Ivanhoe Mines has reported a robust second quarter (Q2) 2025 performance, anchored by a profit of $35 million and adjusted EBITDA of $123 million, with $128 million attributable to the Kamoa-Kakula copper joint venture.
The company now holds a commanding $672 million in cash and cash equivalents, supporting significant ongoing investments across Southern Africa.
Operational highlights include the production of 112,009 tonnes of copper at Kamoa-Kakula, a near-record 41,788 tonnes of zinc at Kipushi, and imminent commissioning of Africa’s largest and greenest copper smelter.
Platreef’s first platinum group metals (PGMs) output remains on track for Q4, as negotiations for a $700 million Phase 2 finance facility progress.
“More important than the financial results… are the milestones achieved beneath the surface at Kakula,” noted Ivanhoe Founder and Co-Chairman Robert Friedland. “Their efforts are driving steady, week-on-week improvements. The dawn of the Platreef era is upon us, and the world is watching.”
Kamoa-Kakula’s resilience is evident. Following seismic disruption in May, underground mining resumed in June. Phase 3 is operating 30% above design capacity, while a record 3.62 million tonnes of ore were milled in Q2.
Ivanhoe revised 2025 copper production guidance to 370,000–420,000 tonnes, maintaining confidence despite lowered feed grades and rising cash costs now forecasted at $1.90–$2.20/lb.
Meanwhile, Kipushi’s comeback is gaining pace. Zinc production was up 44% from Q1, supported by concentrator upgrades. Costs fell to $0.96/lb cash cost (C1), with 2025 guidance holding firm at 180,000–240,000 tonnes.
Remarkably, Kipushi’s engineering team continues delivering milestones with zero lost time injuries (LTI) since construction began a standout achievement in industrial mining safety.
At Platreef, Ivanhoe has begun hoisting development ore from the thick, high-grade Flatreef deposit. Phase 1 production is expected next quarter, and a stockpile of 60,000 tonnes is being prepared.
The site is scaling quickly: five development crews will expand to ten over 18 months to meet the growth demands. Platreef aims to be the world’s lowest-cost primary PGM producer with total cash costs projected at $599/oz 3PE+Au, versus current market prices of $1,600/oz.
“Platreef signifies the future of sustainable mining,” Friedland emphasized. “Mechanization, cost-efficiency, environmental stewardship, and community partnership this is a new frontier.”
Beyond core operations, Ivanhoe’s exploration wings are fully extended. In the Western Forelands, nine rigs completed nearly 15,000 meters of drilling in Q2. Updated resources from the Makoko District show a doubling of contained copper now ranking as the fifth-largest copper discovery since Kakula in 2015.
Across Angola, Zambia, and Kazakhstan, more than 20,000 km² of ground is actively being explored, signaling long-term global ambitions.
So what does this mean for Africa’s mining sector?
Ivanhoe’s momentum reinforces investor confidence in African minerals as cornerstone assets in the energy transition. In the DRC, Kamoa-Kakula and Kipushi exemplify how infrastructure, ESG practices, and high-grade deposits can coalesce to create globally competitive assets.
South Africa’s Platreef project, with its PGM and battery metal profile, uniquely positions the region to benefit from rising demand for sustainable mobility solutions and grid technology.
More broadly, these developments bolster local economies. Jobs, training, royalties, and clean energy projects like Kamoa-Kakula’s 60 MW solar plant and the refurbishment of Inga II hydropower contribute directly to the continent’s development goals.
And globally, Ivanhoe’s integrated smelting, drilling, and production strategy signals a reliable pipeline of ethically sourced copper, nickel, zinc, and PGMs vital to industry and clean energy supply chains.
Ivanhoe Mines’ Q2 results show more than financial gain. They illustrate tenacity in the face of operational challenges, vision for long-term sustainable growth, and the role of African minerals in the global future.
As infrastructure advances and exploration extends, Ivanhoe seems poised not only to meet but shape market demand mining with purpose, capital, and conviction.
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