Kamoa-Kakula output guidance for 2026, 2027 lowered; output to reach above 500 000 t from 2028

As a result of an increased focus on development activities over the next 18 to 24 months and more conservative near-term underground development advance rates, the Kamoa-Kakula production guidance has been revised to between 290 000 t and 330 000 t of copper anodes for this year and between 380 000 t and 420 000 t of copper anodes in 2027.

Ivanhoe expects annualised copper anode production from Kamoa-Kakula to increase above 500 000 t from 2028.

Ivanhoe had previously set the production guidance for Kamoa-Kakula at between 380 000 t and 420 000 t of copper anodes for this year and at between 500 000 t and 540 000 t of copper anodes for 2027.

Seismic events in May 2025 resulted in flooding on the eastern side of the Kakula mine, impacting on production for most of the year as dewatering efforts continued.

“Over the past year, the Kamoa Copper team expended significant efforts to safeguard the Kakula mine after a challenging 2025. We are determined to strengthen the technical foundation of our operations, with a focus on long-term stability and performance.  

“We will not take shortcuts in our rehabilitation programme to ensure the updated mine design is conservative, safe, productive and sustainable over the life of the operation. While conservative baseline assumptions have an impact on production levels in 2026 and 2027, we are setting up Kamoa-Kakula for new production records from 2028 onwards . . . with target production levels over 500 000 t of copper anodes and blister, over a multi-decade life," comments Ivanhoe president and CEO Marna Cloete.

Kamoa Copper has started work on an optimised feasibility study, which will cover the first five years in high-definition and will take into consideration additional information to be gathered in the coming months, particularly as dewatering of the Kakula mine is completed, Ivanhoe reports.

Despite the setbacks of 2025, Cloete cites the past achievements at Kamoa-Kakula.

"We have built this operation over the past six years at a record pace and on budget, producing over 1.6-million tonnes of copper and generating over $7-billion of earnings before interest, taxes, depreciation and amortisation, funding the Phase 2 and 3 expansions, as well as Africa’s largest, state-of-the-art 500 000 t/y copper smelter.

"The smelter is ramping up ahead of schedule and is now delivering additional margin via significant by-product sulphuric acid sales and very significant reductions in the cost of shipping our 99.7%-pure copper to market."

Ivanhoe executive co-chairperson Robert Friedland also remains confident of the operation's future.

“Kamoa-Kakula is the epicentre of the richest sedimentary copper district on Earth. Our mine combines extraordinary grade over a very long life . . . and we are supported by hydroelectric and solar power. Building on this endowment, this technical report sets a base case from which we will build copper production up to a new high of over 500 000 t/y.

“The world is currently experiencing a crude wake-up call of just how fragile global supply chains are . . . and against this backdrop of global uncertainty, Tier 1 mining operations like Kamoa-Kakula become even more critical to national security. Out of an abundance of caution, we have secured additional supplies of diesel," he says.

Friedland points out that the first 60 MW of on-site solar capacity at the operation will be commissioned during the second quarter, with a further 60 MW of capacity in the pipeline for 2027.

Meanwhile, Ivanhoe has appointed Simon Bottoms as executive VP of technical services.

“Simon brings a wealth of knowledge and experience in Africa and globally, and he will be instrumental in the next phase of optimisation and long-term planning at Kamoa-Kakula, as we seek to deliver additional value to shareholders,” says Cloete.