Ivanhoe Mines has lowered its 2027 copper production guidance for the Kamoa-Kakula complex in the Democratic Republic of Congo to 300,000–350,000 tonnes, from 380,000–420,000 tonnes, and will start mining shallow, high-grade open pits to lift output, the company said in its third-quarter results on 3 November.

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Ivanhoe said the slower ramp-up is mainly due to a delay in the start of stoping on the eastern side of Kakula, now expected in late Q1 2028 instead of Q4 2027, and a lower estimated maximum mining rate at Kakula. It also raised 2027 cash cost guidance to US$2.50–3.00/lb, citing elevated diesel prices, lower grades and lower production.

Record quarter at Kamoa-Kakula

"We have updated our pathway at Kamoa-Kakula to restore yearly copper production to about 500 000 t through the Phase 4 expansion." — Robert Friedland, Founder and Executive Co-Chairman, Ivanhoe Mines

The complex produced a record 76,401 tonnes of copper in saleable products in the quarter to 30 September, up from 64,328 tonnes in the second quarter. Revenue reached a record of about US$1.03 billion, with EBITDA of US$478m, a 46% margin, as reported by Mining Weekly.

"Kamoa-Kakula's cash cost averaged $3/lb for the third quarter. Cash costs for the first nine months of 2026 averaged $2.80/lb, at the mid-point of the full-year guidance range," said Ivanhoe president and CEO Marna Cloete.

The on-site smelter, running at about 60% of its 500,000-tonne-a-year capacity, produced a record 118,638 tonnes of sulphuric acid, sold at about US$915 a tonne.

Open pits and Phase 4

Pre-stripping of two starter pits at Kamoa is due to begin in the first quarter of 2027, with first ore in the third quarter. Ivanhoe expects about 3.5 million tonnes of open-pit ore at 2.5% copper by the end of 2028, and says open pits can extract about 95% of the orebody compared with about 65% underground.

Detailed engineering for the Phase 4 expansion starts in the first quarter of 2027, with construction expected to take 18 to 24 months from approval. An updated mine plan is due in March 2027.

"We have updated our pathway at Kamoa-Kakula to restore yearly copper production to about 500 000 t through the Phase 4 expansion, while the introduction of very high-grade openpit mining will create resilience and operational flexibility across the entire complex," said founder and co-chairperson Robert Friedland.

South African link

Ivanhoe also raised 2026 capital guidance for its Platreef PGM mine in Limpopo to US$415m–445m, from US$350m–380m. Kamoa-Kakula is owned 39.6% each by Ivanhoe and Zijin Mining, with the DRC government holding 20%.

Why it matters

Kamoa-Kakula is one of Africa's largest copper operations. A lower 2027 profile trims expected supply from the Central African Copperbelt, while the move to open pits will bring new work for mining contractors and suppliers from early 2027.

Sources: Ivanhoe Mines, 2026 third-quarter results (3 November 2026); Mining Weekly, "Ivanhoe records profitable third quarter, boosted by record revenue at Kamoa-Kakula" (5 November 2026).