Ivanhoe tightens 2026 Kamoa-Kakula guidance to 290,000-310,000 t; smelter at about 60% capacity

Ivanhoe Mines/Kamoa-Kakula copper complex

Kamoa-Kakula produced 64,328 tonnes of copper in the second quarter of 2026 and Ivanhoe narrowed full-year guidance to 290,000-310,000 tonnes, far below the 380,000-420,000 tonnes guided in December 2025. The smelter has run at about 60% of capacity since mid-February and should reach full rate in 2028. From 2028 the company targets more than 500,000 tonnes a year.

• Q2 2026: ore grade 2.39%, recovery 87.4%, C1 cash cost US$2.84/lb.
• 2027 guidance: 380,000-420,000 t.
• Kakula stoping not expected until H2 2027; new dewatering infrastructure under construction.
• On-site solar to give 60 MW baseload by end of Q3 2026, about 120 MW by end of 2027.