Ivanhoe Mines reshape DRC’s copper and zinc future

Ivanhoe Mines executive co-chairman Robert Friedland and president & CEO Marna Cloete have provided an update on year-to-date production at the Kamoa-Kakula Copper Complex and the ultra-high-grade Kipushi zinc mine, both located in the Democratic Republic of the Congo (DRC)

In January, Kamoa-Kakula achieved near-record copper production of 45,477 tonnes, followed by 40,849 tonnes in February, despite the shorter month. Daily copper production averaged 1,467 tonnes per day (tpd) in January and 1,459 tpd in February, just below the record 1,518 tpd set in December 2024.

During the last week of February, copper production reached 11,122 tonnes, equating to an annualised rate exceeding 578,000 tonnes—positioning it at the upper end of the 2025 guidance range of 520,000 to 580,000 tonnes.

Power supply and backup generation

Kamoa-Kakula’s Phase 1, 2, and 3 operations have been powered by approximately 100MW of hydroelectric power, covering two-thirds of the required energy, with the remainder supplied by on-site diesel generators. Talks are in progress to increase imported hydroelectric power by an additional 20MW by the end of the month.

Water levels have improved at the Cahora Bassa hydroelectric dam in Mozambique, Kamoa-Kakula’s primary power source, as well as at Zambia’s Kariba dam.

According to the Club of Mozambique on March 4, 2025, "Current water levels in the Cahora Bassa reservoir guarantee the production of electricity until the last quarter of this year. This is the result of the water reserves accumulated during this rainy season, after levels fell to 19.18% in January, the lowest level in recent times." Cahora Bassa Hydroelectric Plant Chairman Tomás Matola stated, "With the rainfall that fell in February, we were able to recover and our hydro-meteorological forecasts show that more rain is coming and storage will naturally increase."

Kamoa-Kakula has 190MW of installed diesel backup power, with up to 50MW currently in use. Of this, 36MW of capacity is undergoing repair, as previously reported in January. The total power requirement for full operation of Phases 1, 2, and 3, along with the smelter, is approximately 240MW. Efforts to secure additional grid-supplied power for the smelter heat-up are ongoing, with the process expected to begin in May or June 2025.

Project 95 advancing on schedule

Kamoa-Kakula’s "Project 95" is progressing as planned, now 20% complete and on track for Q1 2026 completion. This initiative aims to enhance concentrator recoveries from 87% to 95% with a US$180mn capital investment. It is expected to boost annual copper production by up to 30,000 tonnes, with a capital intensity of $6,000 per tonne of copper.

Kipushi Zinc production update

The Kipushi concentrator ramp-up continues, achieving record zinc production of 16,063 tonnes in January and 11,903 tonnes in February. Annualized production is approaching the 2025 guidance range of 180,000 to 240,000 tonnes of zinc in concentrate.

Since early 2025, concentrator recoveries have averaged 88%, with a concentrate grade of approximately 53% contained zinc. The nameplate milling rate of 2,000 tonnes per day was reached in late February, with further production and recovery improvements expected in the coming months.

Kipushi aims to exceed 250,000 tonnes of zinc in concentrate by 2026 following the completion of a debottlenecking program, which remains on schedule for late Q3 2025.

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