- Ivanhoe’s growth surges with $31m profit in Q3
- Congo smelter to anchor Africa’s next copper boom
Ivanhoe Mines posted a third-quarter profit of $31 million, driven by expanding operations in the Democratic Republic of Congo and South Africa.
The Canadian miner recorded adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $87 million, showing resilience despite production setbacks caused by seismic activity earlier this year.
Ivanhoe reaffirmed its full-year copper production guidance of 370,000–420,000 tonnes, banking on the imminent start-up of Africa’s largest copper smelter at its flagship Kamoa-Kakula Copper Complex in the DRC.
The 500,000-tonne-per-annum smelter, due online within weeks, will slash export costs and boost margins — a development analysts say could reshape Africa’s copper value chain.
Expansion across three key mines
At Kamoa-Kakula, copper output reached 71,266 tonnes in the third quarter, with annualised production expected to surpass 550,000 tonnes once dewatering and shaft rehabilitation wrap up by December.
The Kipushi Mine in the DRC also delivered a record 57,200 tonnes of zinc, cementing its place among the world’s top three zinc producers. In South Africa, the Platreef Mine produced its first batch of platinum, palladium, rhodium, nickel, copper and gold ore — a key milestone ahead of full-scale ramp-up.
Co-founder Robert Friedland said Ivanhoe was “just getting started,” describing its asset base as “one of the most important portfolios of metals to drive the world’s future.” He added that production from the new smelter would “make Ivanhoe one of the lowest-carbon and most technologically sophisticated copper producers on the planet.”
Analysts call it a ‘game-changer’
Lubumbashi-based KTC Consulting analyst Dominique Kibanza said the results confirmed Ivanhoe’s strength despite early setbacks. “Ivanhoe’s Q3 numbers are good, particularly against the backdrop of seismic setbacks early in the year. A $31 million profit and $87 million adjusted EBITDA are a demonstration of strength, and Kipushi zinc production is excellent,” he told Allen Dreyfus.
“The new copper smelter is a game-changer for Ivanhoe, and for the region in general,” Kibanza added. “Smelting in the DRC will save us a lot of export costs and avoid third-party processors.”
He cautioned that operational execution remains key: “To stay on track to meet their 370,000–420,000-tonne copper guidance, Ivanhoe will need to get dewatering and shaft fix dead right. Having more than $1 billion in the bank and the $500 million funding injection from Qatar Investment Authority gives them flexibility.”
Ivanhoe’s continued expansion comes amid tightening global copper and zinc supply, driven by infrastructure development and clean-energy demand. Analysts say its vertically integrated growth model mirrors the shift toward local value-addition in strategic metals, positioning the miner as a frontrunner in Africa’s next wave of resource-driven growth.
