Ivanhoe Mines announces first anode production from Kamoa- Kakula copper smelter
January 2, 2026
Ivanhoe Mines announces first anode production from Kamoa-
Kakula copper smelter
■
Kamoa-Kakula smelter is Africa’s largest copper smelter with a
capacity of 500,000 tonnes of copper per annum
■
Kamoa-Kakula 2026 sales set to exceed production as 20,000
tonnes of stockpiled copper in concentrate is smelted and sold
as 99.7%-pure copper anodes at current record copper prices
■
Kakula Mine Stage Two dewatering complete; selective mining
of eastern side of Kakula Mine recommenced ahead of
schedule
KOLWEZI, DEMOCRATIC REPUBLIC OF THE CONGO – Ivanhoe Mines (TSX: IVN)
(OTCQX: IVPAF) Executive Co-Chairman Robert Friedland and President and
Chief Executive Officer Marna Cloete announced that the first copper anodes
were produced by Kamoa-Kakula’s on-site, state-of-the-art 500,000-tonne-per-
annum direct-to-blister copper smelter on December 29, 2025, approximately five
weeks after the commencement of the smelter’s heat-up and one week after the
first feed of concentrate.
Watch the video showing first feed of concentrate and casting of
the first batch of anodes at the Kamoa-Kakula copper smelter:
https://vimeo.com/1150929862/8c8a54cbda?share=copy&fl=sv&fe=ci
2
Ivanhoe Mines’ Founder and Executive Co-Chairman Robert Friedland
commented:
“The first production of copper anodes from our world-class smelter is a defining
moment for Kamoa-Kakula... This achievement is the culmination of a $1.1 billion
investment, 18 million man-hours of disciplined execution, and an outstanding
health and safety record that reflects the professionalism and commitment of
everyone involved.
“This facility will proudly deliver the highest-quality Congolese copper anodes to
the international markets, setting a new global benchmark for scale, efficiency,
and sustainability. I want to extend my sincere thanks to the extraordinary Kamoa
Copper team, as well as our contractors and partners from across the world,
whose expertise, innovation, and teamwork made the design and delivery of this
state-of-the-art facility possible. Together, we have built something exceptional
that will serve global consumers for generations to come.”
Smelter ramp-up underway to achieve a steady-state annualized rate
of 500,000 tonnes of 99.7%-pure copper anode, making it the largest
copper smelter in Africa.
The ramp-up of the Kamoa-Kakula copper smelter will continue throughout 2026,
with completion expected towards year-end. As announced on December 3, 2025,
Kamoa-Kakula’s copper production is estimated at between 380,000 and 420,000
tonnes of copper in 2026, with the mid-point of 400,000 tonnes of copper
representing approximately 80% of the smelter’s total capacity.
Kamoa-Kakula’s management team will prioritize the processing of concentrates
produced by the Phase 1, 2, and 3 concentrators through the on-site smelter, with
any excess concentrate toll-treated at the Lualaba Copper Smelter (LCS), near
Kolwezi, in the Democratic Republic of the Congo (DRC).
Heat-up and completion of hot commissioning of the smelter furnace, as well as
boiler, steam systems, acid circuit and the concentrate dryer were completed in
line with expectations. The furnace successfully reached its operating
temperature of 1,250 degrees centigrade (2,282 degrees Fahrenheit) for five days
prior to the first feed of concentrate.
Prior to the first feed of concentrate into the smelter, Kamoa-Kakula’s on-site
concentrate inventory contained approximately 37,000 tonnes of copper. Total
unsold copper in concentrate at the smelter, held in stockpiles and the smelting
circuit, is expected to be reduced to approximately 17,000 tonnes during 2026 as
the smelter ramps up. Therefore, 2026 copper sales are expected to be
approximately 20,000 tonnes higher than copper production as the on-site
inventory of unsold copper concentrate is destocked, predominantly during H1
3
2026. As destocking occurs, Kamoa-Kakula’s management aims to capitalize on
near-record-high copper prices.
The installation of the uninterruptible power supply (UPS) facility was completed
prior to the first feed of concentrate into the smelter, which took place on
December 21, 2025. The 60-megawatt (MW) UPS is designed to provide up to two
hours of instantaneous back-up power to the smelter, protecting the operation
from voltage fluctuations in the domestic DRC grid. In addition, construction of
Kamoa-Kakula’s 60 MW on-site solar (PV) facilities continues to progress well.
The solar site, with battery storage, is expected to be the largest of its kind in
Sub-Saharan Africa. The solar facilities are expected to be operational from Q2
2026, providing 24 hours a day of uninterruptible power, in addition to the
approximately 180 MW of on-site diesel-powered, back-up generator capacity
already in place.
A view over the casting wheels during the first batch of anodes produced
by the Kamoa-Kakula Copper Smelter on December 29, 2025.
4
Kamoa-Kakula’s Copper Smelter is the largest copper smelter in Africa with
an annualized nameplate capacity of 500,000 tonnes of 99.7%-pure copper
anodes.
Smelter operators tap slag from the slag furnace into the ladles for cooling.
The cooled slag, which contains approximately 4% copper, is then fed into
a separate, on-site, processing plant to recover this copper. Once fully
ramped up, the smelter’s overall copper recovery is expected to be 98.5%.
5
Kamoa-Kakula’s operating margins are set to expand due to reduced
logistics costs from the smelter, as well as sales of by-product
sulphuric acid
Kamoa-Kakula’s margins are expected to expand as the smelter ramps up, as
concentrates produced by Phase 1, 2, and 3 concentrators are smelted on-site,
rather than being exported unbeneficiated. Kamoa-Kakula’s logistics costs are
expected to approximately halve as the copper content per truck-load exported
more than doubles, from approximately 45% contained copper in concentrate to
99.7%-pure copper anodes. Further savings are expected to be also achieved
through the significant revenues generated from sulphuric acid sales.
In addition to the first production of copper anodes, the Kamoa-Kakula smelter
also produced its first batch of by-product sulphuric acid. The smelter is
expected to produce up to 700,000 tonnes per annum of high-strength sulphuric
acid at steady-state operations, which will be sold locally.
Sulphuric acid is in high demand by other mining operations across the Central
African Copperbelt, especially following the export ban of acid by Zambia in
September 2025. Spot acid prices have reached as high as $700 per tonne in
Kolwezi in recent months. The first sale of acid by Kamoa-Kakula has already
taken place, with the first delivery expected in the coming weeks.
Construction of copper smelter delivered with industry-leading health
and safety record
Kamoa-Kakula’s projects team extended their industry-leading health and safety
record during the construction of the smelter. During the 18 million hours
worked, only one lost time injury (LTI) was recorded, an exceptionally rare
industry achievement. Therefore, the lost-time injury frequency rate (LTIFR) for
the delivery of the smelter was approximately 0.054 per million hours worked.
The last project delivered by Kamoa-Kakula’s project team was the Phase 3
concentrator, which was completed in mid-2024 without a single LTI recorded.
Stage Two dewatering of Kakula Mine complete; selective mining on
the eastern side commenced ahead of schedule in late December
Stage Two dewatering activities are complete, with the first pair of high-capacity
submersible dewatering pumps (Pumps 3 and 4) running dry. As announced on
December 3, 2025, following an underground survey, Pumps 3 and 4 were
repositioned lower in late November to enable an additional Stage Two
dewatering. Since then, the water level has declined by a further 19 metres to the
level shown in Figure 1. The second pair of Stage Two pumps (Pumps 1 and 2),
which are approximately 20 metres lower in elevation compared with Pumps 3
and 4 are expected to run dry in January 2026.
6
Stage Three dewatering activities will take over from Stage Two dewatering, and
consist of re-commissioning the existing, water-damaged underground horizontal
pump stations, which are used for steady-state operations. The rehabilitation
work consists of fitting new pump motors, substations and electrical cabling. All
required equipment is on site, and installation will begin once access to the
horizontal pump stations becomes available.
Figure 1. A schematic of the underground water levels at the Kakula Mine
as at December 22, 2025, overlaid with the underground pumping
infrastructure.
There is currently 5,600 litres per second of installed pumping capacity at the
Kakula Mine, excluding the Stage Two pumping infrastructure. Stage Three
dewatering activities are expected to continue into Q2 2026 and will not be on the
critical path for Kakula’s mining operations.
In addition, the western side of the Kakula Mine has been dewatered, enabling the
mining of higher-grade areas. Head grades from mining areas on the western side
of Kakula are expected to increase from 3.5% copper in January to approximately
4.0% copper by the end of Q1 2026. In addition, selective mining on the eastern
side of the Kakula Mine began ahead of schedule at the end of December.
7
Qualified Persons
Disclosures of a scientific or technical nature at the Kamoa-Kakula Copper
Complex in this news release have been reviewed and approved by Steve Amos,
who is considered, by virtue of his education, experience, and professional
association, a Qualified Person under the terms of NI 43-101. Mr. Amos is not
considered independent under NI 43-101 as he is Ivanhoe Mines’ Executive Vice
President, Projects. Mr. Amos has verified the technical data disclosed in this
news release.
Ivanhoe has prepared an independent, NI 43-101-compliant technical report for
the Kamoa-Kakula Copper Complex, which is available on the company’s website
and under the company’s SEDAR+ profile at www.sedarplus.ca:
• Kamoa-Kakula Integrated Development Plan 2023 Technical Report dated
March 6, 2023, prepared by OreWin Pty Ltd.; China Nerin Engineering Co.
Ltd.; DRA Global; Epoch Resources; Golder Associates Africa; Metso
Outotec Oyj; Paterson and Cooke; SRK Consulting Ltd.; and The MSA
Group.
The technical report includes relevant information regarding the assumptions,
parameters, and methods of the mineral resource estimates on the Kamoa-Kakula
Copper Complex cited in this news release, as well as information regarding data
verification, exploration procedures and other matters relevant to the scientific
and technical disclosure contained in this news release.
About Ivanhoe Mines
Ivanhoe Mines is a Canadian mining company focused on advancing its three
principal operations in Southern Africa; the Kamoa-Kakula Copper Complex in
the DRC, the ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in
the DRC; and the tier-one Platreef platinum-palladium-nickel-rhodium-gold-
copper mine in South Africa.
Ivanhoe Mines is exploring for copper in its highly prospective, 54-100% owned
exploration licences in the Western Forelands, covering an area over six times
larger than the adjacent Kamoa-Kakula Copper Complex, including the high-
grade discoveries in the Makoko District. Ivanhoe is also exploring for new
sedimentary copper discoveries in new horizons including Angola, Kazakhstan,
and Zambia.
Information contact
Follow Robert Friedland (@robert_ivanhoe) and Ivanhoe Mines (@IvanhoeMines_)
on X.
8
Investors
Vancouver: Matthew Keevil +1.604.558.1034
London: Tommy Horton +44 7866 913 207
Media
Tanya Todd +1.604.331.9834
Website: www.ivanhoemines.com
Forward-looking statements
Certain statements in this release constitute “forward-looking statements” or “forward-
looking information” within the meaning of applicable securities laws. Such statements
and information involve known and unknown risks, uncertainties, and other factors that
may cause the actual results, performance, or achievements of the company, its
projects, or industry results, to be materially different from any future results,
performance, or achievements expressed or implied by such forward-looking
statements or information. Such statements can be identified using words such as
“may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”,
“estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that
certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken,
occur or be achieved. These statements reflect the company’s current expectations
regarding future events, performance, and results and speak only as of the date of this
release.
Such statements include, without limitation: (i) statements that 2026 copper sales are
expected to be approximately 20,000 tonnes higher than copper production as the on-
site inventory of unsold copper concentrate is destocked, predominantly during H1
2026; (ii) statements that the Kamoa-Kakula smelter is Africa’s largest copper smelter
with a capacity of 500,000 tonnes of copper per annum; (iii) statements that total unsold
copper in concentrate at the smelter, held in stockpiles and the smelting circuit, is
expected to be reduced to approximately 17,000 tonnes during 2026 as the smelter fully
ramps up; (iv) statements that the ramp-up of the Kamoa-Kakula copper smelter will
continue throughout 2026, with completion expected towards year-end; (v) statements
that head grades from mining areas on the western side of Kakula are expected to
increase from 3.5% copper in January to approximately 4.0% copper by the end of Q1
2026; (vi) statements that Kamoa-Kakula’s copper production is estimated at between
380,000 and 420,000 tonnes of copper in 2026, with the mid-point of 400,000 tonnes of
copper representing approximately 80% of the smelter’s total capacity; (vii) statements
that Kamoa-Kakula’s management team will prioritize the processing of concentrates
produced by the Phase 1, 2, and 3 concentrators through the on-site smelter, with any
excess concentrate toll-treated at the Lualaba Copper Smelter; (viii) statements that
Kamoa-Kakula’s 60 MW on-site solar site, with battery storage, is expected to be the
largest of its kind in Sub-Saharan Africa and that the solar facilities are expected to be
operational from Q2 2026, providing 24 hours a day of uninterruptible power; (ix)