Our portfolio of tier-one assets provides exposure to copper, platinum-group metals, nickel, zinc and other metals essential for the world’s transition to clean energy and a low-carbon economy. Our stakeholders benefit from long-life projects with low costs, low-capital intensity and leading ESG programs.
Kamoa-Kakula is the world’s highest-grade and lowest-carbon-emitting major copper mine. Located in the Central African Copperbelt, the complex has been in commercial production since July 1, 2021, and has continued to expand through the commissioning of its Phase 2 and Phase 3 concentrators and, most recently, its state-of-the-art, direct-to-blister copper smelter. Kamoa-Kakula produced 388,838 tonnes of copper in concentrate in 2025, and the current plan targets annualized copper production of more than 500,000 tonnes from 2028 onward, reinforcing its position as a large-scale, long-life copper producer.
Record annual revenue recognized in 2025
Kamoa-Kakula's EBITDA for 2025
Tonnes of copper produced in 2025
Kamoa-Kakula's 2026 copper production guidance
Kamoa-Kakula 2025 cash cost per lb. of copper
Kamoa-Kakula's 2026 cash cost guidance per lb. of copper
The Kamoa-Kakula Copper Mine — a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the Government of the Democratic Republic of Congo (20%) — is a very large, near-surface, flat-lying, stratiform copper deposit with adjacent prospective exploration areas within the Central African Copperbelt, approximately 25 kilometres west of the town of Kolwezi and about 270 kilometres west of the provincial capital of Lubumbashi.
Kamoa-Kakula began producing copper concentrates in May 2021 and began commercial production on July 1, 2021. On June 10, 2024 first concentrate production from the Phase 3 concentrator was achieved, months ahead of schedule and reached commercial production early in Q3, 2024.
The on-site 500,000-tonne-per-annum direct-to-blister copper smelter started operations in late 2025 and is the largest and greenest on the African continent. The smelter produces blister copper, an intermediate product used to make anodes, with a purity of 99.7%. It will offer transformative financial benefits for the Kamoa-Kakula Copper Complex, most notably a significant reduction in logistics costs. All future smelter output is already covered under offtake agreements.
Kamoa-Kakula is powered by clean, renewable hydroelectricity, complemented by on-site solar photovoltaic (PV) facilities and a battery energy storage system (BESS) that delivers 60 megawatts (MW) of continuous baseload power.
Independent consultants Skarn Associates of London, England, estimate that the Kamoa-Kakula Copper Complex has among the lowest greenhouse gas (GHG) emissions intensities per tonne of metal produced globally, and the lowest among major copper mines.
Africa's largest smelter
The start-up of Kamoa-Kakula’s on-site 500,000-tonne-per-annum direct-to-blister copper smelter commenced on November 21, 2025. The smelter achieved first anode production on December 29, 2025 - just five weeks after heat-up and one week after the first feed of concentrate - marking a major operational milestone and a rapid, well-executed commissioning phase.
2023 Pre Feasibility Study assess an increase in production capacity
Kamoa-Kakula's 2023 PFS evaluates a staged increase in production capacity Kamoa-Kakula from the current nominal throughput rate of 7.6 Mtpa up to a total of 19.2 Mtpa by 2030.
Mine life extension to 42 years
The Kamoa-Kakula 2023 preliminary economic assessment (PEA) projects a nine-year mine life extension of the Kamoa-Kakula Copper Complex, in addition to the Kamoa-Kakula 2023 pre-feasibility study of 33 years. This case includes the addition of four new underground mines in the Kamoa area (called Kamoa 3, 4, 5 and 6) to maintain the overall production rate of up to 19.2 Mtpa.
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