Ivanhoe trims copper production guidance in DRC
Ivanhoe Mines Ltd. [IVN-TSX, IVPAF-OTC] has trimmed the outlook from its vast Kamoa-Kakula complex in the Democratic Republic of Congo, one of the world’s largest sources of copper.
The joint venture with Zijin Mining is now expected to produce between 380,000 tonnes and 420,000 tonnes in 2026 as it continues to recover from flooding at the Kakula mine.
Copper has surged this year as disruptions in major projects like Kamoa-Kakula highlight a delicate global supply balance for a metal that is key to electrification
The market has been awaiting the revised targets for the underground mine since guidance was deferred in the aftermath of flooding caused by seismic activity in May 2025.
While the complex ranks among the world’s largest copper mines, the owners have recently been evaluating and reversing the impact of seismic activity in the area. The project’s targets for 2025 had already been reduced in June, to 370,000-420,000 tonnes, down from 520,000-580,000 tonnes.
For 2027, the project is guiding investors to anticipate production of 500,000-540,000 tonnes. However, Kamoa-Kakula is still targeting medium-term production of approximately 550,000 tonnes. Meanwhile, an updated life-of mine plan for the complex is on target for completion in late first quarter of 2026.
The company said dewatering of the Kakula Mine is progressing well, with dewater approximately 70% complete on the western side of the mine, and 60% complete on the eastern side. To date 13.4 kilometres of underground workings have been rehabilitated and made safe for resumption of operations, including 4.6 million kilometres which were dewatered.
“We are on the cusp of transformational change for Kamoa-Kakula and the Democratic Republic of Congo as we transition from producing copper in concentrate in huge volumes, to producing copper anodes for sale to consumers all over the world, at our smelter complex,’’ said Ivanhoe founder and Executive Chairman Robert Friedland. Following the commencement of the Kamoa-Kakula Copper Smelter as announced on December 1, 2025, copper sales in 2026 are expected to be higher than copper production as the on-site inventory of unsold copper concentrate is destocked by approximately 20,000 tonnes of copper.
On Wednesday, Ivanhoe shares rose 5.14% or 74 cents to $15.12. The shares currently trade in a 52-week range of $20.77 and $8.76.
The Kamoa-Kakula copper mine is a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Ltd., (0.8%) and the Government of the Democratic Republic (20%). It is a very large, near-surface, flat-lying, stratiform copper deposit with adjacent prospective exploration areas within the Central African Copperbelt, approximately 25 kilometres west of the town of Kolwezi, and about 270 kilometres west of the provincial capital of Lubumbashi.