Ivanhoe Mines Q3 profit rises as it cuts 2027 Kamoa-Kakula copper output guidance

what happened

Canada's Ivanhoe Mines earned $45 million in profit in the third quarter, according to Reuters, which cited LSEG data and company information. Adjusted EBITDA came in at $241 million. The Kamoa-Kakula complex booked record quarterly revenue of more than $1 billion.

The company, however, reduced its 2027 copper production guidance for Kamoa-Kakula to 300,000-350,000 tonnes, citing operational delays and higher costs. It raised the cash cost forecast to $2.50-$3.00 per pound from $2.10-$2.50. After the Phase 4 expansion, the company aims for roughly 500,000 tonnes of annual copper output.

The company credited higher mining rates and better concentrator recoveries for the quarter. A ramp-up of its hybrid solar plant also cut energy and diesel spending, while sulphuric acid by-product sales helped offset smelter costs.

why it matters

For copper markets, the key signal is that one large project will contribute less supply in 2027 than previously planned. Higher costs also squeeze producer margins, even as revenue grows.

market impact

Copper: a smaller supply outlook from a large project supports prices

• ▲Copper pressure up — lower output guidance reduces expected metal supply

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