Ivanhoe Mines Posts $46 Million Q2 Profit on Strong Kamoa-Kakula Performance

Ivanhoe Mines reported a $46 million profit for its second quarter of 2026, compared to a $2 million loss in Q1. This improvement is largely due to the company's Kamoa-Kakula Copper Complex, which saw a share of profit totaling $16 million. The complex sold 61,249 tonnes of copper at an average realized price of $5.99 per pound.

Kamoa-Kakula recognized revenue of $880 million and operating profits of $160 million for the quarter, with an EBITDA margin of 44%. However, costs of sales increased to $4.86 per pound due in part to depreciation charges of $1.35 per pound. The company's cash cost (C1) per pound averaged $2.84, within its full-year guidance range of $2.60 to $3.00.

The Kamoa-Kakula smelter operated at an average cost of $0.41 per pound, offset by sulphuric acid by-product credits of $0.39 per pound and logistics charges of $0.24 per pound. Sulphuric acid sales generated revenue of $880 million during the quarter, with prices expected to remain elevated for the foreseeable future at around $840 per tonne.