DRC: Ivanhoe’s record Kipushi zinc output strengthens concentrate supply outlook

• Kipushi produces record 70,177 t of zinc in concentrate in Q2 2026, up 8% q-o-q
• Operations remain on track to achieve the upper end of 2026 production guidance

Ivanhoe Mines reported record zinc production of 70,177 tonnes (t) in concentrate from its Kipushi mine in the Democratic Republic of Congo (DRC) during Q2 2026, marking an 8% quarter-on-quarter (q-o-q) increase and the highest quarterly output since the mine restarted operations. The strong performance reinforces expectations of improved global zinc concentrate availability in 2026 and keeps the operation on track to achieve the upper end of its annual production guidance of 240,000-290,000 t.

The quarterly increase was supported by record operational performance across the mine and concentrator. Ore milled reached 200,774 t, while the average feed grade improved to 38.7% zinc. Concentrator recoveries also climbed to a record 92%, reflecting stable plant operations and efficient processing. The mine additionally achieved its highest monthly output to date in May, producing 25,677 t of zinc in concentrate.

Q2 2026 marked the seventh consecutive quarter of production growth at Kipushi, highlighting the continued ramp-up of operations following the mine’s restart. At the current run rate, annualised zinc production is approximately 280,000 t, positioning the operation comfortably within the upper range of the company’s guidance.

From a market perspective, the sustained increase in Kipushi’s output is expected to provide additional zinc concentrate supply to the global market, particularly at a time when smelters continue to monitor concentrate availability and treatment charge dynamics. While refined zinc prices remain largely influenced by downstream demand, rising mine supply could gradually ease tightness in the concentrate market if similar production growth is seen from other major producers.

Separately, Ivanhoe reported 64,328 t of copper production from the Kamoa-Kakula complex during Q2 2026 and reiterated its full-year copper production guidance. The company also noted that sulphuric acid prices remain exceptionally strong, with July contracts around $840/t, reflecting continued tightness in the acid market.