• Ivanhoe Mines produced the first 99.7% pure copper anodes at its Kamoa-Kakula smelter on Dec. 29, 2025.
• The $700 million facility can process 500,000 tonnes of concentrate per year, making it Africa’s largest copper smelter.
• The start-up comes as copper prices rise amid global supply tightness and bullish price expectations.

Ivanhoe Mines said in early 2026 that the new smelter built at its Kamoa-Kakula mine site in the Democratic Republic of Congo produced its first 99.7% pure copper anodes on Dec. 29, 2025. Market observers closely track this industrial milestone as the mining complex ramps up production.

The company said the smelter cost $700 million and targets a nominal processing capacity of 500,000 tonnes of concentrate per year, which makes it Africa’s largest facility of its kind. The infrastructure will ultimately process on site the concentrate produced by the mine’s three processing plants. Until the smelter reaches full capacity by the end of 2026, Ivanhoe expects copper sales to exceed annual production as it gradually markets inventories accumulated before commissioning.

The site will also produce up to 700,000 tonnes per year of sulfuric acid, a by-product used by the regional mining industry. Demand for sulfuric acid has increased since Zambia imposed an export ban in September 2025. The company said it has already concluded its first sales.

Processing Locally Instead of Exporting Concentrate

Beyond production figures, the smelter start-up confirms a strategic shift for Kamoa-Kakula. Since the mine entered production in 2021, operators exported most copper concentrate to smelters outside the country. Local facilities, including the Lualaba plant, processed about 35% of output, according to several consistent sources.

“This facility will deliver the highest-quality Congolese copper anodes to international markets, setting a new global benchmark in scale, efficiency and sustainability,” said Canadian-American businessman Robert Friedland, a senior executive at Ivanhoe Mines.

Ivanhoe said it designed the on-site smelter to add local value, cut logistics costs by increasing copper content per shipment, secure offtake outlets and diversify revenue streams. According to the latest available data, long-term sales contracts already cover the entire anode output. Ivanhoe signed these agreements with China’s CITIC Metal and Zijin Mining, as well as Swiss trader Trafigura.

Start-Up Amid a Tight Copper Market

The commissioning occurs amid persistent global copper supply constraints and rising price expectations. Copper prices climbed in December and approached $13,000 a tonne on the London Metal Exchange late in the month. Traders cited expectations of U.S. tariffs on refined copper imports and growing supply concerns as key drivers.

Several supply disruptions in 2025 added to market concerns, including an earthquake that hit Kamoa-Kakula in May. The incident forced Ivanhoe to cut its production guidance to about 420,000 tonnes for 2025 and 2026, down from initial expectations of more than 500,000 tonnes.

In this environment, several analysts expect prices to continue rising in the coming months. Citigroup said copper prices could exceed $13,000 a tonne by the second quarter of 2026 and forecast a 2.5% increase in global end-use consumption this year. Gregory Shearer, a metals strategist at J.P. Morgan, said the combination of “dislocated inventories” and “acute disruptions to mine supply” creates the conditions for a sustained bull market.

This market backdrop gives the Kamoa-Kakula smelter start-up added significance for shareholders and the host country by providing an additional economic lever. Ivanhoe Mines owns 39.6% of the mining complex, while China’s Zijin Mining holds 39.6%. The Congolese state owns 20%, and Crystal River Global Limited holds 0.8%.

Louis-Nino Kansoun