Ivanhoe sets new monthly zinc record at Congo mine

Ivanhoe Mines (TSX: IVN) says its Kipushi zinc mine in the Democratic Republic of the Congo has set a new monthly production record and is on track to meet its full-year guidance.

The mine, located 30 km southwest of Lubumbashi, produced 25,677 tonnes of zinc concentrates last month, beating its previous monthly record of 22,968 tonnes from January by 12%, the Vancouver-based miner said in a press release on Thursday.

During May, the Kipushi concentrators milled a record 72,003 tonnes of ore at an average recovery of 93%, with an average plant feed grade of 36.2% zinc.

With the May results, Kipushi’s year-to-date zinc production is now estimated at 110,000 tonnes, which, if annualized, would be near the midpoint of the company’s 2026 guidance range of 240,000-290,000 tonnes.

‘Fourth-largest’ producer

At this production rate, the Kipushi mine would elevate its status and become the world’s fourth-largest zinc producer this year, Ivanhoe said in the release.

The company also updated its progress on the mine’s tailings storage expansion, noting that construction of the second tailings storage facility is now 90% complete, with the first deposit of tailings expected from October 2026.

Ivanhoe Mines’ shares gained 2.8% by midday Thursday on the announcement, giving it a market capitalization of C$18.2 billion ($13.1 billion).

The results come amid a surprisingly strong zinc market, with prices hovering near four-year highs despite analysts projecting a significant supply surplus following a surge in global mine production in 2025. In London, the base metal is trading close to $3,630/t, a level last seen in June 2022.

The Kipushi mine, owned 62% by Ivanhoe and 38% by Congo’s state mining company Gécamines, returned to production in 2024, exactly 100 years since the operation first started. Before Ivanhoe entered the project in 2011, the Kipushi mine had been sitting idle for nearly two decades.