Commissioning copper smelter underway, first anode production in July

Commissioning of Kamoa-Kakula’s 500,000-tonne-per-annum, direct-to-blister copper smelter has started, with start-up expected to commence next month. The initial heat-up process of the smelter is expected to take up to six weeks, after which the first feed of concentrate will begin. Initial production of copper anode is expected in July. Ramp up of the smelter is expected to be at approximately 80% by year-end.

As previously announced, it is expected that between 20,000 to 30,000 tonnes of copper in concentrate will be stockpiled in the on-site smelter concentrate storage shed prior to starting up the smelter. At quarter-end, Kamoa-Kakula held approximately 48,000 tonnes of unsold copper in inventory, up from 30,000 tonnes of unsold copper at the end of 2024. Approximately 20,000 tonnes of the increase in unsold copper inventory over the past three months was newly stored concentrate at the smelter ahead of its start-up. The majority of the remaining unsold inventory is stored at the nearby Lualaba Copper Smelter (LCS) awaiting toll treatment. Once fully ramped up, Kamoa-Kakula’s on-site copper smelter is expected to hold approximately 17,000 tonnes of copper within its circuit.