Base and precious metals miner Ivanhoe Mines reported a second-quarter profit of $35-million and adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) of $123-million, including $128-million of attributable Ebitda from the Kamoa-Kakula copper complex, in the Democratic Republic of Congo.

The company notes that Kamoa-Kakula produced 112 009 t of copper in the period.

The Phase 1 and 2 concentrators are operating at 85% design capacity, while the Phase 3 concentrator is operating 30% above design capacity.

The Kamoa-Kakula operation faced disruption in the second quarter when severe flooding caused by seismic activity forced the temporary shutdown of the Kakula underground mine. Mining resumed on the western portion of the underground mine in June, while dewatering of another portion of the mine is under way.

Stage 1 dewatering of the Kakula mine has advanced, while Stage 2 dewatering is set to begin imminently.

In the meantime, mining rates on the western side of Kakula have improved. Operations are in line with the revised 2025 production guidance of between 370 000 t and 420 000 t of copper-in-concentrate.

Kamoa-Kakula’s capital expenditure has been reviewed for the dewatering and ramp-up plan.

“More important than the financial results of this second quarter are the milestones achieved beneath the surface at Kakula. Since resuming operations in early June, our underground teams have delivered remarkable outcomes, exceeding our expectations and demonstrating extraordinary dedication under challenging circumstances.

“Their efforts are driving steady, week-on-week improvements, as we work our way back towards full capacity. Guided by technical assessments and strategic leadership directives, this progress showcases robust momentum and a clear path forward,” comments Ivanhoe founder and co-chairperson Robert Friedland.

He also commends colleagues in China, who have been sourcing, assembling and shipping high-capacity submersible pumps to help with dewatering efforts at Kakula.

“By the end of 2025, these pumps are expected to enable us access back into the mine's eastern high-grade zones,” he adds.

Kamoa-Kakula sold 101 714 t of copper (net of payability) during the second quarter at an average realized copper price of $4.34/lb, compared with the 109 963 t sold in the first quarter of 2025 at an average realized copper price of $4.19/lb.

Sales continued to lag production owing to a build-up of inventory for the smelter, which is expected to start up in September.

At the end of the second quarter, there were about 53 600 t of unsold copper in inventory, up from about 48 000 t at the end of the previous quarter.

At the Platreef platinum group metals (PGMs) and nickel mine, in South Africa, the recent rise in platinum and palladium prices has improved the net present value by over 20% to about $3.8-billion.

“Platreef signifies the future of sustainable mining, combining large-scale operations, mechanisation, cost efficiency, environmental stewardship and an emphasis on social and community partnership.

“It is not merely a new mine but a redefinition of how PGMs, as well as nickel and copper, are produced responsibly. The dawn of the Platreef era is upon us, and the world watching,” says Friedland.

Meanwhile, at the Kipushi zinc mine in the DRC, operations achieved another record quarter. During the period, the concentrator milled a record 153 342 t of ore at a record average grade of 33.4% zinc, producing a near-record 41 788 t of zinc-in-concentrate at a contained grade of over 51% zinc.

Imminent completion of the debottlenecking programme it set to boost processing rates by 20%.