Ivanhoe Mines (TSX:IVN) is preparing to report record monthly copper output for April at its Kamoa-Kakula mining complex in the Democratic Republic of Congo (DRC). The copper operation, which is jointly operated with partners including China’s Zijin Mining, is expected to produce around 50,000 tonnes of copper in concentrate for the month, equivalent to an annualised rate of more than 600,000 tonnes. The company attributes this production level to strong operational performance from its recently expanded facilities.

The announcement follows Ivanhoe’s release of its first-quarter financial and operational results for 2025, which showed that Kamoa-Kakula produced 133,120 tonnes of copper in the quarter. This nearly matches its previous record of 133,819 tonnes in the fourth quarter of 2024, and represents a significant increase from the 86,117 tonnes produced in the first quarter of the previous year.

Production performance in the first quarter was driven by record milling volumes and high recovery rates. Ivanhoe reported that the complex’s three concentrators milled a total of 3.7 million tonnes of ore, achieving an average copper recovery of 87.4%. The newest Phase 3 concentrator operated at throughput levels 20% above its design capacity, supporting an annualised milling rate of 6 million tonnes. The Phase 1 and 2 concentrators handled 2.2 million tonnes at an average grade of 5.01%, while Phase 3 processed 1.5 million tonnes at an average grade of 2.76%.

Ivanhoe maintains its full-year copper production guidance for 2025 between 520,000 and 580,000 tonnes of copper in concentrate. The company expects to reach an annualised rate of 600,000 tonnes by 2026, driven by planned optimisation initiatives, improved recoveries, and energy infrastructure upgrades.

The company’s financial results for the first quarter reflect the strong operational performance. Ivanhoe reported a net profit of $122 million, or $0.10 per share, up from $88 million in the previous quarter. The company’s share of profit and finance income from the Kamoa-Kakula joint venture totaled $142 million, compared with $127.3 million in Q4 2024. Ivanhoe’s adjusted EBITDA reached a record $226 million for the quarter, up from $136 million in the previous quarter.

Kamoa-Kakula itself reported record revenue of $973 million, an operating profit of $471 million, and EBITDA of $585 million for the quarter. The 60% EBITDA margin benefited from a $51 million positive remeasurement of contract receivables due to the rise in copper prices. The average realised copper price was $4.19 per pound, compared to $4.08 in the fourth quarter.

Despite strong production, sales continued to lag due to inventory buildup ahead of the commissioning of the on-site smelter. By the end of March, Kamoa-Kakula held about 48,000 tonnes of unsold copper in inventory, up from 30,000 tonnes at the end of 2024. The complex sold 109,963 tonnes of copper during the quarter.

Kamoa-Kakula’s cost profile also improved. The cost of sales per pound of payable copper sold dropped to $1.87 from $1.94 in the previous quarter. Cash cost (C1) per pound of copper produced declined to $1.69, from $1.75 previously, despite increased use of backup generators due to energy challenges. Ivanhoe continues to guide for 2025 C1 cash costs between $1.65 and $1.85 per pound.

A major development at Kamoa-Kakula is the completion of the 500,000-tonne-per-year direct-to-blister copper smelter, which is Africa’s largest. Commissioning of the smelter has started, with first copper anode production expected in July. Ivanhoe says the facility will cut transportation costs by over 50% per unit of contained copper. The smelter will also produce high-strength sulphuric acid as a by-product, for which offtake agreements with local buyers are advancing.

Looking ahead, Ivanhoe is continuing work on its “Project 95” initiative to increase copper recovery rates to 95% at the Phase 1 and 2 concentrators by early 2026. The project is expected to raise annualised copper output by up to 30,000 tonnes at a capital intensity of $6,000 per tonne.

The 2025 Integrated Development Plan for Kamoa-Kakula, which consolidates all future expansion and optimisation strategies, is set to be finalized by mid-year.

Elsewhere in the DRC, Ivanhoe also reported progress at its Kipushi zinc, copper, lead, and germanium mine. The mine sold 30,108 tonnes of zinc in the first quarter, nearly doubling the 16,999 tonnes sold in the fourth quarter of 2024. Revenue for the segment was $77 million, with EBITDA at $11 million.

Kipushi produced 42,736 tonnes of zinc in concentrate during the quarter, milling 151,403 tonnes of ore at a high average grade of 32.5% zinc. The contained zinc grade in the concentrate exceeded 53%. The mine’s cost of sales per pound of payable zinc was $1.23, while cash cost (C1) was $0.93 per pound. Ivanhoe maintains Kipushi’s 2025 C1 cost guidance of $0.90 to $1.00 per pound.

The Kipushi concentrator debottlenecking programme, aimed at increasing processing capacity by 20% to 960,000 tonnes per year, is 66% complete and on track for completion by the end of the third quarter. Kipushi’s full-year production guidance remains at 180,000 to 240,000 tonnes of zinc in concentrate, with expectations to exceed 250,000 tonnes in 2026 after ramp-up completion.

As of March 31, Ivanhoe held $717 million in cash and cash equivalents.

The company is also expanding its exploration efforts. Work on the Western Forelands licences, near the Kamoa-Kakula complex, is ongoing, and Ivanhoe plans to release a mineral resource update by mid-May. The company has also increased its footprint in Zambia, exploring beyond the known Copperbelt region.

Ivanhoe has welcomed recent diplomatic efforts to foster regional stability. Founder and co-chair Robert Friedland praised U.S. and Qatari initiatives in facilitating cooperation between the DRC and Rwanda, which he believes will support responsible development of critical mineral resources.

Kamoa-Kakula remains central to Ivanhoe’s strategy, with record production levels and large-scale infrastructure nearing completion. The company’s results point to growing momentum in both operational performance and long-term development plans.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

The post Ivanhoe Mines (TSX:IVN) Reports Record Copper Production from Kamoa-Kakula, Advances Projects in DRC appeared first on MiningFeeds.