TSX-listed Ivanhoe Mines has a recorded a profit after tax of $45-million for the third quarter, compared with a profit of $31-million reported for third quarter of 2025 and a profit of $46-million reported for the second quarter this year.

The company attributed the higher quarterly profit to the segmental profit of $47-million from the Kipushi mine and the share in profit from the Kamoa-Kakula joint venture of $25-million. Both of these mines are located in the Democratic Republic of Congo.

Ivanhoe’s adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) for the third quarter were $241-million, compared with $86-million for the same period in 2025 and $179-million for the second quarter of this year.

The company says this includes an attributable share of Ebitda from Kamoa-Kakula of $190-million for the third quarter of this year, compared with $76-million for the same period in 2025.

Kamoa-Kakula has achieved record revenue of about $1-billion, an operating profit of $288-million and an Ebitda of $478-million for the quarter ended September 30, equal to an Ebitda margin of 46%.

This mining operation sold about 67 000 t of copper during the third quarter at an average realised copper price of $6.12/lb, the majority of which was realised earlier in the quarter when copper prices were lower.

Kamoa-Kakula’s cost of sales was $4.59/lb for the third quarter compared with $4.86/lb in the second quarter.

“Despite elevated diesel prices, full-year cash costs are on target to achieve 2026 guidance of $2.60/lb to $3/lb.

“Kamoa-Kakula’s cash cost averaged $3/lb for the third quarter. Cash costs for the first nine months of 2026 averaged $2.80/lb, at the mid-point of the full-year guidance range,” Ivanhoe CEO Marna Cloete notes.

She adds that Kamoa-Kakula’s expenditure for the third quarter was $206-million and capital expenditure (capex) for the nine months ended September 30 was $797-million.

Kamoa-Kakula also sold about 109 000 t of high-strength sulphuric acid during the quarter, at an average price of $915/t, with Cloete noting that sulphuric acid prices are expected to remain elevated for the foreseeable future, and three-month contracts from November are expected to average about $900/t.

Meanwhile, Ivanhoe has reported that its Kipushi mine sold a record 69 384 t of zinc during the quarter ended September 30, at an average realised zinc price of $1.73/lb, compared with the 43 424 t sold in the second quarter at an average realised zinc price of $1.58/lb.

Kipushi has also achieved quarterly revenue of $255-million, a segmented profit of $47-million and Ebitda of $108-million in the third quarter, equal to an Ebitda margin of 43%. The company adds that this compares with the Ebitda of $51-million and the Ebitda margin of 35% recorded for the second quarter.

Further, Ivanhoe’s capex at the Platreef platinum group metals mine, in Limpopo, South Africa, reached $124-million during the third quarter and this mine’s full-year guidance range has been increased to between $415-million and $445-million from previous guidance of $350-million to $380-million to account for the additional capitalised costs related to Phase 1 operations prior to commercial production.

Cloete also highlights that the company has a strong treasury position with cash and cash equivalents on hand of $643-million as of September 30.

The detailed engineering design for the Phase 4 expansion of Kamoa-Kakula is expected to increase production capacity to about 500 000 t of copper and will start in the first quarter of 2027.

Ivanhoe highlights that this phase could be completed within 18 to 24 months from project approval.

“We have updated our pathway at Kamoa-Kakula to restore yearly copper production to about 500 000 t through the Phase 4 expansion, while the introduction of very high-grade openpit mining will create resilience and operational flexibility across the entire [copper] complex,” says Ivanhoe founder and co-chairperson Robert Friedland.

He highlights the growing strategic importance of mineral exploration and development as technological advancements, decarbonisation and geopolitical considerations drive demand for critical metals.

“The world is entering an era of unprecedented demand for the metals that underpin electrification, reduction of global warming gases, AI, advanced manufacturing and national security.

“The importance of discovering, developing and responsibly producing these metals has never been greater,” Friedland concludes.