Ivanhoe Mines returns to profitability as Kamoa-Kakula recovers
Ivanhoe Mines posted a second-quarter net profit of $46-million, returning to profitability after earlier disruptions at its flagship Kamoa-Kakula copper complex in the Democratic Republic of Congo. Adjusted group earnings before interest, taxes, depreciation and amortisation reached $179-million for the quarter, up from $123-million a year earlier. Kamoa-Kakula contributed $152-million of that attributable Ebitda, selling 61,249 tonnes of payable copper and generating $880-million in revenue, an operating profit of $160-million and Ebitda of $385-million, equating to a 44% Ebitda margin.
About 40,000 tonnes of unsold copper remained in inventory at quarter-end, with the planned destocking now expected in the second half of the year. Founder and co-chairperson Robert Friedland said mining rates at both Kamoa and Kakula had continued to improve as underground development advanced and additional mining areas came online, with higher copper production targeted for the second half of 2026. Ivanhoe ended the quarter with $635-million in cash and equivalents, and separately closed a $700-million senior project finance facility for the Phase 2 expansion of its Platreef zinc-copper-germanium-silver-lead mine in Limpopo, South Africa. Friedland also signalled a significant mineral resource update for the Western Forelands exploration district in the DRC due in September.
Glencore lifts first-half copper output on Peru and Chile assets
Glencore reported a 15% year-on-year increase in global copper production for the first half of 2026, reaching 397,000 tonnes, driven by stability at Chile's Collahuasi mine and a sharp rise at Peru's Antamina deposit. Attributable copper output from Antamina, in which Glencore holds a 33.75% stake, climbed 50% to 83,200 tonnes compared with the same period in 2025, reflecting the processing of higher-quality ore. Collahuasi produced 81,400 tonnes attributable to Glencore, broadly in line with the first half of 2025.
Antamina, one of Peru's largest copper mines with around 380,000 tonnes produced last year, is advancing a US$2-billion expansion operated by joint venture Compañía Minera Antamina, which also involves BHP, Teck and Mitsubishi, and is intended to extend the operation's life until at least 2036 while sustaining about 430,000 tonnes a year. Glencore is maintaining full-year 2026 guidance of 810,000 to 870,000 tonnes of copper, keeping it among the global leaders. The company said Chilean authorities were reviewing permits for a US$3.2-billion desalination plant at Collahuasi, but it did not expect a material impact on production forecasts. Future growth is expected from Lomas Bayas and Antapaccay, with El Pachón in Argentina and Coroccohuayco and Quechua in Peru slated to come online in the next decade.
Anglo American highlights capital-efficient copper growth potential
Anglo American CEO Duncan Wanblad reported $2.9-billion in half-year copper earnings at a 60% margin, with the division producing 344,000 tonnes in the six months to June 30 and tracking full-year guidance of 700,000 to 760,000 tonnes. Speaking at the half-year presentation, Wanblad framed Anglo's ability to deliver capital-efficient growth as a competitive advantage, pointing to the pending merger with Teck. "We're of the view that the formation of Anglo Teck can only be positive for the increasing of global copper supply," he said, with the merged entity expected to come together later this year or early next.
Wanblad argued that the capital intensity of mining has risen well ahead of inflation and that project development timelines have stretched from about seven years in the 1990s to nearly 18 years over the past decade. Against that backdrop, Anglo sees particular promise in integrating its Collahuasi and Quebrada Blanca operations in Chile, which could add incremental copper production of 175,000 tonnes a year at a capital cost of $2-billion, or roughly $11,000 per tonne of growth capacity. Wanblad said Anglo was taking time to put the building blocks in place for the integration, with further growth options at both assets possible through leaching and plant expansions.
Industry-wide capital pressures reshape copper supply outlook
The results from all three majors underscore a broader squeeze on copper supply, with executives pointing to rising capital costs, longer permitting and development timelines, and demand from strategic buyers less sensitive to price. Wanblad's argument that the copper price must be structurally higher to justify elevated project economics was echoed across the sector, even as Ivanhoe, Glencore and Anglo each reaffirmed output guidance for 2026 and signalled expansion workstreams that could add material tonnage in the medium term. The next verifiable milestones include Ivanhoe's planned September mineral resource update for the Western Forelands district and ongoing progress at Antamina's $2-billion expansion and Collahuasi's desalination plant permitting process.
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