The third quarter saw copper production drop to 71,266 tonnes at Ivanhoe Mines’ (TSX: IVN) Kamoa-Kakula complex, which follows a failure event that occurred earlier this year.
Production was down 36.4% on a quarter over quarter basis, down from 112,009 tonnes in the second quarter while recoveries dropped from 85.4% to 82.7%, and grade fell from 3.58% to 2.47%. Year to date copper production has totaled 316,393 tonnes, while guidance for the year is said to remain on track at 370,000 to 420,000 tonnes of copper in concentrate.
Stage two dewatering of the eastern side of the Kakula mine is said to be roughly 20% complete, with this phase of dewatering expected to be completed by the end of November. Smelter startup meanwhile is expected to begin in early November, following the completion of a backup power supply installation.
Production guidance for 2026 and 2027 for Kamoa-Kakula is expected to be released once sufficient dewatering has been completed on site, while a new life of mine plan is slated to be released in Q1 2026.
“Our recovery efforts at the Kakula Mine are advancing well due to exceptional execution from our operating teams under a decisive plan of action put in place by our management team and joint-venture employees. We are on track to restore Kamoa-Kakula towards its previous copper production levels as we rehabilitate the existing workings and develop new high-grade areas across this Tier-One ore body,” commented Ivanhoe Founder Robert Friedland.
Zinc meanwhile saw total production of 57,200 tonnes at Kipushi, a new record for the mine, which follows the Kipushi concentrator milling 168,862 tonnes at average milled grades of 37.8%. Production improved from 41,788 tonnes in Q2, following feed grades improving from 33.37%, while recoveries also jumped from 85.22% to 89.26%.
And at Platreef, phase one operations are expected to “commence shortly”, with the first ore to be fed into the concentrator in the coming weeks. Development work on a phase two expansion is already underway, with first production from that phase of operations expected in Q4 2027.
Full financial results for the third quarter are slated to be released October 29 after markets close.
Ivanhoe Mines last traded at $15.11 on the TSX.
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