Ivanhoe Q3 profits shrink on copper mine disruption

Ivanhoe Mines (TSX: IVN) fell to a more than one-month low after reporting its financial results for the third quarter of 2025, which showed a decline in profit caused by disruptions at its flagship copper mine.For the three months, the Vancouver-based miner booked an after-tax profit of $31 million, which was less than a third of what it recorded in the same period last year ($108 million), and also $2 million lower than the second quarter. Its adjusted EBIDTA was also down from last year and the quarter before.The principal cause of the decline was the seismic activity in May and subsequent flooding that disrupted production at its Kamoa-Kakula copper complex in the Democratic Republic of the Congo. During Q3 2025, the operation produced 71,226 tonnes of copper concentrate, compared with 112,009 in Q2 and 116,313 tonnes in Q3 of last year. Sales of copper also saw similar declines.For the first nine months, Ivanhoe’s total copper production was 316,393 tonnes, placing it on track to meet its 2025 production guidance of 370,000-420,000 tonnes, which was revised down following the Kamoa-Kakula incident.Shares of Ivanhoe Mines fell more than 5% following the Q3 results release, sending the stock price to as low as C$13.50 in Toronto with a market capitalization of C$19.3 billion. Despite this, analysts remain optimistic on the company’s future outlook, with BMO maintaining its price target of C$23 a share.Kamoa-Kakula rehabIn the Q3 results release, the company noted that its Stage 2 dewatering of the affected Kakula mine is progressing towards an early December completion. At that point, its crew would have regained access to the currently submerged mine areas, which have higher grades.“As this critical work is completed, underground workings and infrastructure are systematically inspected and rehabilitated to prepare for the resumption of mining activities in higher-grade areas,” Ivanhoe founder and co-chairman Robert Friedland stated in the press release.Ivanhoe’s management is also working on an updated development plan for its copper mine complex, which it co-owns with China’s Zijin Mining Group, with the target of increasing mining rates up to 17 million tonnes per year.“We expect production to continue to rise over the coming months and quarters, ultimately targeting over 550,000 tonnes of copper per year, reaffirming Kamoa-Kakula’s position among the world’s most essential and lowest-carbon copper producers,” Friedland commented.Critical mineralsThe company’s Kipushi zinc mine, also in Congo, produced a record 57,200 tonnes in the third quarter, bringing its annualized production rate up to 315,000 tonnes, which is above its 2025 guidance range of 180,000-240,000 tonnes.In South Africa, its Platreef mine is expected to produce its first concentrate in mid-to-late November. The first feed of platinum-palladium-nickel-rhodium-copper-gold ore into the Phase 1 concentrator took place this week, marking the final stage of its hot commissioning.“Kipushi’s rebirth as one of the world’s great zinc mines is now complete – the debottlenecking program has elevated it to the ranks of the globe’s top producers,” Friedland said, while also highlighting its potential to produce germanium, gallium and silver.With its three mines, Ivanhoe Mines stands “on the threshold of becoming one of the largest and most significant producers of these critical metals to power our planet’s future,” he added.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com