Ivanhoe Mines’ Kamoa-Kakula copper mine, located in the Democratic Republic of Congo (DRC), has officially entered its third phase of commercial production. This milestone marks a significant achievement for the mine, which is now recognized as one of the largest copper-producing operations globally. The mine, in which Ivanhoe Mines holds an equal stake with China’s Zijin Mining, stands out as a major player in the copper industry, following only Escondida in Chile and Grasberg in Indonesia in terms of output.
The road to this achievement has been impressive. The concentrator at Kamoa-Kakula began production slightly more than two months ago, following its construction, which was completed ahead of schedule by the end of May. The rapid development and successful ramp-up to commercial production have been praised as a rare accomplishment in the mining industry. Robert Friedland, Ivanhoe’s executive co-chair, highlighted the significance of this progress, noting that Kamoa-Kakula’s operations team had achieved an extraordinary feat by delivering world-scale copper development projects ahead of schedule. The mine’s ability to transition smoothly into commercial production at such an impressive pace further underscores its potential.
July was a record-setting month for Kamoa-Kakula, with the mine producing 35,941 tonnes of copper. This output reflects the mine’s rapid growth in copper production during the second half of the year. The completion of the stage three concentrator is poised to significantly boost Kamoa-Kakula’s annual production capacity, increasing it from approximately 450,000 tonnes to over 600,000 tonnes. This expansion places the mine firmly on the map as one of the leading copper producers not just in Africa, but worldwide.
The concentrator, which is central to the mine’s operations, is expected to produce around 150,000 tonnes of copper annually. The mine is currently in the final stage of stepping up to steady-state production, which is a crucial phase where recovery rates are expected to increase from around 80% to the nameplate target of 86%. This improvement is anticipated to occur once the fine grinding mills, which are now being installed, are commissioned by the end of August. The engineering team at Kamoa is also conducting studies to explore further enhancements to the concentrator’s recovery rate, aiming to push it beyond 90%. Additionally, there are plans to increase the concentrator’s processing capacity, which would further solidify Kamoa-Kakula’s standing in the global copper industry.
Since the concentrator began operations, it has already produced over 11,000 tonnes of copper concentrate. The first sale of this concentrate occurred in July, marking the beginning of Kamoa-Kakula’s commercial contributions to the global copper market. All the copper concentrate produced to date has been smelted at the Lualaba Copper Smelter in Kolwezi, located about 50 kilometers east of the Kamoa-Kakula mine. This partnership with the Lualaba smelter ensures that the copper extracted from Kamoa-Kakula is efficiently processed and prepared for the market, contributing to the mine’s overall success.
The stage three milestone is not the end of Kamoa-Kakula’s expansion plans. Ivanhoe Mines has already begun work on stage four of the mine’s development, which will further enhance its production capabilities. While specific details of the stage four expansion have yet to be fully disclosed, it is expected that this next phase will build on the successes of the previous stages, driving even greater output and efficiency at the mine.
The financial markets have responded positively to the news of Kamoa-Kakula’s continued success. On Monday morning, shares in Ivanhoe Mines increased by 2.4%, reaching C$17.66 per share, valuing the company at C$23.5 billion. This rise in share value reflects investor confidence in the mine’s long-term prospects and its potential to generate significant returns as it continues to expand. Over the past year, Ivanhoe’s shares have traded within a range of C$9.89 to C$21.32, illustrating the strong interest in the company and its flagship project in the DRC.
