Ivanhoe Mines Sets 2026 Copper Production Guidance at 380,000-420,000 Tonnes Amidst Smelter Launch

Ivanhoe Mines (TSX: IVN) has announced its Kamoa-Kakula copper production guidance for 2026, targeting between 380,000 and 420,000 tonnes of contained copper, with a medium-term goal of approximately 550,000 tonnes. This announcement follows the successful commencement of heat-up operations at Africa's largest direct-to-blister copper smelter at Kamoa-Kakula on November 21, 2025. The company's guidance provides clarity on its future output as recovery efforts at the Kakula Mine advance.

The new guidance comes after a period of uncertainty following seismic events in May 2025 that led to flooding at the Kakula mine. Dewatering efforts are progressing, with the western side of the mine approximately 70% complete and the eastern side at 60%. Ivanhoe Mines' Executive Co-Chairman Robert Friedland expressed confidence in the turnaround, stating, "Even during the recovery years of 2025 and 2026, this remarkable copper complex is set to produce approximately 400,000 tonnes of copper."

Copper sales in 2026 are projected to exceed production, as the company plans to reduce its on-site inventory of unsold copper concentrate by approximately 20,000 tonnes. The operational smelter is expected to significantly enhance the complex's value proposition by transforming copper concentrate into higher-value copper anodes. This strategic move aligns with Ivanhoe's vision to become a leading producer of clean, sustainable copper.

Meanwhile, global copper prices have seen significant upward movement, driven by strong demand and supply concerns. While current market prices are robust, the specific claim of "copper at new highs" and an "inevitable run to $6" as suggested by "The Mining Bartender" on social media, requires further market analysis. Analysts continue to monitor the interplay of increasing demand from renewable energy and electric vehicle sectors against potential supply disruptions.