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(Ecofin Agency) – Copper prices have been surging in recent months. Africa’s largest copper producer and one of the largest globally, the Democratic Republic of the Congo (DRC), benefits from the dynamic. The country houses Africa’s biggest copper mine, the Kamoa-Kakula mine.
Last week, Ivanhoe Mines announced the start of commercial production at the third copper concentrator of its Kamoa-Kakula project. This new plant increases the mine’s production capacity from 450,000 tonnes to over 600,000 tonnes.
Before the announcement, Ivanhoe released its report for H1 2024. According to the document, Kamoa-Kakula produced 186,925 tonnes of copper over the period, 5% less YoY. Ivanhoe anticipates a better performance in H2 2024, leveraging the new concentrator.
“The Phase 3 concentrator alone is expected to produce around 150,000 tonnes of copper per year. Together with the Phase 1 and 2 concentrators, total copper production capacity at Kamoa-Kakula is expected to exceed 600,000 tonnes per year, making it the third largest copper mining operation in the world,” said Robert Friedland, Executive Co-Chairman of Ivanhoe Mines.
According to Africa Finance Corporation, which funded the $150 million expansion of Kamoa-Kakula, the project contributes 4% to the DRC’s gross domestic product (GDP). The mine’s expansion should help the country keep its status as the world’s second-largest copper producer. The International Monetary Fund (IMF) projects that increased production and prices will boost the country’s mining revenues from 2018 to 2028.
Louis-Nino Kansoun
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