Ivanhoe Mines executives highlighted progress at the Kamoa-Kakula copper complex, strong ramp-up at the Kipushi zinc operation, and production at the Platreef PGM mine during the Q4 earnings call. The company announced the first shipment of 99.7% copper via the Lobito Corridor. Kamoa-Kakula produced close to 400,000 tonnes of copper in 2025, generating $4.2 billion in revenue.

Kamoa-Kakula sold almost 79,000 tonnes of copper in Q4 for $866 million. The smelter ramp-up was ahead of schedule, operating at over 60% capacity. Fourth-quarter cash costs were $2.99 per pound of copper. Kamoa-Kakula’s 2025 revenue was $3.3 billion at a realized copper price of $4.40 per pound.

Kipushi produced over 200,000 tonnes of zinc in 2025. Q4 saw record production and revenue, with EBITDA of $44 million. Full-year cash costs were $0.92 per pound of zinc, with Q4 cash costs at $0.86 per pound. Kipushi’s 2026 cash cost guidance is $0.85 to $0.95 per pound.

Platreef initiated production after 34 years. The mine is undergoing Phase II expansion targeting a quadrupling of precious metals production. Key milestones include commissioning Shaft 3 and progress on the larger Shaft 2. The company’s total recordable injury frequency rate remains low, but a fatal incident was reported at Kamoa-Kakula.

Ivanhoe Mines had $885 million in cash and equivalents at year-end. The company’s exploration budget for 2026 is $90 million, targeting an updated mineral resource estimate. Ivanhoe operates in four segments: Platreef property, Kamoa Holding joint venture, Kipushi properties, and treasury offices.

Read more at Yahoo Finance.: Ivanhoe Mines Q4 Earnings Call Highlights