TSX- and OTCQX-listed Ivanhoe Mines’ joint venture (JV) Kamoa-Kakula copper complex, in the Democratic Republic of Congo (DRC), has reached a major turning point following a significant increase in imported hydroelectric power in recent weeks enabling the startup of the new on-site copper smelter.

Imported hydroelectric power increased by 20 MW to 70 MW in mid-March. Imported hydropower is expected to increase further to 100 MW imminently, representing a 100% increase over recent weeks.

The company also reported that Kamoa-Kakula delivered its highest production ever during the last two weeks of March at an annualised rate above its 2025 guidance. The outperformance was accompanied by strong operating performance from the new Phase 3 concentrator, which delivered record throughput and copper production, exceeding its nameplate design capacity.

Ivanhoe reported total copper production of 133 120 t for the first quarter.

“Despite recent volatility in global markets and with virtually all global equities knocked down by panic and computerised trading algorithms, Ivanhoe Mines has a very strong balance sheet and generates powerful cash flows.

“In addition, we are in a privileged position with Kamoa-Kakula as one of the lowest-cost copper producers in our industry and we expect our operating costs to decline even further as our state-of-the-art direct-to-blister smelter ramps up this year,” Ivanhoe founder and co-chairperson Robert Friedland said on April 7.

He added that the production of 99.7% pure copper anodes would significantly reduce the company’s C1 cash costs owing to a more than 50% reduction in transportation costs per unit of contained copper and the enjoyment of by-product sulphuric acid sales, a critical commodity in demand in the DRC’s copper industry.

“Kamoa-Kakula’s growing pains, which led to power challenges, are behind us following our successful efforts to secure additional imported hydroelectricity. With more imported hydroelectric power from the Southern Africa Power Pool on its way very soon, we now have in place a long-term energy security programme that future-proofs our energy mix as we continue to grow,” Friedland said.

He added that the Kamoa-Kakula smelter is one of the largest and most technologically sophisticated smelters in the world.

“With the smelter coming online, we will no longer simply be exporting copper concentrate. We will export the world’s greenest copper anodes for the energy transition.

“As the world wakes up to a generational copper deficit, we have the assets, the people, and the infrastructure to deliver this responsibly sourced and most critical of all metals to world markets,” Friedland said.

Kamoa-Kakula is a JV between Ivanhoe, which is also the operator, Zijin Mining, Crystal River and the DRC government.