Ivanhoe Mines (TSX: IVN) produced 76,401 tonnes of copper in saleable products at its Kamoa-Kakula complex in the third quarter, up 19% from the second quarter as higher mining rates pushed more ore through the concentrators.
Combined throughput across the Phase 1, 2 and 3 concentrators rose 18% to 3.49 million tonnes. Most of that gain came from the Phase 1 and 2 plants, which milled 1.82 million tonnes after receiving additional ore from Kakula and Kansoko, while Phase 3 processed 1.67 million tonnes.
Grade went the other way. Combined feed grade fell to 2.22% copper from 2.39% in the prior quarter, with Phase 3 slipping to 2.07%. The Phase 1 and 2 circuit was processing ore grading 5.01% copper in the first quarter of 2025, before flooding and seismic activity at Kakula disrupted mining at the complex’s highest-grade operation.
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Recoveries made up part of the difference. The combined recovery rate reached 87.6%, helped by Project 95 modifications to the Phase 1 and 2 concentrators completed in July, which lifted that circuit to 88.9%. Copper in concentrate rose 12% to 68,188 tonnes.
Mining rates at Kamoa and Kansoko increased 30% to more than 700,000 tonnes a month, after the company added crews, opened a new box cut into the Kamoa 1 mine and began stoping. The on site smelter is still running at 60% of its 500,000 tonne per annum design capacity, and elevated silica in the concentrates continues to send more copper into slag concentrate, a trend Ivanhoe expects to persist.
Kamoa-Kakula has produced 212,146 tonnes of copper in saleable products through the first nine months of the year. Ivanhoe maintained its 2026 guidance of 290,000 to 310,000 tonnes but said production is trending toward the lower end, which implies roughly 77,850 tonnes in the fourth quarter. In January, the company had confirmed guidance of 380,000 to 420,000 tonnes of copper in concentrate, a different measurement basis.
Copper held in inventory rose to about 43,000 tonnes from 40,000 tonnes at the start of the quarter, partly reflecting 6,904 tonnes of stockpiled high-grade fines now tendered for sale.
The smelter’s byproduct business was a bright spot. It produced 118,638 tonnes of sulphuric acid, and the average realized price roughly doubled from the second quarter to about US$900 per tonne. Elsewhere, the Kipushi mine produced 77,147 tonnes of zinc in concentrate, up 10%, and is tracking toward the top of its 240,000 to 290,000 tonne guidance range.
Ivanhoe Mines last traded at $11.61 on the TSX.
