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

Summary

The Kamoa-Kakula copper joint venture in the Democratic Republic of Congo confirmed first anode production from its Direct-to-Blister flash smelter in December 2025, producing 71,417 tonnes of 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 (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 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 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. 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).