This year is a “decisive turning point” for Canadian mining company Ivanhoe Mines, “a year in which the extraordinary efforts made at each of our Tier 1 mines coincide with increasingly tighter global commodity markets”, founder and co-chairperson Robert Friedland says in the company’s financial results for the fourth quarter and year ended December 31, 2025.

The company is primarily focused on the Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC); the ultrahigh-grade Kipushi zinc/copper/lead/germanium mine in the DRC; and the Platreef platinum, palladium, nickel, rhodium, gold and copper mine in South Africa.

It is also expanding the Makoko District copper discovery in the Western Forelands and exploring for new sedimentary-hosted copper discoveries at its exploration licences across the DRC, Angola, Zambia and Kazakhstan.

“As copper prices push to historic highs, we are turning the corner at Kamoa-Kakula following the 2025 seismic event. This extraordinary complex, which is the highest-grade major copper complex, has many decades of life ahead, powered by clean hydroelectric power,” Friedland highlights.

In the Western Forelands, the company continues to expand its copper resource at a discovery cost of below “a penny per pound” of copper, at a 1% cutoff grade, which he says is unmatched globally.

“In addition, at Platreef, we are ramping up the Phase 1 concentrator, as platinum, palladium, nickel, rhodium, copper and gold prices approach multi-year highs, positioning the operation as one of the most important polymetallic mines on the planet,” Friedland acclaims.

He says Kipushi is developing as the world’s fourth-largest zinc mine, at a time when zinc prices are also reaching multi-year highs.

Friedland says the company continues strategic discussions with sovereign governments and industry participants globally.

“Our growth pipeline is aligned with the intense and ever-increasing long-term demand for responsibly produced critical metals,” he avers.

PERFORMANCE
Ivanhoe Mines reports profit of $228-million and adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) of $578-million for 2025.

Kamoa-Kakula generated 2025 revenue of $3.28-billion and Ebitda of $1.45-billion, at a margin of 44%, despite lower production and sales since May.

Kamoa-Kakula’s cost of sales was $2.82/lb, and cash cost was $2.16/lb, achieving revised 2025 guidance.

Kamoa-Kakula’s cash cost guidance is $2.20/lb to $2.50/lb for this year, decreasing to $1.90/lb to $2.30/lb for 2027.

Kipushi generated revenue of $441-million and Ebitda of $91-million during ramp-up in 2025; revenue of $138-million and Ebitda of $44-million in the fourth quarter alone, at a margin of 32%.

Kipushi’s cost of sales was $1.12/lb and its cash cost $0.92/lb, achieving guidance.

The mine is guided to have a cash cost of $0.85/lb to $0.95/lb for this year.

Meanwhile, the engineering contractor was mobilised for the Phase 2 expansion of Platreef; more than a 400% increase in production from Phase 1 is expected from the fourth quarter of 2027.

Further, an updated mineral resource estimate for the Makoko District in Western Forelands is targeted for mid-year.