• Kipushi zinc mine posts record $129M Q3 revenue, up from $96.7M in Q2

• Zinc sales rose to nearly 50,000 tonnes as output steadily increased

• Low global zinc prices may limit revenue gains despite higher production

Kipushi, the largest zinc mine in the Democratic Republic of Congo, generated $129 million in revenue in the third quarter of 2025, according to a financial report released on Wednesday, October 29, by its Canadian operator, Ivanhoe Mines. The company described the result as “record,” confirming the steady growth in earnings since the site began production in June 2024.

Data reviewed by Ecofin Agency show that Kipushi recorded $40.8 million in revenue in the fourth quarter of 2024, followed by $77 million and $96.7 million in the first and second quarters of 2025, respectively.

The mine’s performance has tracked its rising output, reflected in growing zinc sales volumes. Between April and June 2025, Ivanhoe reported a nearly 45% increase in zinc sold compared with the first quarter. Sales volumes continued to climb in the third quarter, reaching 49,744 tonnes from about 43,000 tonnes in the previous period.

The upward trend is expected to continue through the fourth quarter as Kipushi ramps up production. However, revenue growth remains constrained by persistently low zinc prices amid forecasts of another global market surplus this year.

Ivanhoe Mines holds a 62% stake in the Kipushi project, with the remaining 38% owned by the Congolese state through the state mining company Gécamines.

Aurel Sèdjro Houenou