Ivanhoe Mines delivers strong Q2 profit as copper and zinc output surges

Ivanhoe Mines has reported a sharp turnaround in its financial performance for the second quarter of 2026, posting a profit of $46 million compared to a $2 million loss in the previous quarter. The rebound was underpinned by strong operational results across its flagship projects in the Democratic Republic of Congo (DRC) and South Africa, alongside progress in renewable energy integration that is set to lower costs and improve sustainability.

At the heart of the company’s performance was the Kamoa-Kakula Copper Complex in the DRC, which produced more than 64,000 tonnes of copper during the quarter. Revenues from the operation reached $880 million, with an EBITDA margin of 44%. Cash costs were contained at $2.84 per pound, in line with guidance. A notable boost came from sulphuric acid production, which averaged 1,250 tonnes per day and benefited from soaring prices of around $840 per tonne. Ivanhoe has tightened its copper production guidance for 2026 to between 290,000 and 310,000 tonnes, while reaffirming its long-term ambition of producing 500,000 tonnes annually by 2028 at costs below $2.00 per pound.

The Kipushi Zinc Mine also delivered a standout performance, achieving record production of over 70,000 tonnes of zinc concentrate in the quarter. Despite logistical bottlenecks that left around 44,000 tonnes unsold, the mine maintained a competitive cash cost of $0.90 per pound. Ivanhoe expects Kipushi to produce between 240,000 and 290,000 tonnes of zinc this year. The mine’s high germanium and gallium concentrations are increasingly seen as strategically important for global supply chains, adding further value to its output.

In South Africa, the Platreef Mine marked a milestone with the commissioning of Shaft 3, significantly boosting hoisting capacity. The Phase 1 concentrator produced 1,538 ounces of platinum group metals and gold in the quarter, with commercial production expected to begin in the final quarter of 2026. Construction of the Phase 2 concentrator is advancing, supported by $700 million in secured financing, and is scheduled for completion by the end of 2027.

Ivanhoe also continued to expand its exploration footprint at the Western Forelands in the DRC, where drilling programs are intensifying and a mineral resource update is expected in September. The Makoko District copper discovery is showing promising growth, reinforcing the company’s pipeline of future projects.

Beyond production, Ivanhoe is investing heavily in renewable energy solutions. At Kamoa-Kakula, a solar photovoltaic and battery facility is being commissioned, with 60 MW of capacity expected online by the third quarter. Kipushi is also planning a hybrid solar facility to be operational by 2028. These initiatives are designed to reduce reliance on traditional power sources, cut costs, and align with global sustainability goals.

With strong by-product credits from sulphuric acid sales, record zinc output, and steady copper production, Ivanhoe Mines has positioned itself for a stronger second half of 2026. The company’s focus on renewable energy and expansion projects suggests that 2027 could mark a new phase of growth, cementing its role as one of Africa’s most dynamic mining players.