Ivanhoe Mines Posted Solid Q3 2025 Results on Strong Copper Output
The company reported adjusted EBITDA of $87 million in Q3 2025, compared to $123 million in Q2 2025.
SEATTLE (Scrap Monster): Canadian mining major Ivanhoe Mines has released its financial and operational results for the third quarter of 2025, along with updates on key project developments.
The company posted an adjusted EBITDA of $87 million in Q3 2025, down from $123 million in Q2 2025. Profit after tax came in at $31 million, compared to $108 million in the same quarter last year and $35 million in the previous quarter, reflecting lower realized metal prices and higher operating costs.
The flagship Kamoa-Kakula Copper Complex generated $566 million in revenue and an operating profit of $69 million, with EBITDA at $196 million for the quarter. The operation sold 61,528 tonnes of copper at an average realized price of $4.42 per pound. However, unsold copper inventory rose to approximately 59,000 tonnes by the end of Q3, up from around 53,600 tonnes at the end of Q2 2025, signaling a temporary buildup in stock due to shipping delays.
Meanwhile, the company’s Kipushi Zinc Mine achieved record performance, selling 49,744 tonnes of zinc at an average realized price of $1.27 per pound. Kipushi reported its highest-ever quarterly revenue of $129 million, with a segment profit of $8 million and EBITDA of $27 million, reflecting stronger operational throughput and steady market demand.
During the quarter, Ivanhoe Mines also strengthened its balance sheet through a $500 million private placement with the Qatar Investment Authority, alongside an additional $70 million raised from Zijin Mining following the exercise of its anti-dilution rights.
The company stated that these financial inflows will help support the ongoing development and expansion of its African mining projects, while reinforcing its position as one of the fastest-growing diversified miners in the global metals market.
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