Ivanhoe Mines stock faces lower 2027 copper guidance after Q3
Published on 11/10/2026 at 22:45 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSCopper Strategy Faces a Reset
- Ivanhoe Mines reported third-quarter profit after tax of 45 million US dollars and adjusted EBITDA of 241 million US dollars.
- Kamoa-Kakula's 2027 copper guidance was reduced to 300,000 to 350,000 tonnes, while cash-cost guidance increased.
- A revised life-of-mine plan for Kamoa-Kakula is scheduled for March 2027.
Ivanhoe Mines reported stronger third-quarter operating results while lowering its near-term copper outlook at Kamoa-Kakula. In its November 3 release, the company said profit after tax reached 45 million US dollars for the three months ended September 30, 2026, compared with 31 million US dollars a year earlier.
Ivanhoe Mines stock traded at 5.10 euros on Lang & Schwarz at 22:44 CET on Tuesday, November 10, 2026.
Copper Output Meets a Revised Plan
Adjusted EBITDA rose to 241 million US dollars from 86 million US dollars in the third quarter of 2025 and 179 million US dollars in the second quarter of 2026. The figure is a non-GAAP measure. Kamoa-Kakula contributed 190 million US dollars of attributable EBITDA, while Kipushi generated EBITDA of 108 million US dollars.
Kamoa-Kakula produced 76,401 tonnes of copper in saleable products during the quarter and sold 67,025 tonnes of payable copper. The operation recorded revenue of 1.034 billion US dollars and EBITDA of 478 million US dollars, with an EBITDA margin of 46 percent. Its cash cost was 3.00 US dollars per payable pound.
The stronger operating performance did not prevent a reset of the development path. Ivanhoe now expects Kamoa-Kakula to produce 300,000 to 350,000 tonnes of copper in 2027, down from the previous range of 380,000 to 420,000 tonnes. The 2027 cash-cost range was raised to 2.50 to 3.00 US dollars per pound from 2.10 to 2.50 US dollars.
Kipushi Adds Operational Support
Kipushi produced a quarterly record of 77,147 tonnes of zinc in concentrate, supported by a record average feed grade of 41.6 percent and a record recovery rate of 96 percent. Revenue reached 255 million US dollars and EBITDA 108 million US dollars, equivalent to a 43 percent margin.
Ivanhoe said the updated Kamoa-Kakula life-of-mine plan remains on track for March 2027. The plan is expected to outline a route toward roughly 500,000 tonnes of annual copper production through open-pit mining, operational changes and a future Phase 4 expansion. First ore from the initial open pits is targeted for the third quarter of 2027.
Ivanhoe Mines at a Glance
- Company: Ivanhoe Mines
- ISIN: CA46579R1047
- Ticker: IVN
- Lang & Schwarz quote: 5.10 euros at 22:44 CET on Tuesday, November 10, 2026
- Q3 2026 profit after tax: 45 million US dollars
- Q3 2026 adjusted EBITDA: 241 million US dollars
Next Milestones for Investors
Investors will focus on the execution of the Kamoa-Kakula turnaround, the revised 2027 production plan and progress toward the March 2027 life-of-mine update. The company also expects its Phase 4 engineering work to begin in the first quarter of 2027.
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