Ivanhoe Beats Its Cost Target at Kamoa, the G7 Draws a Line on Critical Minerals, and Washington's Copper Tariff Clock Is Running

Today on The Mining Insider: Ivanhoe Mines released its Q1 2026 financial results after market close on Wednesday. Kamoa-Kakula delivered $862 million in revenue and $397 million in EBITDA — a 46% EBITDA margin — and beat the low end of its C1 cash cost guidance at $2.58 per pound, compared with guidance of $2.60 to $3.00. The headline net loss of $2 million was driven entirely by a $183 million DRC tax settlement, not operating performance. Kipushi produced a record 65,044 tonnes of zinc in Q1. Platreef secured financial close on its $700 million Phase 2 project finance facility on April 30. And founder Robert Friedland described the Makoko copper discovery in the Western Forelands as "an emerging giant in the making." Separately, G7 trade ministers concluded a two-day meeting in Paris on May 6 with a joint communiqué pledging to ensure that attempts to "weaponize" critical mineral dependencies will fail — while underlying differences between the EU, US, and Japan on approach remain visible. And on the US copper tariff front, the Commerce Department faces a June 2026 deadline to deliver its report on the domestic copper market to the President — a prerequisite for a proposed 15% copper tariff set to take effect in January 2027, rising to 30% in January 2028. Stories Covered: - Ivanhoe Q1 2026: Kamoa $862M revenue, $397M EBITDA (46% margin), C1 $2.58/lb (below guidance), $183M DRC tax write-down drives headline loss, Kipushi record 65,044t zinc, Platreef $700M Phase 2 close, Makoko "emerging giant" - G7 Paris communiqué: minerals weaponization pledge, EU vs US vs Japan approach divergence, Canada C$18B in 12 countries - US copper tariff: Commerce report due June 2026, 15% tariff January 2027, 30% January 2028 Commodities: Copper, zinc, platinum group metals, sulphuric acid, gold Jurisdictions: DRC, South Africa, Canada, France, United States, Germany, Japan, Italy, UK