Ivanhoe Mines Announces First Anode Production from Kamoa-Kakula Copper Smelter
Friedland’s Copper Crown Jewel Fires Up $1.1 Billion Smelter to Unlock ‘Piggy Bank’ of Stockpiled Ore
The most recent news (January 2, 2026) announces the first production of 99.7% pure copper anodes from the Kamoa-Kakula Copper Smelter in the DRC. This $1.1 billion facility is the largest in Africa, with a nameplate capacity of 500,000 tonnes per annum. Operational highlights include: - Successful start-up of the direct-to-blister furnace with first anodes produced on December 29, 2025. - 2026 production guidance for Kamoa-Kakula is set at 380,000 to 420,000 tonnes of copper. - 2026 sales are projected to reach 400,000 to 440,000 tonnes, exceeding production by approximately 20,000 tonnes due to the processing of accumulated concentrate inventory. - Confirmation that Stage 2 dewatering at the Kakula Mine is complete, allowing for the resumption of selective mining in high-grade Western areas. - Smelter product includes byproduct sulphuric acid (700,000 tpa capacity) with high regional demand.
The news has a material positive impact on Ivanhoe’s margin profile and operational stability: - Margin Expansion: Shifting from exporting ~30% copper concentrate to ~99.7% copper anodes significantly reduces logistics and transportation costs, which previously accounted for approximately 30% of C1 cash costs. - Inventory Monetization: The company is now able to process 59,000 tonnes of copper currently held in concentrate inventory (as of Q3 2025), described by management as a "supersized piggy bank." - Operational Recovery: The completion of dewatering and the commencement of smelter operations signal the end of the "turnaround" phase necessitated by the May 2025 seismic event at Kakula. - Strategic Independence: On-site acid production reduces reliance on expensive imports for regional leaching operations.
Ivanhoe Mines is a Canadian mining major focused on three Tier-1 projects in Southern Africa. - Flagship Project: Kamoa-Kakula Copper Complex (DRC). A joint venture between Ivanhoe (39.6%), Zijin Mining (39.6%), Crystal River (0.8%), and the DRC Government (20%). It is one of the world's highest-grade major copper mines. - Kipushi (DRC): The world's highest-grade zinc mine, recently returned to production (Nov 2024) and debottlenecked to reach 250,000+ tpa zinc. - Platreef (South Africa): A massive underground PGM-Ni-Cu-Au project. Phase 1 production commenced in Nov 2025.