Ivanhoe Mines has brought Africa’s largest copper smelter online at its flagship Kamoa-Kakula complex in the Democratic Republic of Congo, a major industrial milestone for the country and a strategic boost as global copper markets tighten.
The Canadian mining company said the new US$700 million smelter produced its first copper anodes on December 29, delivering metal with a purity of 99.7 percent. The facility, built at the Kamoa-Kakula mine site in southern DR Congo, is designed to process up to 500,000 tonnes of copper concentrate a year, making it the biggest smelter on the continent.
Market participants are closely watching the start-up as the sprawling mining complex ramps up production and as copper prices surge on supply constraints and bullish demand forecasts linked to the global energy transition.
Ivanhoe said the smelter will ultimately treat all concentrate produced by the mine’s three processing plants, marking a decisive shift toward local processing in a country that has long exported raw materials with limited value added.
Until the smelter reaches full capacity by the end of 2026, the company expects copper sales to exceed annual production as it gradually draws down inventories accumulated before commissioning.
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“This facility will deliver the highest-quality Congolese copper anodes to international markets, setting a new global benchmark in scale, efficiency and sustainability,” said Ivanhoe founder and executive co-chairman Robert Friedland.
Since Kamoa-Kakula entered production in 2021, most of its copper concentrate has been shipped abroad for processing, with local smelters handling only about a third of output, according to industry estimates. The new plant significantly alters that balance.
Ivanhoe said the on-site smelter was designed to add value within DR Congo, reduce transport costs by shipping higher-value refined products, secure long-term offtake and diversify revenue streams.
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All of the smelter’s anode output is already covered by long-term sales contracts, the company said. Buyers include China’s CITIC Metal and Zijin Mining, as well as Swiss commodities trader Trafigura, underlining strong demand for high-quality refined copper.
Beyond copper, the smelter will also produce up to 700,000 tonnes a year of sulfuric acid, a key input for the region’s mining industry. Demand for the chemical has jumped since Zambia imposed an export ban in September 2025, tightening regional supply. Ivanhoe said it has already concluded its first sulfuric acid sales.
The commissioning comes at a time of persistent tightness in global copper markets. Prices climbed sharply in December, nearing $13,000 a tonne on the London Metal Exchange late in the month, driven by expectations of US tariffs on refined copper imports and concerns over mine supply disruptions.
Analysts see further upside. Citigroup has forecast copper prices could exceed US$13,000 a tonne by the second quarter of 2026, citing stronger demand and limited new supply. J.P. Morgan metals strategist Gregory Shearer has pointed to “dislocated inventories” and “acute disruptions to mine supply” as conditions for a sustained bull market.
Supply risks have already affected Kamoa-Kakula itself. An earthquake in May 2025 forced Ivanhoe to revise its production guidance for 2025 and 2026 to around 420,000 tonnes a year, down from earlier expectations of more than 500,000 tonnes.
Even so, the smelter start-up is seen as a significant economic lever for both shareholders and the Congolese state, which has sought to capture more value from its vast mineral wealth.
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Under the ownership structure, Ivanhoe Mines holds 39.6 percent of the Kamoa-Kakula joint venture, alongside China’s Zijin Mining with an equal stake. The Congolese state owns 20 percent, while Crystal River Global Limited holds the remaining 0.8 percent.
For DR Congo already the world’s top cobalt producer and Africa’s leading copper supplier the new smelter reinforces ambitions to move up the value chain, create skilled jobs and reduce reliance on exporting unprocessed minerals.
As global demand for copper accelerates on the back of electrification, renewable energy and electric vehicles, the successful ramp-up of Africa’s largest smelter places Kamoa-Kakula and DR Congo more firmly at the centre of the world’s copper supply map.
