Ivanhoe Mines shares rise on strong Q1 results

Construction of Africa’s largest and greenest smelter project at Kamoa-Kakula is now complete. Credit: Ivanhoe MinesIvanhoe Mines (TSX: IVN) surged to its highest in a month Thursday after the Canadian miner posted strong results for the first quarter of 2025.For the three-month period, Ivanhoe recognized a record revenue of $973 million, operating profit of $471 million and EBITDA of $585 million, equivalent to a margin of 60%. Its adjusted EBITDA also set a record of $226 million.These figures drove the company’s profit to $122 million, or $0.10 per share, beating the market forecast of $0.07 a share.Shares of Ivanhoe jumped as much as 12% to a one-month high of C$13.74 apiece on the positive Q1 results. By 1:20 p.m. in Toronto, the stock traded at C$13.32 for an intraday gain of 8.8%, giving the company a market capitalization of nearly C$18 billion.Kamoa performanceThe first quarter results, said Ivanhoe founder and co-chair Robert Friedland, reflect the company’s “strong efforts” at the world-class Kamoa-Kakula copper complex in the Democratic Republic of the Congo.From January to March, the copper mine, in which Ivanhoe holds a 39.6% stake, produced a near-record 133,120 tonnes, compared to 86,117 tonnes the same period last year. From March 18, the copper production rate increased to 614,000 tonnes on an annualized basis, setting up a higher monthly output starting in April.“Kamoa-Kakula is set for record production in the shorter month of April, achieving approximately 50,000 tonnes of copper in concentrate, equivalent to an annualized rate of over 600,000 tonnes – a remarkable achievement,” Friedland stated in a press release.During the quarter, the Phase 1, 2 and 3 concentrators at Kamoa-Kakula achieved a combined milling record of approximately 3.7 million tonnes at an average record recovery rate of 87.4%. This was underpinned by the Phase 3 concentrator operating 20% above its design capacity, Ivanhoe said.Given these results, the company is maintaining its 2025 production guidance at 520,000 to 580,000 tonnes of copper in concentrate. In 2026, Ivanhoe is targeting approximately 600,000 tonnes of production as the Phase 1 and 2 recoveries improve and the Phase 3 throughput increases.It also noted that Kamoa-Kakula’s 500,000-tonne-per-annum on-site, direct-to-blister copper smelter, the largest in Africa, is now complete, with the facility undergoing commissioning. Start-up of the smelter is expected to commence in May, with first copper anode production expected in July.Kipushi progressAdditionally, Ivanhoe has maintained its outlook for the Kipushi zinc mine, also in the DRC, on record production in the first quarter.During Q1, the Kipushi concentrator milled a record 151,403 tonnes of ore at a record average grade of 32.5% zinc, resulting in a record production of 42,736 tonnes of zinc in concentrate at a contained grade of over 53%.For the year, Ivanhoe is expected to 180,000 to 240,000 tonnes of zinc in concentrate, as the mine continues its ramp up to steady state. The production rate is expected to rise to 250,000 tonnes in 2026 following the completion of ramp-up and debottlenecking activities at Kipushi.The debottlenecking program, which is targeting a 20% increase in the concentrator’s processing capacity to up to 960,000 tonnes of ore per annum, is about two-thirds complete, Ivanhoe said in the news release.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com