- Ivanhoe’s Kipushi mine produces record 25,677 t zinc in May
- Annualised run rate exceeds 2026 guidance midpoint amid firm prices
Ivanhoe Mines’ Kipushi zinc mine in the Democratic Republic of Congo (DRC) reported record production in May, potentially offering relief to the tight global zinc concentrate market that has supported elevated prices and compressed smelter margins in recent quarters.
The mine produced a record 25,677 tonnes (t) of zinc in concentrate in May, up 12% from the previous monthly high of 22,968 t achieved in January 2026. At this pace, Kipushi is operating at an annualised production rate of around 308,000 t, exceeding the midpoint of Ivanhoe’s 2026 guidance of 240,000-290,000 t. The performance comes as zinc prices remain near four-year highs, supported by concentrate shortages and intermittent mine disruptions globally.
The strong performance was backed by high-grade ore and operational efficiency. During May, concentrators milled a record 72,003 t of ore at an average zinc feed grade of 36.2% and metallurgical recovery of 93%. Meanwhile, 85,811 t of ore were mined and hoisted, while year-to-date production reached around 110,000 t by end-May.
Supply-side relief for smelters?
Kipushi’s ramp-up could gradually improve zinc concentrate availability, particularly for Asian smelters grappling with tight raw material supply and weak treatment charges (TCs). The mine is expected to become the world’s fourth-largest zinc producer in 2026, strengthening Africa’s role in the global zinc supply chain.
Market participants, however, noted that while additional concentrate volumes may cap further upside in zinc prices, the impact on refined markets could remain gradual unless downstream galvanised steel demand improves meaningfully.
Outlook
Kipushi’s ramp-up will remain a key watchpoint for zinc markets. Sustained output above guidance could improve concentrate liquidity in H2 2026, although price direction will continue to depend on Chinese demand and smelter operating rates.
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