Ivanhoe Mines Ltd. Progresses Smelter Operations and Market Dynamics
Ivanhoe Mines Ltd. (TSX: IVN) reported that its Kamoa‑Kakula copper smelter produced its first copper anodes on 29 December 2025. The direct‑to‑blister smelter, with a nameplate capacity of 500 000 tpa and an expected overall recovery of 98.5 %, is still in ramp‑up mode. Production of 99.7 % copper anodes commenced after the first concentrate feed on 21 December. The smelter is targeting year‑end completion of its 500 000 tpa steady‑state capacity later in 2026.
The company has reduced its on‑site concentrate inventory from approximately 37 000 t of contained copper to about 17 000 t, creating a destocking of roughly 20 000 t. This reduction is expected to translate into an additional 20 000 t of copper sales in 2026. Sulphuric acid production is projected to reach up to 700 000 tpa, providing a local market product.
Power infrastructure at the smelter is expanding: a 60 MW uninterruptible power supply (UPS) has already been installed, and a 60 MW solar‑plus‑battery facility is slated for commissioning in Q2 2026. Further engineering works, including stage‑three dewatering and pump rehabilitation, will continue through the second quarter.
In the broader market context, the Toronto Stock Exchange (TSX) closed modestly higher on 30 December 2025. Materials and energy sectors gained, driven by rising commodity prices, while geopolitical tensions in Eastern Europe and the Middle East added a degree of caution. Within the Materials Capped Index, Ivanhoe Mines shares increased between 2 % and 2.7 %, reflecting investor interest in the company’s operational milestones and commodity exposure.
A separate update on 1 January 2026 from Robert Friedland highlighted his continued disclosures regarding Ivanhoe Mines’ shareholdings, although specific details were not disclosed in the provided source.
Ivanhoe Mines remains focused on its core assets: the Kamoa‑Kakula copper mine in the Democratic Republic of Congo, the Zambian and South African zinc‑copper, and palladium‑rhodium‑platinum‑nickel‑copper‑gold projects. The company’s recent operational progress at the smelter and its increasing copper sales forecast suggest a strengthening position within the metals and mining sector.
