This is speculation because I don't use OpenCover, but a coverage analysis tool is supposed to instrument all lines it passes through. Since you are doing image manipulation, each pixel will certainly trigger OpenCover to do some analysis on the matching code lines, and you have lots of pixels
Let's say OpenCover takes 0.01ms to instrument one line of code (again this is pure speculation), that you are working with 1280*1024 images and that each pixel needs 3 lines of code (cap red channel, xor green and blue, whatever), you get 1310720 * 0.01 * 3 = approximately 39 seconds. For one test.
I doubt you only have one test, so multiply this by the amount of tests; you may have an idea of why it is slow.
You should perhaps try testing your algorithms on a smaller scale: unless you are doing image wide operations (I don't see which ones?) you code don't need the whole image to work on. Alternatively use smaller images?
EDIT: I had a look at the test suite here and (one again, not knowing OpenCover itself) can say that the problem comes from all the data you are testing; evey single image is loaded and processed for the same tests, which is not how you want to be unit testing something.
Test loading each image type into the Image class for the lib, then test one rotation from an Image class, one resize operation, etc. Don't test everything everytime!
Since the tests are necessary, maybe you could explore the OpenCover options to exclude some data. Perhaps refining your coverage analysis by instrumenting only the outer shell of your algorithm would help. Have a look at filters to see what you could hide in order to make it run acceptably.
Alternatively you could run the code coverage only daily, preferently at night?