The Canadian mining company, Ivanhoe Mines has reported a second-quarter profit of $35 million for the period ending June 30, 2025, alongside an adjusted EBITDA of $123 million. This performance was largely underpinned by the company’s flagship Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC), which contributed $128 million in attributable EBITDA.
According to the company’s President and Chief Executive Officer, Marna Cloete, and Chief Financial Officer, David van Heerden, the results reflect Ivanhoe’s resilience amid operational headwinds.
“While seismic activity at the Kakula Mine impacted operations, our underground teams have demonstrated extraordinary dedication in driving week-on-week improvements,” said Cloete. Van Heerden emphasized strong financial discipline, noting a solid balance sheet with $672 million in cash and cash equivalents.
Kamoa-Kakula produced 112,009 tonnes of copper in Q2 2025—an 11% increase year-on-year. However, production was impacted by a May seismic event that temporarily suspended underground mining operations. Activities resumed in June on the mine’s western side, with mining rates ramping up to 300,000 tonnes per month. Revised 2025 production guidance now ranges between 370,000 and 420,000 tonnes of copper.
The company is implementing a two-stage dewatering plan to regain access to the mine’s eastern high-grade zones. Stage One is complete, while Stage Two—featuring the installation of four high-capacity submersible pumps—will commence in August. The pumps are expected to significantly expedite water removal and support rehabilitation works.
Ivanhoe Mines also confirmed that Africa’s largest and greenest copper smelter at Kamoa-Kakula remains on schedule to begin operations in September. Meanwhile, a new 60-megawatt solar facility is under construction to enhance energy sustainability, with completion targeted for mid-2026.
In the second quarter, Kamoa-Kakula generated $875 million in revenue, an operating profit of $190 million, and EBITDA of $325 million, translating to a 37% EBITDA margin. However, costs rose during the period, with cost of sales per pound of payable copper reaching $2.85—up from $1.87 in Q1. The company revised its 2025 cash cost guidance to $1.90–$2.20/lb, primarily due to processing lower-grade ore and delayed benefits from smelter operations.
Elsewhere, the Kipushi Mine in the DRC had another record quarter, producing 41,788 tonnes of zinc. The debottlenecking program is nearing completion and expected to boost throughput by 20% in H2 2025. Platreef in South Africa also made notable progress, with first production from its Phase 1 concentrator on track for Q4 2025. Recent increases in platinum and palladium prices have boosted the project’s net present value (NPV8%) by over 20% to approximately $3.8 billion.
Founder and Co-Chairman Robert Friedland hailed the progress: “More important than the financial results are the milestones achieved underground. The Platreef Mine, in particular, represents the future of sustainable, mechanized, and socially responsible mining.”
Ivanhoe Mines continues to explore new discoveries in the Western Forelands of the DRC and has commenced drilling in Kazakhstan. Despite challenges, the company remains confident in its long-term growth strategy, with ongoing investments in infrastructure, sustainability, and exploration.
