Ivanhoe Mines has released its third-quarter 2026 financial results, highlighting strong performance across its key operations. The company reported a profit of $45 million and adjusted EBITDA of $241 million, with significant contributions from its Kamoa-Kakula Copper Complex and Kipushi mine. Kamoa-Kakula achieved record quarterly revenue of over $1 billion, selling 67,025 tonnes of copper at an average price of $6.12 per pound. The complex's cost of sales per pound of payable copper sold was $4.59, down from $4.86 in the previous quarter.
The company announced plans to release an updated life-of-mine plan for Kamoa-Kakula in March 2027, aiming to restore the complex to top-tier global producer status. Short-term 2027 production guidance was revised to 300,000 to 350,000 tonnes of copper at a cash cost of $2.50 to $3.00 per pound. Full capacity operations target 400,000 to 450,000 tonnes annually, with plans to increase steady-state production to approximately 500,000 tonnes per year through Phase 4 milling expansion.
Ivanhoe Mines is also expanding its renewable energy initiatives, with 60-MW hybrid solar facilities now fully operational and plans to expand to 120 MW by the first quarter of 2028. The company's Kipushi mine is on track for another record-breaking year, while the Platreef Phase 2 concentrator is scheduled for completion in the fourth quarter of 2027. Founder Robert Friedland emphasized the company's commitment to operational stability and sustainable production.
The financial results reflect significant operational improvements, including increased mining rates, improved concentrator recoveries, and substantial economic benefits from the copper smelter. Sulphuric acid production averaged 1,250 tonnes per day, with contract prices averaging over $900 per tonne. The company's exploration efforts continue to unlock potential in the Western Forelands and other prospective regions.