Ivanhoe Mines posts $45m third-quarter profit as Kamoa-Kakula revenue hits a record

Ivanhoe Mines has recorded a profit after tax of $45-million for the third quarter, the TSX-listed company reported, up from $31-million in the third quarter of 2025. The result sits just below the $46-million profit it posted for the second quarter of this year, a near-flat sequential move that points to steady earnings from its Congolese operations.

The company credited the higher quarterly profit to two sources: segmental profit of $47-million from the Kipushi mine, and its share of profit from the Kamoa-Kakula joint venture, which came to $25-million. Both mines are in the Democratic Republic of Congo (DRC).

Record revenue at Kamoa-Kakula

The headline driver of the quarter was Kamoa-Kakula, where Mining Weekly reports record revenue. Kamoa-Kakula is run as a joint venture, so Ivanhoe does not book the mine’s full earnings in its own segment results. It accounts for its stake as a share in profit, which is why the $25-million figure sits apart from Kipushi’s segmental profit.

Kamoa-Kakula is one of the largest copper operations in Africa, and a strong revenue quarter there matters well beyond one company’s balance sheet. Copper from the DRC’s Copperbelt feeds global demand tied to power grids, electric vehicles and construction, and the country’s output is closely watched by buyers and governments.

Kipushi adds a second earnings leg

Kipushi, in the south-east of the DRC, contributed $47-million in segmental profit, more than the joint venture share. Having a second profitable asset gives Ivanhoe some insulation from swings at any single mine, a point investors tend to weigh when a company depends on operations in one country.

What to watch

With the third quarter in line with the second and ahead of last year, attention turns to whether Kamoa-Kakula can sustain record revenue and whether Kipushi holds its contribution into the final quarter. Readers should also note that profit and revenue are different measures: a record top line does not automatically translate into a record profit once costs, taxes and joint-venture accounting are applied.

This report is based on a single published summary and carries an unverified status. Figures should be checked against Ivanhoe Mines’ own results release and filings before being relied on for investment decisions.