Ivanhoe Mines (TSX: IVN) reported its copper production for the third quarter totaled 76,401 tonnes, a 19% increase compared to the previous quarter, bringing output back towards 2025 levels as mining operations recover.
In the third quarter of 2026, the Canadian miner generated 76,401 tonnes of copper in saleable products, including 68,188 tonnes of copper concentrate, at its Kamoa-Kakula operations in the Democratic Republic of Congo, marking an 11.5% increase compared to the previous quarter.
Copper production in the third quarter of 2025 hit 71,266 tonnes of copper concentrate, which was followed by a 14% decrease in 2026 Q2 producing 61,134 tonnes of the concentrate.
Mining rates increased by 30% to more than 700,000 tonnes per month, equivalent to approximately 8.5 million tonnes per annum (Mtpa), as additional crews, a new box-cut access point at the Kamoa 1 mine and the start of stoping helped accelerate underground operations, Ivanhoe said.
The recovery marks progress in restoring production at one of Africa’s major copper operations, although the company still expects annual output to finish near the lower end of its guidance. Development work over the next 15 months will focus on establishing long-term access and mine services ahead of production mining.
Kamoa-Kakula is owned by Ivanhoe, Zijin Mining (SHA: 601899), the DRC Government and Crystal River.
Shares in Ivanhoe Mines fell 4.4% to C$11.09 ($7.78) apiece by midday Thursday in Toronto, valuing the company at C$15.8 billion ($11 billion).
More than concentrate
Ivanhoe maintained its 2026 production guidance of 290,000 to 310,000 tonnes of copper in saleable copper products, but said output is trending towards the lower end of guidance. At the end of the third quarter, Kamoa-Kakula had approximately 43,000 tonnes of copper in inventory.
The complex’s 500,000 tonnes-per-annum copper smelter is operating at 60% capacity, not only producing copper anodes but also about 480,000 tonnes of high-strength sulphuric acid annually.
The smelter produced 118,638 tonnes of sulphuric acid during the third quarter, equivalent to an annualized rate of approximately 480,000 tonnes. The acid is sold to other operations on the DRC Copperbelt that use it to leach copper and cobalt metal from oxide ores at about $900 per tonne.
Ivanhoe also said that its output at the Kipushi zinc mine in DRC rose 10% to 77,147 tonnes of zinc concentrate.
Kamoa-Kakula’s on-site hybrid solar facility with battery storage led to a 40% decrease in diesel generator consumption of about 40% in September. The largest hybrid solar installation at a mining site in Africa delivers power to the operation at a continuous rate of 60 megawatts over 24 hours, looking to double the site’s solar capacity within 18 months.
Ivanhoe is scheduled to release its third-quarter financial results on Nov. 3, providing further details on the financial impact of the production recovery, smelter operations and power improvements.
(With files from Reuters)