Canada · Delayed Price · Currency is CAD Ivanhoe Mines Earnings Call Transcripts
Fiscal Year 2026
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Kamoa-Kakula's mine redesign after a seismic event reduces near-term reserves but supports a multi-decade, high-grade copper operation. Production guidance for 2026–2027 is lowered, with a return to 500,000+ tons per year targeted from 2028, and cost optimization underway.
Fiscal Year 2025
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Record copper and zinc production, strong revenue and EBITDA, and major project milestones marked 2025. Smelter and mine expansions are ahead of schedule, with improved cost guidance and robust liquidity supporting future growth.
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Q3 saw major milestones with first ore at Platreef, a $500M Qatar investment, and strong progress on Kamoa-Kakula's recovery. Revenue and EBITDA were impacted by lower grades, but guidance remains intact and key projects are advancing on schedule.
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Q2 saw strong cash flow and resilient operations despite seismic disruption at Kamoa-Kakula, with full dewatering targeted by year-end and smelter commissioning set for September. Guidance was revised for higher costs, but production targets remain unchanged, and major project milestones at Kipushi and Platreef are on track.
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Record Q1 revenue and EBITDA driven by strong copper output and improved power stability. Smelter commissioning and production optimizations set to boost future results, with guidance maintained and major growth projects advancing.
Fiscal Year 2024
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Record copper and zinc production, strong revenue and EBITDA growth, and major project milestones were achieved in 2024. Guidance for 2025 and beyond targets further production increases and cost reductions, with significant progress on smelter, power, and expansion projects.
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Record Q3 copper production and revenue were achieved despite power challenges, with phase III ramp-up completed and smelter commissioning on track for early 2025. Guidance for 2024 was revised lower, but strong growth is expected from 2025 as new projects come online.
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Record copper production and EBITDA were achieved in Q2, with strong cost control and major project milestones including Phase III ramp-up and first dividend declaration. Power stability and growth projects underpin a positive outlook, while capital intensity remains industry-leading.