Latest Development
Kamoa-Kakula, developed by Ivanhoe Mines near Kolwezi in the DRC’s Lualaba copperbelt, is one of the world’s fastest-growing copper operations, producing 437,061 tonnes of copper in 2024. Its new 500,000 t/yr direct-to-blister smelter began ramping up in late 2025, and the site sent its first 99.7%-purity copper anodes via the Lobito Corridor in Q1 2026 — following trial shipments that began in January 2024 under a Reserved Capacity Agreement allowing 120,000-240,000 tonnes/year of mineral product transport. Offtake for the smelter’s full output is covered by CITIC Metal, Zijin Mining and Trafigura Asia Trading, the latter including a $200m advance payment.
Project Details
Project TypeMine, Smelter & Export Logistics
Project OwnerIvanhoe Mines (via Kamoa Copper S.A., JV with Zijin Mining and the DRC government)
Project SponsorIvanhoe Mines
Other ContractorsLobito Atlantic International SARL (rail logistics MOU/Reserved Capacity Agreement)
Project DeveloperIvanhoe Mines / Kamoa Copper S.A.
Financing InstitutionIvanhoe Mines; Zijin Mining; CITIC Metal (offtake-linked prepayment); Trafigura Asia Trading ($200m advance payment)
Start Date2021-05
Expected Completion2028
Current PhaseExpansion
Funding StatusFully Funded
Key Issues / Risks
A May 2025 seismic tremor temporarily disrupted Kakula underground operations (resumed by June 2025, full rates by Q4 2025); a Global Witness investigation flagged roughly 6,500 people at risk of displacement in areas affected by the mine's expanding footprint; export-route mix between Lobito (west) and traditional eastern routes remains a variable to watch
Latest Development (Detail)
Q1 2026 production of 71,417t of copper in blister/anode reported 13 April 2026; updated independent technical report completed with a 31 Dec 2025 effective date; Phase 3 concentrator expansion (completed May 2024) supports mine plan of 500,000+ t/yr copper from 2028
What Happens Next
Watch full-year 2026 smelter ramp-up data and the mix of export volumes moving via Lobito versus traditional eastern/southern routes
Commercial Opportunity
Copper concentrate/anode offtake, rail freight capacity, smelter maintenance and consumables supply
Stakeholder Intelligence
Key Organizations / Companies InvolvedIvanhoe Mines; Zijin Mining; CITIC Metal; Trafigura; Lobito Atlantic Railway; Government of the DRC
Capital & Financing Intelligence
Funding / Amount CommittedUSD 200000000
Funding SourceTrafigura Asia Trading offtake advance payment (part of broader project financing)
Funding Date2025
Procurement & Contract Outlook
Expected Next MilestoneFirst 99.7%-pure copper anode shipment via the Lobito Corridor (2026-Q1)
Commercial Opportunity Intelligence
Financing / Capital OpportunityOfftake-linked prepayments from CITIC Metal, Zijin Mining and Trafigura (incl. $200m advance)
Potential BeneficiariesIvanhoe Mines, Zijin Mining, CITIC Metal, Trafigura, Government of the DRC (royalties/taxes)
Opportunity SignalStrong -- directly linked to both the Lobito Corridor policy record and the DRC cobalt export quota policy record (shared regulatory environment)
Commercial ReadinessVery Early
Source & Verification Trail
Last Verified2026-08-10
Source(s)https://www.lobitocorridor.com/mines/drc/kamoa-kakula/; https://www.miningweekly.com/article/kamoa-kakula-copper-complex-democratic-republic-of-congo-update-2026-04-17; https://www.newsfilecorp.com/release/197082
Source Date2024-01-02 to 2026-05-21