Ivanhoe Mines issues results for the first quarter of 2025
Ivanhoe Mines has announced robust financial and operational results for the first quarter of 2025, underpinned by exceptional performance at the Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo (DRC).
The Canadian miner posted a Q1 profit of $122 million, or $0.10 per share, up from $88 million in the previous quarter. This increase was largely driven by its share of earnings and finance income from the Kamoa-Kakula joint venture, which rose to $142 million.
Adjusted EBITDA surged to a record $226 million in Q1, compared to $136 million in Q4 2024. The company attributed this to strong contributions from Kamoa-Kakula, which alone generated an EBITDA of $585 million on revenues of $973 million, translating to a 60% margin. Sales lagged slightly behind production, as inventory built up in preparation for the imminent commissioning of the project’s on-site smelter. At quarter-end, 48,000 tonnes of copper remained unsold.
Q1 results
Operationally, Kamoa-Kakula produced 133,120 tonnes of copper during the quarter, just shy of its Q4 2024 record. The complex maintained competitive cash costs, with C1 costs averaging $1.69/lb—down from $1.75/lb in the previous quarter—even amid higher energy expenses linked to backup generator use. Ivanhoe reaffirmed its 2025 cash cost guidance of $1.65 to $1.85/lb of copper produced.
Notably, the company is preparing to bring online Africa’s largest direct-to-blister smelter. The facility is undergoing commissioning, with first copper anode production expected in July. Once operational, the smelter will sharply reduce transportation costs and enable sales of sulphuric acid by-products within the DRC’s growing copper industry.
Meanwhile, the Kipushi zinc-copper-lead-germanium mine continued ramp-up operations, processing over 151,000 tonnes of ore at a grade of 32.5% zinc in Q1. This resulted in record zinc concentrate output of 42,736 tonnes. Kipushi generated $77 million in revenue and $11 million in EBITDA, with zinc cash costs averaging $0.93/lb. Ivanhoe maintained its full-year cash cost guidance of $0.90 to $1.00/lb.
The company’s broader growth strategy is also progressing. The “Project 95” initiative, targeting a 95% copper recovery rate at Kamoa-Kakula’s first two concentrators, remains on track for Q1 2026 completion. In parallel, Ivanhoe is advancing the 2025 Integrated Development Plan to support long-term production growth.
Additionally, Ivanhoe is ramping up exploration in Zambia, diversifying its copper portfolio beyond the established Copperbelt. The company is also preparing an updated mineral resource for its Western Forelands licenses near Kamoa-Kakula, with publication expected by mid-May.
Ivanhoe Mines closed the quarter with $717 million in cash and recently secured $750 million from a senior unsecured notes offering, alongside a $120 million undrawn credit facility, bolstering its financial flexibility for upcoming capital projects.
