Ivanhoe Mines announced in early 2026 that its new smelter at the Kamoa-Kakula mine in the Democratic Republic of Congo produced its first 99.7% pure copper anodes on 29 December 2025. Market watchers are closely monitoring this milestone as the mining complex ramps up production.
According to Ecofin Agency, the company said the smelter, built at a cost of $700 million, targets a nominal processing capacity of 500,000 tonnes of concentrate per year, making it the largest facility of its kind in Africa.
The infrastructure is designed to 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 risen since Zambia imposed an export ban in September 2025, and the company has already completed its first sales.
Beyond production figures, the smelter start-up reflects a strategic shift for Kamoa-Kakula. Since entering production in 2021, most copper concentrate had been exported to smelters outside the country, with local facilities, including the Lualaba plant, processing only about 35% of output, according to multiple 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.
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Ivanhoe designed the on-site smelter to add local value, reduce logistics costs by increasing copper content per shipment, secure offtake outlets, and diversify revenue streams.
Long-term sales contracts already cover the entire anode output, signed with China’s CITIC Metal and Zijin Mining, as well as Swiss trader Trafigura.
The smelter’s commissioning comes amid persistent global copper supply constraints and rising price expectations. Copper prices climbed in December 2025, approaching $13,000 a tonne on the London Metal Exchange, driven by anticipated U.S. tariffs on refined copper imports and ongoing supply concerns.
Several disruptions in 2025, including an earthquake at Kamoa-Kakula in May, forced Ivanhoe to revise production guidance to about 420,000 tonnes for 2025 and 2026, down from initial expectations of over 500,000 tonnes.
In this context, analysts expect copper prices to continue rising. Citigroup projected prices could exceed $13,000 a tonne by the second quarter of 2026, alongside a 2.5% increase in global end-use consumption.
Gregory Shearer, a metals strategist at J.P. Morgan, said that the combination of “dislocated inventories” and “acute disruptions to mine supply” sets the stage for a sustained bull market.
The start-up of the Kamoa-Kakula smelter carries added significance for shareholders and the host country, providing an additional economic lever.
Ivanhoe Mines owns 39.6% of the mining complex, China’s Zijin Mining also holds 39.6%, the Congolese state owns 20%, and Crystal River Global Limited holds 0.8%.
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Image Credit: theexchange.africa
