Ivanhoe Mines Ltd

Latest Results (11.11.2025):

Ivanhoe Mines Ltd's Q2 2025 financial report highlights a profit of $35 million and adjusted EBITDA of $123 million. The report also details robust production at the Kamoa-Kakula Copper Complex with 112,009 tonnes of copper produced, revised cost and capital expenditure guidance, operational milestones like dewatering progress, and a strong balance sheet of $672 million in cash and cash equivalents. Amidst challenges such as seismic activity, the company demonstrated resilience and continued strategic progress in all its key operations for Q2 2025.

Financial Performance

In Q2 2025, Ivanhoe Mines Ltd reported a profit of $35 million and an adjusted EBITDA of $123 million, with an attributable EBITDA contribution of $128 million from Kamoa-Kakula. These figures reflect a significant performance in comparison to previous quarterly results, even as cost pressures were evident in the rising cost per pound of payable copper sold.

Operational Efficiency

The Kamoa-Kakula Copper Complex produced 112,009 tonnes of copper with its Phase 1 and Phase 2 concentrators operating at 85% of design capacity and the Phase 3 concentrator exceeding its design capacity by 30%. Despite seismic activity affecting mining activities during May 2025, production rebounded with improved mining rates on the western side, keeping operations largely aligned with revised 2025 production guidance.

Capital Expenditure and Cost Guidance

The report noted a comprehensive review of capital expenditure concerning the dewatering and ramp-up plans at Kamoa-Kakula. The upper end of the 2025 CAPEX guidance was lowered, while revised cash cost guidance now ranges from $1.90/lb. to $2.20/lb. for payable copper produced. These adjustments come amid preparatory measures such as Phase One dewatering advances and scheduled commencement of additional high-capacity pump operations.

Balance Sheet and Strategic Initiatives

Ivanhoe Mines Ltd maintains a strong balance sheet with $672 million in cash and cash equivalents as of June 30, 2025. Strategic progress is evident with secured offtake agreements, debottlenecking at Kipushi leading to record production figures, and progress towards the startup of Africa’s largest and greenest copper smelter and the Platreef project slated for production commencement next quarter.