Ivanhoe, Valterra, Grupo Mexico, Champion Iron
Ivanhoe Mines reports Q3 2025 profit of $31million and adjusted EBITDA of $87million , including $76million of attributable EBITDA from Kamoa-Kakula .Ivanhoe Mines recorded a profit after tax of $31 million for Q3 2025, compared to $108 million for the same period in 2024 and $35 million in Q2 2025.
Kamoa-Kakula sold 61,528t of copper during the third quarter at an average realised copper price of $4.42/lb., compared with 101,714 tonnes in Q2 2025 at an average realised copper price of $4.34/lb.At the end of the third quarter, there were approximately 59,000t of unsold copper in inventory, up from approximately 53,600t at the end of Q2 2025. Inventory levels expected to normalise to approximately 17,000t as smelter ramp-up advances.Kamoa-Kakula recognised revenue of $566 million, an operating profit of $69 million, and EBITDA of $196 million for the quarter, equivalent to an EBITDA margin of 35%. This compares with Q2 2025 EBITDA of $325 million.Kamoa-Kakula's 2025 capital expenditure guidance range of $1,420 million to $1,600 million has been lowered by $100 million to a range of $1,320 million to $1,500 million, with $910 million spent year to date.Kipushi sold a record 49,744t of zinc during the quarter, at an average realized zinc price of $1.27/lb., compared with 43,348t in Q2 2025 at an average realized zinc price of $1.23/lb.Kipushi posted revenue of $129 million, a segmented profit of $8 million, and EBITDA of $27 million for the quarter, equivalent to an EBITDA margin of 21%. This compares with an EBITDA of $9 million and an EBITDA margin of 10% in Q2 2025.Kipushi's cost of sales per pound of payable zinc sold was $1.11/lb. and the cash cost per pound of payable zinc sold totaled $0.95/lb.Valterra Platinum shares lifted 6% in trade on Tuesday, following the release of its Q3 2025 results. The results pointred to continued recovery at Amandelbult and broadly stable performance across other assets.The group remains on track to meet full-year guidance, supported by strong processing performance, stable operations and a sharply higher realised basket price. Valterra has a market cap of South African Rand 263.60 .Valterra reported Q3 platinum group metal production comprising own-mined M&C production of 540,000oz and purchase of concentrate of 316,000oz , for total M&C output of 855,000oz.Refined production was 982,000oz and sales were 937,000oz . Valterra achieved a realised basket price of $1,916/oz PGM – its highest since Q1 2023 and up 30% yoy.2025 guidance for M&C production remains unchanged at between 3-3.2Moz, while refined and sales volumes are now expected to reach 3.4Moz."The strong rebound in PGM prices should support cash generation into year-end, with further upside potential as operations normalise across the portfolio," analysts from Berenberg said.Grupo Mexico reported revenues for the year up to the September quarter of US$13.02 billion, 5.7% higher than in the same period of 2024. Revenues for the mining division were $10.33 billion, a 9.6% increase year-on-year.The group's EBITDA totalled US$7.08 billion , and mining's EBIDTA was $5.72 billion . This was mainly due to an increase in the sale of molybdenum, silver and zinc, as well as higher copper, silver, molybdenum, and zinc prices.Copper production reached 798,394t, down 2.6% from 2024, due to lower production in Mexico and Peru as a result of lower ore grades.Meanwhile, zinc, silver, and molybdenum production grew 50.5% to 130,757t, 3.9% to 9.6Moz, and 6.7% to 23,478t, respectively. Grupo Mexico noted that its capital investment program could exceed $27 billion for this decade, including investment of $10.3 billion in mining projects in Peru, $10.2 billion in Mexico, and $6.2 billion in the US. Champion Iron announced September quarter results for its FY2026, reporting quarterly production of 3.6M wet metric tonnes and record sales of 3.9M dry metric tons .Production and sales increased 12% and 18% respectively compared to the same period last year.Revenue reached $493 million, EBITDA $174.8 million, and net income of $56.8 million, or $0.11/share.Champion said it had strong mining performance over the quarter with a record 22.9M wmt of material mined and hauled at the Bloom Lake operation in Quebec, Canada, an increase of 23% year-to-year due to optimisation and deployment of additional mining equipment.The company said that the DRPF project, which is supposed to upgrade half of Bloom Lake's capacity to DR quality pellet feed iron ore grading up to 69% Fe, is progressing as scheduled. Initial commissioning is expected to start in December this year, with commercial shipment anticipated by the end of the first half of 2026.It also gave an update on the Kami project in Newfoundland and Labrador, where it said it completed the initial closing of the transactions contemplated by the previously announced framework agreement with Nippon Steel and Sojitz for the joint ownership and potential development of the project.
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