Ivanhoe Mines (TSX: IVN) is reporting that the first copper anodes were produced this week at their Kamoa-Kakula complex. The anodes, which were produced on December 29, represent the first to be produced from the 500,000 tonne per year copper smelter.
The production of copper anodes comes just five weeks after the commencement of heat-up at the smelter, and one week after the first concentrate was fed into the smelter.
“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,” commented Robert Friedland, executive co-chairman and co-founder of Ivanhoe Mines.
Ramp up of the new smelter is expected to occur over the balance of 2026, with the ramp up period expected to be completed near the end of the year. Copper production from Kamoa-Kakula is estimated at between 380,000 and 420,000 tonnes this year, with the midpoint representing 80% of the total capacity of the smelter. 2026 sales meanwhile are set to exceed production by an estimated 20,000 tonnes as a result of stockpiled copper in concentrate being smelted.
Production at the smelter will prioritize the processing of concentrates from Kamoa-Kakula’s Phase 1, 2, and 3 concentrators, with excess concentrate set to be toll-treated at the Lualaba Copper Smelter in the DRC.
Commencement of production from the smelter is expected to improve margins at the mine, with the on-site operation expected to halve logistics costs for Kakula. Copper content per truck-load exported is expected to rise from 45% contained copper to 99.7% pure copper anodes, reducing the cost of logistics, while the smelter will have the added benefit of revenue generation from sulphuric acid sales. The smelter is expected to produce up to 700,000 tonnes a year of sulphuric acid which is to be sold locally.
Separately, Ivanhoe this morning also indicated that stage two dewatering activities at the Kakula mine are now complete, with stage three dewatering set to commence. Stage three consists of re-commissioning the existing water damaged underground horizontal pump stations on the eastern side of the mine after repairs are made, with the stage expected to be completed in Q2 2026.
Dewatering has been completed on the western portion of the Kakula mine, with head grades expected to improve from 3.5% copper in January to 4.0% copper by the end of the first quarter.
Ivanhoe Mines last traded at $15.61 on the TSX.
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