approximately R2.03 billion) during the third quarter. Its full-year capital expenditure guidance has also increased to between $415 million and $445 million, reflecting additional costs associated with Phase 1 operations ahead of commercial production.
Ivanhoe reported cash and cash equivalents of $643 million (approximately R10.53 billion) as at 30 September 2026.
Looking ahead, the company plans to begin detailed engineering design for the Phase 4 expansion of Kamoa-Kakula in the first quarter of 2027. The expansion is expected to increase annual copper production capacity to approximately 500,000 tonnes, with completion targeted within 18 to 24 months of project approval.
Ivanhoe founder and co-chairperson Robert Friedland said the expansion, alongside plans for high-grade openpit mining, would help restore production and strengthen operational flexibility.
He added that growing demand for metals used in electrification, artificial intelligence, advanced manufacturing and national security was increasing the strategic importance of mineral exploration and development.
Main Image: Ivanhoe Mines
