Ivanhoe Mines Sets Higher 2025 Production Targets Following Record Output in Congo

Ivanhoe Mines is poised to ramp up production at its Democratic Republic of Congo (DRC) operations in 2025 after achieving record output in 2024. The Canadian mining company has set its 2025 production guidance at 520,000 to 580,000 metric tons of copper from its flagship Kamoa-Kakula operation.

The company reported a 12% year-on-year increase in copper production in 2024, reaching a record 437,061 tons of copper in concentrate. This growth was driven by the successful ramp-up of the complex's third-phase concentrator in the second half of the year. Fourth-quarter output hit a new high of 133,819 tons, marking a 15% increase from the previous quarter.

However, Ivanhoe warned that the commissioning of its new smelter at Kamoa-Kakula could be delayed by up to three months due to a fire at a back-up generator facility in early January. The fire caused no injuries and did not impact production, with repairs currently underway.

In addition to its copper operations, Ivanhoe is targeting production of 180,000 to 240,000 tons of zinc at its Kipushi zinc-copper-germanium-silver mine. Kipushi produced 50,307 tons of zinc during its first year of operations in 2024, with a record monthly output of 14,900 tons in December. Notably, the mine achieved a daily record of 750 tons of zinc on December 31, surpassing its nameplate capacity.

Ivanhoe also reported an increase in unsold copper inventory, rising to about 30,000 tons by the end of 2024 from 16,000 tons in the third quarter. Most of this inventory is undergoing toll treatment at the Lualaba Copper Smelter and is expected to decrease in early 2025.