Ivanhoe cuts 2026 copper outlook for Kamoa-Kakula after revised technical report

Ivanhoe Mines lowered its 2026 copper production forecast for the Kamoa-Kakula complex in the DRC following an updated independent technical report.

Ivanhoe Mines has lowered its near-term copper production outlook for the Kamoa-Kakula complex in the Democratic Republic of Congo, after an updated independent technical report reduced estimated output for 2026 and 2027 while reaffirming the project’s long-term growth potential.

The revised study forecasts 2026 copper anode production of 290,000 to 330,000 tonnes, down from the company’s earlier guidance of 380,000 to 420,000 tonnes. For 2027, the updated outlook now stands at 380,000 to 420,000 tonnes. Ivanhoe said the lower near-term estimates reflect updated mine designs at both the Kamoa and Kakula mines, including a longer period of upfront development intended to support a more sustainable future mining rate.

Despite the weaker short-term forecast, the company continues to target annual copper production of more than 500,000 tonnes from 2028, underscoring the strategic importance of Kamoa-Kakula as one of the world’s highest-grade major copper operations.

The updated reserve statement estimated 466 million tonnes of ore grading 2.82% copper, containing approximately 13.1 million tonnes of copper. Ivanhoe also highlighted a broader indicated mineral resource of 1.3 billion tonnes at 2.65% copper, reinforcing the scale of the complex as the company works toward its next development phase.

Kamoa-Kakula has become one of the mining industry’s most closely watched copper assets as global supply remains tight and demand expectations strengthen. Copper consumption is widely expected to benefit from the continued expansion of electric vehicles, power grid investment, and data center buildout linked to artificial intelligence infrastructure. This demand-side framing is a market interpretation commonly used in industry coverage and was cited alongside the production update.

Following the report’s recommendations, Ivanhoe said it has begun work on a new feasibility study expected to be completed in about 12 months. The company also plans to begin drilling and mapping in the second quarter of 2026, as it refines mine planning and prepares for the next stage of growth at the Congolese copper complex.

The revised report suggests Ivanhoe is prioritizing mine development quality and long-term operating stability over near-term output maximization.