Producer · Senior · PGM · Africa
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Operating · 3 projects
Platreef Mine
Asset · Operating · Ownership 64%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Underground platinum-palladium-rhodium-gold-nickel-copper mine on the northern limb of the Bushveld Complex, 11 km from Mokopane and 280 km northeast of Johannesburg. Targets the Flatreef orebody (UMT-TCU, with adjacent UMT-BIK and UMT-FW deposits) across the contiguous Turfspruit (241 KR) and Macalacaskop (243 KR) farms totaling 7,842 ha. Phased development per Platreef 2025 IDP: 0.77 Mtpa Phase 1 (first concentrate November 2025) ramping with Shaft #1 + Shaft #3 hoisting to 5.0 Mtpa; Phase 2 4.1 Mtpa from Q4 2027 via a new 3.3 Mtpa concentrator module; Phase 3 PEA expansion to 10.7 Mtpa from 2030/2032 with two additional 3.3 Mtpa modules. Mining via mechanized long-hole stoping and drift-and-fill with cemented backfill. Conventional flotation circuit produces a single high-grade 85 g/t 3PE+Au concentrate. Dry-stack tailings under GISTM. Eskom 100 MW premium supply + 5 MW on-site solar; 10 Ml/day Masodi wastewater offtake. Owned 64% Ivanhoe via Ivanplats, 26% BEE structure, 10% Japanese consortium (ITOCHU/JOGMEC/JGC).
Mining metrics
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 31 December 2025
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Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
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Kipushi Mine
Asset · Ownership 62%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Ultra-high-grade underground zinc-copper-germanium-silver-lead mine in the town of Kipushi, 30 km southwest of Lubumbashi. Hosted in carbonate-hosted massive sulphide pipe-like bodies on the northern limb of the Kipushi Anticline within Nguba Group rocks; targets Big Zinc and Southern Zinc zones with the world's highest-grade major zinc deposit (35.3% Zn M&I per 2022 FS). Originally operated by Union Minière 1924-1993 (produced ~60 Mt @ 11% Zn + 7% Cu) before being placed on care & maintenance. Ivanhoe acquired 68% in 2011; transferred 6% to Gécamines March 2025 reducing Ivanhoe holding to 62% (Gécamines 38%); further 5% transfer to Gécamines from January 25, 2027 and 37% upon mining minimum reserves under 2023 JV agreement. Restart of mining June 2024 via P5 Shaft (8 m diameter, 1,240 m deep, 1.8 Mtpa hoist). Mining via longitudinal sub-level long-hole open stoping with cemented aggregate fill backfill. New surface concentrator using DMS + flotation; debottlenecked from 800 ktpa to 960 ktpa Q3 2025. 2025 milled 667,747 t @ 35% Zn producing 203,168 t zinc-in-concentrate at 53% concentrate grade. December 2025 record monthly 22,629 t Zn at 93.4% recovery (equivalent to >270 ktpa annualized).
Mining metrics
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 31 December 2025
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Kamoa-Kakula Copper Complex
District · Operating · Ownership 39.6%
Project information
As at 31 December 2025
Description
As at 31 December 2025
World-class stratiform copper complex within the Central African Copperbelt, 25 km west of Kolwezi. Comprises Kakula, Kakula West, Kansoko Sud, and Kamoa 1-6 deposits across three exploitation licences (12873, 13025, 13026) totaling 397.4 km2; licences expire August 19, 2042 with 15-year renewals. Three concentrators (Phase 1, 2, 3) plus the on-site 500,000 tpa direct-to-blister flash smelter that began producing 99.7%-pure anodes in late December 2025; the smelter is projected to be the largest in Africa. Phase 1+2 fed from Kakula, Phase 3 from Kansoko Sud / Kamoa 1+2. Project 95 (tailings reprocessing) targeting 95% recovery, due Q2 2026. Hosted in the Grand Conglomerate diamictite at the base of the Nguba Group. Kakula underground was temporarily suspended in May 2025 after a seismic event; multi-stage dewatering ongoing. Owned 39.6% by Ivanhoe via Kamoa Holding (49.5%) and Kamoa Copper structure; Zijin 39.6%; Crystal River 0.8%; DRC government 20% carried.
Mining metrics
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 31 December 2025
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Exploration · 5 projects
Mokopane Feeder Exploration Project
Asset · Pre-feasibility
Project information
Description
Early-stage exploration project adjacent to the Platreef Mine on the northern limb of the Bushveld Complex, targeting potential extensions and feeder structures to the Flatreef mineralization. No Mineral Resource declared; exploration drilling planned as part of the group's 2026 ~$90M exploration budget.
Mining metrics
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Western Forelands Exploration Project
District · Pre-feasibility · Ownership 80%
Project information
As at 1 May 2025
Description
As at 1 May 2025
Regional sediment-hosted copper exploration project targeting Kamoa-Kakula-style mineralization on 35 individual licences covering 2,436 km2 (six times the size of the Kamoa-Kakula permits), located adjacent to and around the Kamoa-Kakula Complex. Holds the Makoko District (Makoko + Makoko West + Kitoko) and Kiala discoveries. Ownership 54%-100% across the licence package: 80% indirect interest in Makoko SA mining licences, 100% in Lufupa exploration licences, 54% in Kampemba mining licence. Other Western Forelands licence holders: Magharibi Mining SA, Ivanhoe Mines Exploration DRC SARL. 2025 drilling programme totaled 52,870 m diamond + 7,150 m reverse circulation, extending Makoko District strike length to 13 km. Total contained copper across Ivanhoe's Western Forelands shelf (including Kamoa-Kakula) ~38.9 Mt M&I + ~13.6 Mt Inferred. Updated Mineral Resource estimate expected mid-2026. Industry-leading discovery cost <$0.01/lb Cu.
Mining metrics
Multiple effective dates · inclusive
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Reserves & resources — detail
As at 1 May 2025
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Angola Exploration
District · Pre-feasibility
Project information
As at 31 December 2025
Description
As at 31 December 2025
Greenfield sedimentary copper exploration project covering 22,195 km2 of newly granted prospecting rights in the Moxico and Cuando Cubango provinces of Angola, announced November 2023. Targets eastern Angola extensions of the Central African Copperbelt. Exploration commenced as part of the 2024 group-wide exploration program.
Mining metrics
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Chu-Sarysu Copper Basin JV
District · Pre-feasibility
Project information
As at 31 December 2025
Description
As at 31 December 2025
Joint venture with a private UK partner covering an exploration licence package up to 16,000 km2 in the Chu-Sarysu Copper Basin, Kazakhstan, announced February 2025. Ivanhoe is committed to fund $18.7 million in exploration over an initial two-year period through to February 2027, with earn-in rights to increase ownership up to 80% over time. Greenfield sediment-hosted copper exploration play.
Mining metrics
As at 31 December 2025
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Western Zambia Exploration
District · Pre-feasibility
Project information
As at 31 December 2025
Description
As at 31 December 2025
Greenfield copper exploration project on a 7,757 km2 package of new exploration licences in the highly-prospective North-Western Province of Zambia, announced April 2025. MOU signed September 2024 with Zambia Ministry of Mines & Minerals Development. Targets western Zambian extensions of the Central African Copperbelt within Ivanhoe's broader sedimentary-copper exploration thesis.
Mining metrics
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Processing facilities · 1 project
Kamoa-Kakula Copper Smelter
Asset · Other · Operating · Ownership 39.6%
Project information
As at 31 December 2025
Description
As at 31 December 2025
On-site direct-to-blister flash smelter at the Kamoa-Kakula Complex producing 99.7%-pure copper anodes. Single-line Metso Outotec flash technology, designed for 1.2 Mtpa (dry) concentrate feed and 500 ktpa copper anode output - projected to be the largest copper smelter in Africa and one of the largest single-line flash smelters worldwide. Captures SO2 off-gas into an acid plant producing up to 700,000 tpa of high-strength sulphuric acid sold to DRC Copperbelt operators. Heat-up began November 2025, first concentrate feed early December 2025, first 99.7%-pure copper anodes cast late December 2025; mid-February 2026 ramped to >60% of design capacity. Expected metallurgical recovery 98.5%. Compliant with IFC emissions standards.
Processing facilities
As at 31 December 2025
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Base Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Base metals
- Cu % / Zn % are the grade norm for base metals; kg/t is for very high-grade deposits. Porphyry copper is typically 0.3–1% Cu; SEDEX zinc 5–15% Zn.
- C1 vs C2 vs C3 vs AISC. C1 is direct mining + processing + transport + by-product credits. C2 adds depreciation; C3 adds corporate/indirect costs. Compare like for like.
- TC/RCs (treatment & refining charges) are smelter payments per dry metric tonne of concentrate — a non-trivial part of base-metal economics, not shown on the Portfolio tab.
- Concentrate vs metal. Miners often sell concentrate (~25–30% Cu) and are paid for contained metal minus TC/RCs. Portfolio books contained metal on a 100% basis.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Gold
Silver
Copper
Zinc
Lead
Nickel
PGM
Palladium
Platinum
Copper uses Mlb Cu bands because featured projects include lb-scale contained units on copper rows. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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