# Kamoa-Kakula's first anode smelter produced 71,417 tonnes of copper in Q1 2026, making it Africa's largest and lowest-carbon copper smelter
> The December 2025 smelter first fire at 60% of 500,000 tpa design; Q1 anode output was 71,417t; sulphuric acid output of 1,350t/day feeds local fertiliser plans; Codelco-Glencore are studying a 1.5 MTpa Chilean smelter for 2032

**Meta:** type: story · date: 2026-04-10 · heads: 長期戦, 静かな変化 · 9 takes · 4 lenses · 8 regions

## Summary

The Kamoa-Kakula copper joint venture in the Democratic Republic of Congo confirmed first anode production from its Direct-to-Blister flash [smelter](/ja/entity/smelting) in December 2025, producing 71,417 tonnes of [Copper](/ja/entity/copper) anodes in Q1 2026 while operating at approximately 60% of the 500,000 tonnes per year design capacity. The smelter, the largest copper smelter ever built in Africa and described as the continent's lowest-carbon anode producer by virtue of its hydroelectric power supply, marks the first major in-country copper smelting capacity in the DRC since the 1970s, when the country exported concentrate to foreign smelters. Sulphuric acid by-product output of approximately 1,350 tonnes per day is sold to DRC fertiliser producers. The joint venture is owned by Ivanhoe Mines (39.6%), [Zijin Mining](/ja/entity/cmoc) (39.6%), Crystal River Global (0.8%) and the DRC government (20%). Separately, Codelco and Glencore signed a Memorandum of Understanding in May 2026 for a joint feasibility study of a new 1.5 million tonne concentrate per year smelter in Chile targeting 2032-2033 commissioning, framed as a response to the ageing Chilean smelter fleet and the TC/RC collapse documented across global copper markets.

## The split

Ivanhoe and the DRC government frame the Kamoa-Kakula smelter as a development milestone: domestic processing of copper concentrate into anodes captures the refining margin previously captured by Chinese smelters, and the sulphuric acid by-product addresses DRC's fertiliser import dependency. S&P Global and commodity analysts note the structural market impact is substantial: at full 500,000 tpa capacity, the smelter removes approximately 3-4% of seaborne copper concentrate from the market, further compressing TC/RCs for smelters in Asia and Europe that are already near zero. [Zijin Mining's](/ja/entity/cmoc) 39.6% stake means Chinese capital built a smelter that reduces Chinese smelters' concentrate feed, an internal contradiction of Chinese mining industry interests that the Kamoa-Kakula JV governance structure has navigated by giving Zijin direct smelter economics. The Codelco-Glencore Chilean smelter MoU is a hedge by two of the world's largest copper producers against the scenario where rising copper mine output in Chile from new projects (El Teniente Deep, Quebrada Blanca Phase 3) cannot find smelting homes as Asian TC/RCs make concentrate shipping uneconomic.

## By the numbers

- December 2025, Kamoa-Kakula smelter first anode production date.
- 71,417t, copper anodes produced in Q1 2026.
- ~60%, Kamoa-Kakula smelter utilisation rate in Q1 2026 (commissioning phase).
- 500,000 tpa, Kamoa-Kakula smelter design nameplate capacity.
- 1,350 t/day, sulphuric acid by-product output (sold to DRC fertiliser market).
- 98.5%, sulphur-to-acid capture rate at Kamoa-Kakula smelter (highest in sub-Saharan Africa).
- 1.5M tpa concentrate, Codelco-Glencore proposed Chilean smelter nameplate (MoU, May 2026).
- 2032-2033, Codelco-Glencore Chilean smelter target commissioning.

## Why it matters

The Kamoa-Kakula smelter is the most significant development in African copper processing in 50 years. It reverses the colonial-era model in which the DRC mined copper and exported concentrate for China (or historically, Belgium and Zambia) to smelt. A 500,000 tpa smelter in the DRC does not just add processing capacity; it creates a domestic value chain that includes sulphuric acid, anode slime by-products (precious metals), and refinery wages, and gives the DRC government, as a 20% JV owner, a direct share of smelting economics. For the global [Copper](/ja/entity/copper) concentrate market, every tonne Kamoa-Kakula smelts domestically is a tonne not available to Chinese smelters, extending the TC/RC pressure documented in the [copper TC/RC collapse](/ja/n/copper-tcrc-zero). The Codelco-Glencore Chilean smelter MoU is early-stage, but its announcement signals that the world's largest copper mining companies are planning for a sustained concentrate surplus that cannot find adequate smelting homes at acceptable TC/RCs, a structural shift in how the copper value chain distributes margin between miners and smelters.

## What to watch

- Kamoa-Kakula smelter ramp to full 500,000 tpa: whether commissioning challenges (flash smelting is technically complex) are resolved by end-2026 or persist into 2027.
- Anode quality and refinery placement: whether Kamoa-Kakula anodes are refined at Lubumbashi's Gecamines facilities or exported to European and Asian refineries, determining where the final refining margin accrues.
- Sulphuric acid market development in the DRC: whether the fertiliser sales channel can absorb 2,000 t/day at full capacity or whether excess acid becomes a disposal problem.
- Codelco-Glencore Chilean smelter feasibility timeline: whether the MoU converts to a Feasibility Study and Investment Decision by 2028.
- DRC government's smelter policy: whether the 20% Kamoa-Kakula stake is a template for mandatory in-country smelting requirements applied to other DRC copper producers (CMOC Tenke, Glencore Mutanda).

## Regional takes (batched by bias / lens)

### unlabelled
- **Ivanhoe Mines (Q1 2026 Production Report)** (Canada / DRC, en) — Ivanhoe Mines Q1 2026 production report: Kamoa-Kakula produced 108,000 tonnes of copper in concentrate and 71,417 tonnes of copper anodes from the Direct-to-Blister (DtB) flash smelter, which achieved first anode production in December 2025. The smelter is operating at approximately 60% of its 500,000 tpa design capacity while commissioning proceeds. Sulphuric acid by-product production of approximately 1,350 tonnes per day is being sold to the DRC fertiliser market. The smelter uses renewable hydroelectric power from the Inga and Zongo falls grid, producing the lowest-carbon anode copper in Africa.
  Source: https://www.ivanhoemines.com/news/2026/ivanhoe-q1-2026-production-report-kamoa-kakula-smelter/
- **Kamoa-Kakula Copper Complex (Joint Venture Press Release ,  Smelter First Anode)** (DRC, en) — The Kamoa-Kakula joint venture (Ivanhoe 39.6%, Zijin Mining 39.6%, Crystal River Global 0.8%, DRC Government 20%) confirmed the first anode production from the DtB flash smelter on December 15, 2025. The smelter uses Outotec flash smelting technology with electric slag cleaning, achieving a sulphur-to-acid capture rate of approximately 98.5%, the highest of any copper smelter operating in sub-Saharan Africa. The 500,000 tpa design capacity makes it the largest copper smelter ever built in Africa.
  Source: https://www.kamoakakula.com/news/2025/12/smelter-first-anode-copper-december-2025.html
- **Codelco / Glencore (Joint Press Release ,  Chilean Smelter MoU)** (Chile / Switzerland, en) — Codelco and Glencore signed a Memorandum of Understanding in May 2026 to conduct a joint feasibility study for a new copper smelter in Chile with a target nameplate of 1.5 million tonnes of concentrate per year (equivalent to approximately 450,000-500,000 tonnes of anode copper), with a target commissioning date of 2032-2033. The MoU cites the tightening concentrate-to-smelter relationship globally (the TC/RC collapse documented in the copper market) and the ageing Chilean smelter fleet (Altonorte, Ventanas, Potrerillos) as the rationale for new capacity. The study will assess carbon capture integration consistent with Codelco's 2030 emissions targets.
  Source: https://www.codelco.com/prensa/noticias/2026/05/codelco-glencore-mou-smelter-chile-15mtpa.html
- **Zijin Mining (Annual Report 2025 / Q1 2026 Operations)** (China, en) — 
  Source: https://www.zijinmining.com/en/investor/annual-reports/2025-annual-report.htm
- **Wood Mackenzie (African Copper Smelting Capacity Report 2026)** (United Kingdom, en) — 
  Source: https://www.woodmac.com/market-insights/topics/african-copper-smelting-capacity-kamoa-2026/
- **African Mining Intelligence** (France / Africa, en) — 
  Source: https://www.africaintelligence.com/mining/2026/04/kamoa-kakula-smelter-africa-largest-copper-anode-2026.html

### wire / commodity
- **Reuters** (United Kingdom, en) — Reuters reports on Kamoa-Kakula's Q1 anode output of 71,417 tonnes and contextualises it as the DRC's first major copper smelter since the 1970s; notes that the DRC historically exported all copper as concentrate to Chinese smelters, with the Kamoa-Kakula smelter marking a structural shift toward in-country value addition. Quotes Ivanhoe CEO Marna Cloete saying the smelter transforms Kamoa-Kakula 'from a mine into a vertically integrated copper producer'.
  > "Kamoa-Kakula's 71,417 tonne Q1 anode output marks the DRC's first major copper smelter since the 1970s, shifting from concentrate export to in-country smelting."
  Source: https://www.reuters.com/markets/commodities/kamoa-kakula-smelter-first-anode-africa-largest-copper-q1-2026/

### commodity research
- **S&P Global Commodity Insights** (United States, en) — S&P Global analyses the Kamoa-Kakula smelter's impact on the global concentrate market: at full 500,000 tpa capacity, the smelter absorbs all Kamoa-Kakula concentrate domestically, removing approximately 1.7-1.8 million dry metric tonnes of copper concentrate from the seaborne market annually, equivalent to roughly 3-4% of global seaborne copper concentrate trade. At current TC/RC levels (near zero), this further tightens the concentrate market for Asian and European smelters. Notes that the DRC government's 20% stake in Kamoa-Kakula gives it a direct interest in smelter output economics.
  > "At full capacity, Kamoa-Kakula's smelter removes 3-4% of global seaborne copper concentrate from the market, tightening an already tight TC/RC environment."
  Source: https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/metals/041126-kamoa-kakula-copper-smelter-africa-drc-q1-2026

### Southern African mining trade
- **Mining Weekly** (South Africa, en) — Mining Weekly reports on the sulphuric acid by-product from the Kamoa-Kakula smelter, noting that 1,350 tonnes per day of acid output is sold to DRC fertiliser producers, addressing a long-standing fertiliser import dependency in the DRC agricultural sector. Describes the acid by-product sales as a secondary revenue stream and a contribution to the DRC's food security. Notes Ivanhoe's plan to expand acid output to 2,000 tonnes per day as the smelter reaches full capacity.
  > "Kamoa-Kakula's 1,350 t/day sulphuric acid output supplies DRC fertiliser producers, creating a secondary revenue stream and addressing a domestic import dependency."
  Source: https://www.miningweekly.com/article/kamoa-kakula-smelter-acid-fertiliser-drc-2026-04-10

## Across the graph
- Related: [[copper-tcrc-zero]]
- Entities: Smelting, Copper, Cmoc

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