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| Ivanhoe mines copper anode production |
Kamoa-Kakula Smelter Achieves Initial Copper Anode Output
Ivanhoe Mines (TSX: IVN) officially commenced copper anode production at its Kamoa-Kakula direct-to-blister smelter in the Democratic Republic of the Congo. The first anodes were produced on December 29, 2025, approximately five weeks after the smelter’s heat-up began. Meanwhile, the facility will reach a steady-state capacity of 500,000 tonnes per year, making it Africa’s largest once fully ramped.
Robert Friedland, Ivanhoe’s executive co-chairman, stated that the facility delivers high-quality Congolese copper anodes to global markets. Analysts from BMO Capital Markets confirmed the production aligns with market expectations and company guidance. Ivanhoe shares surged by up to 5% on the announcement, reflecting strong investor confidence.
Ramp-Up and Production Forecast for 2026
Ivanhoe is now ramping Kamoa-Kakula’s smelter to an annualized 500,000 tonnes of 99.7% pure copper anode, with full ramp-up expected by year-end 2026. Production in 2026 is forecast at 380,000–420,000 tonnes, with a midpoint of 400,000 tonnes representing 80% of smelter capacity. The smelter will prioritize processing concentrates from Phase 1–3 concentrators, with any excess toll-treated at the nearby Lualaba smelter.
The on-site concentrate inventory held 37,000 tonnes of copper before first feed. Destocking is expected to reduce this to roughly 17,000 tonnes by year-end 2026. As a result, copper sales could exceed production by approximately 20,000 tonnes, primarily during the first half of 2026. This approach allows Ivanhoe to capitalize on near-record-high copper prices.
Mine Dewatering and Operational Recovery
Ivanhoe completed Stage 2 dewatering of the Kakula mine, flooded after a May 2025 earthquake. Selective mining resumed in late December, ahead of schedule. Stage 3 will focus on re-commissioning water-damaged underground pump stations. Dewatering operations will continue into Q2 2026 but will not affect Kakula’s critical mining path.
This proactive recovery ensures that Kamoa-Kakula maintains production targets while minimizing operational disruptions, reinforcing Ivanhoe’s market position in the global copper supply chain.
ScrapInsight Commentary
Ivanhoe’s new Kamoa-Kakula smelter strengthens Africa’s copper supply and supports high-grade anode exports. Copper sales may exceed production in early 2026 due to destocking, boosting near-term revenues. Regulatory stability and efficient ramp-up enhance the mine’s strategic position for global metal markets.
