Ivanhoe Mines (TSX: IVN, OTCQX: IVPAF) has said Stage 2 dewatering at its Kakula copper mine in the Democratic Republic of Congo (DRC) has started on schedule, with output guidance for the wider Kamoa-Kakula complex now deferred until inspections are complete.

The Kamoa-Kakula Copper Complex is a joint venture in which Ivanhoe Mines and China’s Zijin Mining each hold 39.6%, Crystal River Global holds 0.8%, and the Government of the DRC the remaining 20%.

Ivanhoe (via Kamoa-Kakula) is a major copper producer in the DRC, with roughly 13–17% market share under current and guided production, depending on how the rest of the country performs and how well Ivanhoe meets its targets.

Though mid-tier by current output, the Canadian company is fast emerging as a heavyweight in the DRC thanks to Kamoa-Kakula, which is poised to become one of the world’s largest mines at full ramp-up.

Ivanhoe Mines is talking with sovereign wealth funds for potential investments aimed at supporting its push to boost production of copper and other critical minerals, Co-Chairman Robert Friedland told Reuters on September 17. "In my 40 years in the industry, I've never seen so much interest in critical raw materials," he said.

The Kakula underground mine was forced to shut in May after seismic activity triggered severe flooding. Stage 1 dewatering, aimed at stabilising water levels, was completed in June. Three of the four high-capacity Stage 2 pumps are now in place, with the fourth due within days. Ivanhoe said the new pumps can remove about 2,600 litres per second, a rate that should lower the water level by roughly one metre a day.

The company expects to finish the bulk of Stage 2 dewatering by November as underground water levels have already fallen by 10 metres of the total 80 metres that need to be cleared. Once the full system is running, total pumping capacity could reach 6,400 litres per second, or 550mn litres a day, Ivanhoe said.

Ivanhoe’s medium-term plan is to restore production capacity at Kamoa-Kakula to above 550,000 tonnes a year of copper. The company said it will update production guidance for 2026 and 2027 once engineers have fully assessed the rehabilitated areas.