Ivanhoe Mines has officially begun production at Africa’s largest direct-to-blister copper smelter at its Kamoa-Kakula mine in the Democratic Republic of Congo. The facility has produced its first 99.7% pure copper anodes as the operation moves into the ramp-up phase. Market participants are closely monitoring progress as output rises across the mining complex.
Smelter Capacity and Ramp-Up Plans
Built at a cost of about $700 million and designed to process up to 500,000 tonnes of concentrate per year, the smelter is the largest facility of its type in Africa. Once ramp-up is complete, it will process all concentrate produced by Kamoa-Kakula’s three concentrators on site. Until the operation reaches full capacity by the end of 2026, Ivanhoe expects copper sales to exceed annual production as inventories accumulated before commissioning are drawn down.
Sulfuric Acid Production and Regional Demand
In addition to copper anodes, the smelter will generate up to 700,000 tonnes of sulfuric acid per year, a critical input for the regional mining industry. Demand for sulfuric acid has risen since Zambia introduced an export ban in September 2025. Ivanhoe has already completed its first sulfuric acid sales.
Move Toward Local Processing
Beyond production volumes, the smelter start-up changes how Kamoa-Kakula processes its copper. Since the mine entered production in 2021, operators exported most concentrate for treatment outside the country. Local facilities, including the Lualaba smelter, processed an estimated 35% of output. The new on-site smelter cuts reliance on external processing and increases domestic beneficiation.
“This facility will deliver high-quality Congolese copper anodes to international markets while operating at a scale rarely achieved on the continent,” said Ivanhoe founder and executive co-chairman Robert Friedland.
Ivanhoe designed the smelter to add local value, lower logistics costs by shipping higher copper content, secure long-term offtake and diversify revenue streams. Long-term sales agreements already cover the full anode output. Ivanhoe signed these contracts with CITIC Metal, Zijin Mining and Trafigura.
Tight Copper Market
The commissioning takes place amid persistent global copper supply constraints. Prices climbed sharply in December and approached $13,000 per tonne on the London Metal Exchange. Traders have pointed to expected U.S. tariffs on refined copper imports and ongoing supply disruptions as key drivers.
Several disruptions during 2025 added pressure to the market, including an earthquake that struck Kamoa-Kakula in May. The event forced Ivanhoe to revise production guidance to around 420,000 tonnes for 2025 and 2026, down from earlier expectations above 500,000 tonnes.
Analysts remain constructive on prices. Citigroup expects copper to trade above $13,000 per tonne by the second quarter of 2026. J.P. Morgan metals strategist Gregory Shearer said tight inventories and mine-supply disruptions support the case for a sustained bull market.
Ownership Structure and Economic Impact
The smelter strengthens project economics for both shareholders and the host country. Ivanhoe Mines holds a 39.6% stake in the Kamoa-Kakula complex, matched by Zijin Mining. The Congolese state owns 20%, while Crystal River Global Limited holds the remaining 0.8%.
The Canadian Miner also confirmed completion of Stage 2 dewatering at the Kakula mine following flooding caused by an earthquake in May 2025. The incident disrupted mining operations on the eastern side of the mine and affected copper output last year.
Selective mining has resumed in the affected areas, earlier than originally planned. Stage 3 dewatering is now under way and involves recommissioning underground horizontal pump stations used during steady-state operations. These activities are expected to continue into the second quarter of 2026 and are not expected to constrain ongoing mining operations.
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