Kolwezi, Democratic Republic of Congo – Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chairman Robert Friedland and President & Chief Executive Officer Marna Cloete have provided an update on production at the Kamoa-Kakula Copper Complex and the Kipushi zinc mine, both located in the Democratic Republic of the Congo (DRC).
Kamoa-Kakula Copper Complex Achieves Near-Record Production
Kamoa-Kakula recorded impressive copper production figures in early 2025, with 45,477 tonnes produced in January and 40,849 tonnes in February. Daily copper output averaged 1,467 tonnes per day (tpd) in January and 1,459 tpd in February, closely approaching the record 1,518 tpd set in December 2024.
During the final week of February, the operation produced 11,122 tonnes of copper, equivalent to an annualized production rate exceeding 578,000 tonnes—at the upper end of the 2025 guidance range of 520,000 to 580,000 tonnes.
Power Supply Improvements as Wet Season Progresses
Kamoa-Kakula’s Phase 1, 2, and 3 operations are currently powered by approximately 100 MW of hydroelectric power, supplemented by on-site diesel generators. Efforts are underway to secure an additional 20 MW of imported hydroelectric power by month-end.
Water levels at the Cahora Bassa hydroelectric dam in Mozambique, a key power source, have improved significantly. According to a March 4, 2025 report from the Club of Mozambique, the dam’s water reserves now guarantee electricity production until late 2025. Similarly, the Kariba hydroelectric dam in Zambia has also seen rising water levels, bolstering regional power supply.
Progress in On-Site Generator Repairs
Kamoa-Kakula has 190 MW of on-site diesel power, with up to 50 MW currently in use. Of this capacity, 36 MW is under repair following damage reported on January 8, 2025. The total power requirement for full operations, including the smelter, is approximately 240 MW. Discussions are progressing to secure additional grid power, with smelter heat-up expected to commence between May and June 2025.
Project 95 Advancing on Schedule
The “Project 95” initiative aims to enhance concentrator recoveries from 87% to 95%, increasing annual copper production by up to 30,000 tonnes. With a capital expenditure of approximately $180 million, this initiative is progressing well, reaching 20% completion and remaining on track for a Q1 2026 finish.
Kipushi Zinc Mine Hits Record Production
Kipushi’s ramp-up continues, with record production of 16,063 tonnes of zinc in January and 11,903 tonnes in February. The mine is approaching its 2025 guidance of 180,000 to 240,000 tonnes of zinc concentrate annually.
Since the start of 2025, concentrator recoveries have averaged approximately 88%, with a concentrate grade of 53% contained zinc. The nameplate milling rate of 2,000 tonnes per day was achieved in late February, and further improvements are expected.
For 2026, Kipushi aims to exceed 250,000 tonnes of zinc concentrate production following the completion of its debottlenecking program, which remains on schedule for late Q3 2025.
