Northwire Canada EditionFriday, November 13, 2026
Sign inSubscribe
Northwire
⌕
Gold 3,885.30 −2.9% Silver 50.06 −3.7% Copper 6.19 −1.5% Oil 88.70 +2.5% Palladium 992.00 −5.2% SEA 35.00 −3.2% GLO 0.300 −6.2% WM 1.42 −2.1% MFG 3.25 −4.7% RAGE 0.295 +0.0% DPM 50.56 −4.2% ARIS 21.08 −4.7% AUEN 0.170 +6.2% FCI 0.540 −1.8% SLI 1.98 −5.3% COCO 0.350 −4.1% BCU 0.060 +0.0% BGF 0.025 +0.0% TDG 0.710 +44.9% PRU 6.04 −4.1% NGEX 21.01 −5.2% Gold 3,885.30 −2.9% Silver 50.06 −3.7% Copper 6.19 −1.5% Oil 88.70 +2.5% Palladium 992.00 −5.2% SEA 35.00 −3.2% GLO 0.300 −6.2% WM 1.42 −2.1% MFG 3.25 −4.7% RAGE 0.295 +0.0% DPM 50.56 −4.2% ARIS 21.08 −4.7% AUEN 0.170 +6.2% FCI 0.540 −1.8% SLI 1.98 −5.3% COCO 0.350 −4.1% BCU 0.060 +0.0% BGF 0.025 +0.0% TDG 0.710 +44.9% PRU 6.04 −4.1% NGEX 21.01 −5.2%
Production / Operations

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

By The Northwire Desk — AI Analysis Jan 02, 2026 · 06:51 IVN · 15.61 Ivanhoe Mines Ltd.
Executive Summary

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.

Material Impact

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.

IVN · Price
Company Overview

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.

Read the original news release →

More from Ivanhoe Mines Ltd.

Nov 03, 2026 · 18:26

Ivanhoe cut its 2027 copper guidance by 19% and raised costs by 20% as the 500ktpa project advances to Phase 4.

Earnings Oct 08, 2026 · 06:31

Ivanhoe reports a 19% quarter-on-quarter increase in third-quarter copper production while its guidance shifts toward the lower end of the projected range.

Production / Operations Sep 08, 2026 · 06:40

Ivanhoe’s Western Forelands resource update confirms guidance, highlighting early-stage optionality for the project.

Resource Estimate Aug 06, 2026 · 09:50

Ivanhoe’s DRC export ban clarification removes an overhang, though operational headwinds and cost creep persist.

Production / Operations Jul 29, 2026 · 16:03

Ivanhoe reports acid credit surges and record zinc prices while its Platreef output slips and copper guidance is trimmed.

Earnings Jul 08, 2026 · 07:05

Ivanhoe reports a second-quarter copper output decline due to smelter downtime while maintaining full-year guidance amid strengthening acid and zinc market conditions.

Production / Operations