Key Takeaways:
- Kipushi produced 25,677 tonnes of zinc in May, 12% above the prior record
- Annualized run-rate of 308,000 tonnes positions the mine among the world's top four
- Zinc prices trade near four-year highs, boosting Ivanhoe's revenue outlook
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Ivanhoe Mines' Kipushi zinc mine sets monthly record of 25,677 tonnes
Ivanhoe Mines' Kipushi Mine produced a record 25,677 tonnes of zinc in concentrate in May, annualizing to 308,000 tonnes as prices trade near four-year highs.
The concentrators milled 72,003 tonnes of ore at an average recovery of 93 percent, with a plant feed grade of 36.2 percent zinc, Ivanhoe Mines said Thursday. The May result surpassed the previous record of 22,968 tonnes set in January by 12 percent.
Year-to-date production totals approximately 110,000 tonnes of zinc, equivalent to the midpoint of Ivanhoe's 2026 guidance range of 240,000 to 290,000 tonnes. At the May run-rate, Kipushi would rank as the world's fourth-largest zinc mine by contained production, according to S&P Capital IQ data.
During May, 85,811 tonnes of ore were mined and hoisted to the surface. High-grade run-of-mine stockpiles stood at approximately 12,000 tonnes grading 37 percent zinc, while lower-grade stockpiles contained 254,000 tonnes at 22 percent zinc.
Zinc Prices Near Four-Year Highs
Zinc prices have rallied to near four-year highs, supported by tightening concentrate supply and steady demand from galvanized steel markets. Kipushi's ultra-high-grade ore — among the richest in the world — gives Ivanhoe a significant cost advantage, with 2026 cash cost guidance well below the current price level.
The mine's expansion of its tailings storage facility is more than 90 percent complete, with the first deposit of tailings expected in October 2026. The new facility is designed to comply with the Global Industry Standard on Tailings Management.
Peer Context
Kipushi's 36.2 percent head grade dwarfs the global average for zinc mines, which typically ranges between 4 percent and 8 percent. Among the world's top 10 zinc operations by contained production in 2025, head grades averaged well below 10 percent, per S&P Capital IQ estimates. This grade advantage positions Kipushi as one of the lowest-cost zinc producers globally, a critical differentiator in a commodity where ore quality directly determines profitability.
This article is for informational purposes only and does not constitute investment advice.
[1] Ivanhoe Mines Reports Kipushi Mine Produced a Record 25,677 Tonnes of Zinc in May, Equivalent to 308,000 Tonnes of Zinc Annualized[2] Ivanhoe Mines Ltd.: Ivanhoe Mines Reports Kipushi Mine Produced a Record 25,677 Tonnes of Zinc in May, Equivalent to 308,000 Tonnes of Zinc Annualized[3] State issues cyanidation permit modification for proposed Valley County gold mine[4] Alaska Silver Commences 2026 Drill Program at Illinois Creek Targeting Resource Expansion and New Discoveries[5] Sensex today | Stock Market Highlights: Sensex, Nifty end flat after weak open; Sensex up 14 pts, Nifty gains 11 pts
