Kamoa Copper

What Kamoa Copper does

Kamoa Copper S.A. operates the Kamoa-Kakula Copper Complex in the Lualaba Province of the Democratic Republic of Congo, a private joint venture owned 39.6% by Ivanhoe Mines, 39.6% by Zijin Mining Group, 0.8% by Crystal River Global Limited, and 20% by the DRC government. The company is one of the world's highest-grade major copper producers, extracting ore from the Kakula and Kamoa underground mines and processing it through three copper concentrators (Phase 1, 2, and 3) and, as of late 2025, a $1.1 billion, 500,000-tonne-per-annum direct-to-blister copper smelter that produces 99.7%-pure copper anodes plus up to 700,000 tonnes per annum of by-product sulphuric acid.

The single-stage flash smelting technology, supplied by Metso, eliminates conventional converting stages and achieves 98-99% copper recovery at 15-20% lower energy consumption than legacy systems. Operations are powered primarily by hydroelectricity supplied through the SNEL partnership (Inga II turbine 5) and supplemented by 406 MWp of planned solar PV with up to 1,107 MWh of battery storage via CrossBoundary Energy and Green World Energie, positioning the complex as the lowest carbon-emitting major copper mining operation globally.

Kamoa Copper sells 100% of copper anode production under long-term offtake agreements to CITIC Metal (~40%), Gold Mountains/Zijin Mining (~40%), and Trafigura (~20%), with the remaining concentrate volumes toll-treated via Lualaba Copper Smelter. Sulphuric acid is sold regionally across the Central African Copperbelt. Low-carbon copper anodes are also being routed via the Lobito Atlantic Railway to European customers such as Aurubis in Germany. The company reported $3.28 billion of revenue and $1.45 billion of EBITDA at a 44% margin in 2025, with copper output of approximately 400,000 tonnes and 2026 guidance of 380,000-420,000 tonnes during smelter ramp-up.

Name

Kamoa Copper

Legal name

Kamoa Copper S.A.

Website

https://kamoacopper.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Kamoa Copper S.A. operates the Kamoa-Kakula Copper Complex in the DRC, one of the world's highest-grade major copper mines. It produces copper concentrates and 99.7%-pure anodes via Africa's largest direct-to-blister smelter, selling entirely through long-term offtake agreements to global commodity traders and smelters.

Ownership category

akta.pro rank

Product category

Copper Mining

NAICS

Nonferrous Metal (except Aluminum) Smelting and Refining (33141), Copper, Nickel, Lead, and Zinc Mining (212230), Nonferrous Metal (except Aluminum) Production and Processing (3314)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Copper Anode/Cathode Production & Handling (IMAKADAG)

akta.pro secondary industries

Copper Pyrometallurgy (Smelting, Converting) (IMAKADAE), Copper Ore Mining (Open-Pit & Underground) (IMAKADAB), Copper Concentration (Crushing, Grinding, Flotation) (IMAKADAC), Copper Refining (Electrorefining & Fire Refining) (IMAKADAF), Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid) (IMAKADAH)

Keywords

• Copper mining
• Copper concentrates
• Copper smelting
• Copper anodes
• Mineral processing

Headquarters

HQ city

Congo Town

HQ country

Liberia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Copper Concentrate Sales: Sale of copper concentrates produced by Phase 1, 2, and 3 concentrators to domestic and international smelters, including toll-treatment arrangements with Lualaba Copper Smelter.
2. Copper Anode Sales: Sale of 99.7%-pure copper anodes produced by the on-site direct-to-blister smelter. Strategic offtake agreements with CITIC Metal, Gold Mountains (Zijin Mining), and Trafigura cover 100% of production. The smelter enables 50-60% more value capture per tonne compared to concentrate export models.
3. Sulphuric Acid By-product Sales: Sale of by-product sulphuric acid (up to 700,000 tonnes per annum at steady-state) produced during the smelting process, sold locally to other mining operations across the Central African Copperbelt at spot prices reaching $700/tonne in Kolwezi.
4. Power Generation: Through sister company Ivanhoe Mines Energy RDC (IVEN), electricity is generated from rehabilitated hydroelectric infrastructure (Mwadingusha dam, Inga II turbine 5) and transmitted to the Kamoa-Kakula complex under partnership with SNEL.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Kamoa Copper S.A. operates the Kamoa-Kakula Copper Complex in the DRC, mining and processing copper ore to produce copper concentrates (Phase 1, 2, and 3 concentrators) and 99.7%-pure copper anodes through a 500,000-tonne-per-annum direct-to-blister copper smelter. The integrated operation also produces sulphuric acid as a by-product and is powered primarily by hydroelectric and renewable energy, positioning it as one of the world's lowest-carbon-emitting major copper producers.

Product overview

Kamoa Copper S.A. operates the Kamoa-Kakula Copper Complex, one of the world's highest-grade and fastest-growing major copper mining operations, located in the Lualaba Province of the Democratic Republic of Congo. The company operates an integrated mining and processing model consisting of Phase 1, 2, and 3 copper concentrators producing copper concentrates, and a 500,000-tonne-per-annum direct-to-blister copper smelter producing 99.7%-pure copper anodes along with sulphuric acid as a by-product. The operation is powered by clean, renewable hydro-generated electricity and is among the world's lowest greenhouse gas emitters per tonne of copper produced on a Scope 1 and 2 basis. Beyond core mining operations, Kamoa Copper invests in community development through the Kamoa Centre of Excellence (higher education), Kansoko Training Centre (vocational training), the Kipaji Development Program (leadership training), and the Sustainable Livelihoods Initiative (agricultural development), all managed through DOT-KAMOA. The company is a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%), and the DRC government (20%).

Differentiator

Problem solved

Functional benefit

Brands

• Kipaji Development Program: Employee development program for succession planning, nurturing Congolese talent into mining leadership roles
• Sustainable Livelihoods Initiative
• Kamoa Centre of Excellence (KCE)
• DOT-KAMOA

Products and services

• Kamoa-Kakula Copper Smelter (Copper Anodes) Africa's largest copper smelter with 500,000-tonne-per-annum direct-to-blister processing capacity, producing 99.7%-pure copper anodes for global copper buyers and smelters under long-term offtake agreements. Features single-stage flash smelting technology that eliminates traditional converting stages, reducing energy consumption by 15-20% compared to conventional systems.
• Copper Concentrates (Phase 1, 2, and 3) Copper concentrate production from three processing phases at the Kamoa-Kakula Copper Complex. Sold to domestic and international smelters, including toll-treatment arrangements with Lualaba Copper Smelter when on-site smelter capacity is constrained. Phase 1 and 2 concentrators operate at approximately 85% of design capacity; Phase 3 operates 30% above its 5.0 million tonnes per annum design capacity.
• Sulphuric Acid (By-product) High-strength sulphuric acid produced as a by-product of copper smelting operations, with expected production of up to 700,000 tonnes per annum at steady-state. Sold locally to mining operations across the Central African Copperbelt at spot prices referenced to around $700 per tonne in Kolwezi.

Quantifiable outcome

• Recycles over 80% of process water to protect downstream irrigation supplies
• +3 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

14 partnerships are on record, tiered flagship, supporting and core.

• CITIC Metal LimitedflagshipChannel Partner/ Reseller/ Distributor · 1 June 2025Offtake agreement covering approximately 40% of copper anode production with $250 million advance payment facility linked to offtake terms.
• Gold Mountains International Mining Company (Zijin Mining)flagshipChannel Partner/ Reseller/ Distributor · 1 June 2025Offtake agreement covering approximately 40% of copper anode production with $250 million advance payment facility (combined with CITIC for 80% total offtake).
• Trafigura Asia Trading Pte LtdflagshipChannel Partner/ Reseller/ Distributor · 1 June 2025Three-year offtake agreement for remaining 20% of copper anode production, including $200 million advance payment facility at SOFR + 3.75% interest rate.
• BTP & CMAsupportingStrategic or Co-development Partner · 1 June 2025Partnership for technical skills training and professional development programs for local Congolese talent in construction and mining trades.
• CrossBoundary EnergycoreStrategic or Co-development Partner · 1 April 2025$40 million equity investment commitment from Inspired Evolution supports CrossBoundary Energy's development of Kamoa-Kakula Solar and Battery Energy Storage System. Power purchase agreement signed for 30 MW baseload renewable energy supply.
• Green World Energie SARLcoreStrategic or Co-development Partner · 1 April 2025Power purchase agreement signed for 30 MW baseload clean energy from on-site solar facility (222 MWp solar PV capacity with battery storage) to supplement renewable energy supply.
• MetsocoreTechnology or Integration · 1 November 2022Equipment supplier for world's largest flash smelting furnace at Kamoa-Kakula, providing direct-to-blister technology enabling single-stage copper processing at 500,000 tpa capacity.
• Ivanhoe MinesflagshipStrategic or Co-development PartnerMajority shareholder and co-developer of Kamoa-Kakula Copper Complex with 39.6% ownership. Founded by Robert Friedland, Ivanhoe identified and developed the Kamoa-Kakula deposit since 1997. Co-chairman Robert Friedland and CEO Marna Cloete lead joint venture oversight.
• Zijin Mining GroupflagshipStrategic or Co-development PartnerCo-investor with 39.6% ownership in Kamoa Copper through subsidiary Gold Mountains International Mining Company. Provides offtake agreement for copper production and advance payment facilities.
• Government of the Democratic Republic of CongocoreStrategic or Co-development Partner20% equity stake holder in Kamoa Copper under the DRC mining code. Provides regulatory framework, mining permits, and operates through state mining company Gecamines.
• SNEL (Société Nationale d'Électricité)coreStrategic or Co-development PartnerPartnership for hydroelectric power supply from Inga II turbine 5 (50 MW initial delivery) as part of $450 million grid rehabilitation investment. Public-private partnership strengthening national electricity infrastructure.
• University of PretoriasupportingStrategic or Co-development PartnerStrategic partnership providing curriculum development and academic oversight for Kamoa Centre of Excellence bursary program, training future DRC mining industry leaders.
• Enterprises University of PretoriasupportingStrategic or Co-development PartnerAcademic partner for Kamoa Centre of Excellence curriculum development, offering comprehensive one-year program including mining fundamentals, business skills, and personal development.
• DOT-KAMOAcoreStrategic or Co-development PartnerSpecialized community development organization managing 0.3% of revenue allocation for local community projects including agriculture, infrastructure, health, and education initiatives.

Scale indicators10 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Zijin Mining Group: Co-developer and 39.6% owner of Kamoa Copper through Gold Mountains; one of China's largest copper and gold miners. Comparable as a global copper producer with integrated smelting and African operations.
• MMG Limited: Mid-tier copper miner operating the Kinsevere and Las Bambas assets in DRC-adjacent and Central African Copperbelt geographies. Directly comparable as a regional copper producer with DRC exposure.
• First Quantum Minerals: Major copper miner with significant operations in Zambia and DRC (e.g., Sentinel, Kansanshi), directly comparable to Kamoa's copper concentrate and anode production in Central Africa and exposure to the same regional power and logistics dynamics.
• Ivanhoe Mines: Co-developer and 39.6% owner of Kamoa Copper; operates the Kamoa-Kakula complex on a JV basis. Directly comparable as a high-grade copper growth story with exposure to DRC operations and energy-transition demand.

Broad incumbents

• Codelco: Chilean state-owned copper producer and the world's largest copper miner. Broad incumbent in copper mining and smelting, providing a benchmark for integrated copper production economics.
• Glencore: One of the world's largest copper producers and commodity traders, with significant copper operations and trading franchises globally. Broad incumbent comparable to Kamoa across copper mining, smelting, and trading offtake flows.
• Freeport-McMoRan: Largest publicly traded copper producer globally, with major operations in the Americas. Comparable as a large-scale, multi-asset copper miner with integrated concentrate and cathode production.
• Anglo American: Diversified major with a significant copper portfolio (e.g., Los Bronces, Quellaveco). Broad incumbent in copper mining with comparable exposure to global copper demand for energy transition.

Regional players

• Aurubis: Europe's largest copper recycler and a leading copper smelter/refiner, and Kamoa's first low-carbon anode customer. Comparable as a downstream copper processor with overlapping customer base in European smelting.
• China Nonferrous Mining Corporation: Chinese state-linked copper and cobalt producer with African mining interests; comparable to Kamoa in the Chinese offtake ecosystem alongside CITIC Metal and Zijin Mining, with similar exposure to African copper supply chains.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/kamoa_copper_sa
• YouTubeyoutube.com/channel/UCAuB2mDEEepQth7WhuabFkg
• Facebookfacebook.com/KamoaCopper
• LinkedInlinkedin.com/company/kamoa-copper-s-a
• Instagraminstagram.com/kamoa_copper_sa

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kamoa Copper