Ivanhoe Mines Announces Africa's Largest and Greenest Copper Smelter Has Commenced Heat-Up

Rhea-AI Summary

Ivanhoe Mines (OTCQX: IVPAF) announced that heat-up of the Kamoa-Kakula 500,000-tonnes-per-annum direct-to-blister copper smelter commenced on November 21, 2025. First feed of concentrate is expected by year end and the smelter's casting wheels are expected to produce 99.7% copper anodes by year end. Prior to start-up, on-site concentrate inventory was ~37,000 tonnes of copper; management expects total unsold concentrate to reduce to ~17,000 tonnes during 2026 as ramp-up proceeds.

The smelter heat-up reached 800°C and will hold that temperature for nine days while commissioning continues. On-site power resilience includes a 60 MW UPS and ~180 MW diesel generator backup.

Positive

• 500,000 tpa direct-to-blister smelter commenced heat-up
• First concentrate feed expected by year end 2025
• On-site inventory expected to fall from 37,000 t to ~17,000 t copper in 2026

Negative

• Relies on ~180 MW diesel generator backup, posing cost and emissions exposure
• Smelter still in commissioning; commercial production and ramp timing remain pending

News Market Reaction

-0.26%

1 alert

-0.26% News Effect

On the day this news was published, IVPAF declined 0.26%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Smelter capacity: 500,000 tonnes per annum On-site concentrate inventory: 37,000 tonnes Target unsold concentrate: 17,000 tonnes +5 more

8 metrics

Smelter capacity 500,000 tonnes per annum Kamoa-Kakula direct-to-blister copper smelter nameplate capacity

On-site concentrate inventory 37,000 tonnes Copper in concentrate prior to smelter start-up

Target unsold concentrate 17,000 tonnes Expected unsold copper in 2026 after smelter ramp-up

UPS capacity 60 MW Uninterruptible power supply backing the smelter

Backup generators 180 MW Total on-site diesel-powered backup capacity

Furnace temperature 800 degrees centigrade Heat-up level held during nine-day commissioning period

Commissioning duration nine days Planned period to hold furnace at 800°C

Smelter production target 99.7% copper anodes Expected purity from casting wheels by year end

Market Reality Check

Price: $12.38 Vol: Volume 97,643 is well bel...

low vol

$12.38 Last Close

Volume Volume 97,643 is well below the 20-day average 391,162, showing limited participation. low

Technical Price 10.13 is trading above the 200-day MA 9.13, reflecting a pre-existing uptrend.

Peers on Argus

IVPAF gained 5.21% while key peers were mixed: SOUHY rose 5.55%, BDNNY 0.77%, GL...

IVPAF gained 5.21% while key peers were mixed: SOUHY rose 5.55%, BDNNY 0.77%, GLNCY was flat, and others posted small gains. The move appears more company-specific than broad sector rotation.

Historical Context

5 past events · Latest: Dec 03 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 03	Production guidance	Positive	+8.7%	Issued 2026–2027 copper production guidance and dewatering progress update.
Dec 01	Smelter heat-up	Positive	-0.3%	Announced start of 500,000 tpa smelter heat-up and power-backup details.
Nov 26	Leadership changes	Positive	+6.7%	Announced new COO, board changes, and upcoming production guidance.
Nov 25	Hydropower ramp-up	Positive	+1.6%	Completed ramp-up of 178-MW Inga II turbine with staged power increases.
Nov 21	Strategic MoU	Positive	+4.9%	Signed MoU with QIA to collaborate on critical minerals development.

Pattern Detected

Recent operational and strategic updates have generally seen positive price alignment, with only the initial smelter heat-up headline showing a slight divergence.

Recent Company History

This announcement continues a series of operational milestones at Kamoa-Kakula and broader strategic steps for Ivanhoe Mines. In late November, the company highlighted hydropower ramp-up at Inga II and leadership changes tied to a recovery plan. This was followed by the first smelter heat-up news and a memorandum of understanding with QIA. Shortly after, Ivanhoe issued detailed 2026–2027 copper production guidance, framing today’s smelter progress within a larger capacity and power-stability buildout.

Market Pulse Summary

This announcement details the heat-up of Kamoa-Kakula’s 500,000 tonnes-per-annum direct-to-blister s...

Analysis

This announcement details the heat-up of Kamoa-Kakula’s 500,000 tonnes-per-annum direct-to-blister smelter, with first concentrate feed and 99.7% copper anodes targeted by year end. It highlights substantial on-site concentrate inventories and plans to reduce unsold material to about 17,000 tonnes during 2026. Power resilience, via a 60 MW UPS and about 180 MW of backup generation, and NI 43-101 oversight are key factors to monitor as the smelter ramps.

Key Terms

direct-to-blister, uninterruptible power supply, ni 43-101, technical report, +1 more

5 terms

direct-to-blister technical

"Kamoa-Kakula's 500,000-tonnes-per-annum direct-to-blister copper smelter commenced"

Direct-to-blister is a pharmaceutical packaging process where finished tablets or capsules go straight from production into individual blister cavities without interim handling or secondary packaging steps. For investors, this matters because it can lower manufacturing costs, reduce contamination and recall risk, speed time to market, and improve supply-chain traceability — similar to putting fresh-baked cookies directly into sealed individual wrappers instead of moving them through multiple trays and boxes.

uninterruptible power supply technical

"The 60-megawatt (MW) UPS is designed to provide up to two hours"

An uninterruptible power supply (UPS) is a backup electrical system that instantly provides power when the main electricity fails, like a battery that keeps essential devices running until normal power returns or a generator starts. Investors care because UPS units protect revenue-generating operations, prevent costly downtime, and safeguard sensitive equipment and data — much like an emergency brake that preserves value during unexpected outages.

ni 43-101 regulatory

"a Qualified Person under the terms of NI 43-101. Mr. Amos is not"

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

technical report technical

"Ivanhoe has prepared independent, NI 43-101-compliant technical report for the"

A technical report is a detailed, expert-written document that explains the methods, data, results and risks behind a company’s engineering, scientific or operational claim — for example estimates of resources, product testing, or project feasibility. Investors use it like an independent inspection or blueprint: it reveals how solid the underlying work is, what assumptions were made and what could go wrong, helping assess value and risk before committing money.

qualified person regulatory

"is considered, by virtue of his education, experience, and professional association, a Qualified Person"

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

AI-generated analysis. Not financial advice.

First feed of concentrate into the smelter expected by year end

Ivanhoe Mines to issue Kamoa-Kakula's 2026 and 2027 copper production guidance this week

Johannesburg, South Africa--(Newsfile Corp. - December 1, 2025) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chairman Robert Friedland and President and Chief Executive Officer Marna Cloete are delighted to announce that start-up of Kamoa-Kakula's 500,000-tonnes-per-annum direct-to-blister copper smelter commenced on November 21, 2025. The event was marked by a traditional blessing by the Chief of Kamoa-Kakula's local communities, as well as an opening ceremony at the smelter site.

Ivanhoe Mines' Founder and Executive Co-Chairman Robert Friedland commented during the opening ceremony:

"The ceremony today is not just a ritual; it is the passing of a torch representing transformative change at Kamoa-Kakula… From a site where we first discovered high-grade copper in 2008, we now harness a fire blessed by tradition to power a facility that will set a new global standard for copper smelting.

"We are witnessing a significant milestone for Kamoa-Kakula, the Lualaba Province and the broader Congolese mining industry… we have taken a major step forward in the production of clean, sustainable copper in the Democratic Republic of the Congo."

Kamoa-Kakula's Managing Director, Annebel Oosthuizen, also commented during the opening ceremony:

"This day belongs to every Kamoa Copper employee. You built this… We fired it up…. This is our collective success. The fire we lit today is the light that will change the future, not just for Kamoa Copper, but for our community, our country, and the African continent."

Smelter heat-up underway following traditional blessing by Chief of local communities, as well as an opening ceremony at smelter site

On November 21, 2025, the opening ceremony of Kamoa-Kakula's copper smelter started at a traditional copper furnace, called a lwanzo lwa mikuba, at a site near the smelter. The lwanzo lwa mikuba was prepared by the Chief of Land Muvunda and his team, as per the tradition, and Honourable Chief Musokantanda Sabuni Kafweku provided a blessing while commemorative Katanga Crosses of copper were smelted.

Chief Musokantanda then took the flame from the lwanzo lwa mikuba and carried it from the traditional site to the smelter at Kamoa-Kakula. At the smelter, the flame was handed over to Ivanhoe Mines' Founder and Co-Chairman, Robert Friedland, who lit a ceremonial torch. The ceremonial torch was then passed around to members of the senior management team from Ivanhoe Mines and Kamoa Copper, as well as team members instrumental in the smelter's construction, before being placed inside the smelter furnace, providing the ignition source for its heat-up.

Watch the video of the blessing and opening ceremony of the Kamoa-Kakula Copper Smelter, led by Chief Musokantanda and Robert Friedland: https://vimeo.com/1141185000/05dad5519c?share=copy&fl=sv&fe=ci

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3396/276365_5d5ade39f43f79b3_002full.jpg

(L-R) Chief Musokantanda and Ivanhoe Mines' Founder and Executive Co-Chairman Robert Friedland marked the official opening at the smelter with a ribbon-cutting ceremony. In addition, Chief Musokantanda carried a ceremonial flame from a nearby village to the smelter site, which was then used as the ignition source for Kamoa-Kakula's smelter furnace. 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3396/276365_5d5ade39f43f79b3_003full.jpg

The opening ceremony of the Kamoa-Kakula smelter was attended by members of Kamoa Copper's workforce, adjacent to the smelter's casting wheels that are expected to commence producing 99.7% copper anodes by year's end. 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3396/276365_5d5ade39f43f79b3_004full.jpg

First feed of Kamoa-Kakula concentrate expected by year end

The heat-up of Kamoa-Kakula's state-of-the-art on-site, 500,000-tonne-per-annum direct-to-blister copper smelter commenced on November 21, 2025. The first feed of concentrate into the smelter is expected by year end. Kamoa-Kakula's management team expects to prioritize the processing of concentrates produced by the Phase 1, 2, and 3 concentrators through the on-site smelter, with any excess concentrate toll-treated at the nearby Lualaba Copper Smelter (LCS) in Kolwezi.

Prior to start-up, Kamoa-Kakula's on-site concentrate inventory contained approximately 37,000 tonnes of copper. Total unsold copper in concentrate at the smelter, held in stockpiles and the smelting circuit, is expected to be reduced to approximately 17,000 tonnes during 2026 as the smelter fully ramps up.

The smelter heat-up commenced as the installation of the uninterruptible power supply (UPS) facility nears completion. The 60-megawatt (MW) UPS is designed to provide up to two hours of instantaneous back-up power to the smelter, protecting the operation from voltage fluctuations in the domestic DRC grid. In addition to the UPS, Kamoa-Kakula has, in total, approximately 180 MW of on-site diesel-powered, back-up generator capacity.

Heat-up of the smelter is advancing well, with the furnace temperature already at 800 degrees centigrade. The furnace temperature will be held at this level for the next nine days while "hot" commissioning of the boiler, steam systems, and the concentrate dryer is completed. In addition, the powering up of the furnace electrodes and commissioning of the acid circuit will also take place at the same time.

Watch the video summarizing the process of the state-of-the-art direct-to-blister Kamoa-Kakula Copper Smelter: https://vimeo.com/1140698414/a02c0d215d?share=copy&fl=sv&fe=ci

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3396/276365_5d5ade39f43f79b3_005full.jpg

Kamoa-Kakula's 500,000-tonnes-per-annum direct-to-blister copper smelter commenced the heat-up on November 21, 2025. Once ramped up, the smelter will be the largest copper smelter in Africa.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3396/276365_5d5ade39f43f79b3_006full.jpg

Qualified Persons

Disclosures of a scientific or technical nature in this news release have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience, and professional association, a Qualified Person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is Ivanhoe Mines' Executive Vice President, Projects. Mr. Amos has verified the technical data disclosed in this news release.

Ivanhoe has prepared independent, NI 43-101-compliant technical report for the Kamoa-Kakula Copper Complex, which is available on the company's website and under the company's SEDAR+ profile at www.sedarplus.ca:

• Kamoa-Kakula Integrated Development Plan 2023 Technical Report dated March 6, 2023, prepared by OreWin Pty Ltd.; China Nerin Engineering Co. Ltd.; DRA Global; Epoch Resources; Golder Associates Africa; Metso Outotec Oyj; Paterson and Cooke; SRK Consulting Ltd.; and The MSA Group.

The technical report includes relevant information regarding the power demand balance at the Kamoa-Kakula Copper Complex cited in this news release, , and other matters relevant to the scientific and technical disclosure contained in this news release.

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal operations in Southern Africa; the Kamoa-Kakula Copper Complex in the DRC, the ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC; and the tier-one Platreef platinum-palladium-nickel-rhodium-gold-copper mine in South Africa.

Ivanhoe Mines is exploring for copper in its highly prospective, 54-100% owned exploration licences in the Western Forelands, covering an area over six times larger than the adjacent Kamoa-Kakula Copper Complex, including the high-grade discoveries in the Makoko District. Ivanhoe is also exploring for new sedimentary copper discoveries in new horizons, including Angola, Kazakhstan, and Zambia.

Information contact

Follow Robert Friedland (@robert_ivanhoe) and Ivanhoe Mines (@IvanhoeMines_) on X.

Investors

Vancouver: Matthew Keevil +1.604.558.1034

London: Tommy Horton +44 7866 913 207

Media

Tanya Todd +1.604.331.9834

Website: www.ivanhoemines.com

Forward-looking statements

Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the company, its projects, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified using words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events, or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance, and results and speak only as of the date of this release.

Such statements include, without limitation: (i) statements that the first feed of concentrate into the Kamoa-Kakula smelter is expected by year end; (ii) statements that Kamoa-Kakula's management team expects to prioritize the processing of concentrates produced by the Phase 1, 2, and 3 concentrators through the on-site smelter, with any excess concentrate toll-treated at the Lualaba Copper Smelter; (iii) statements that unsold copper in concentrate at the smelter, held in stockpiles and the smelting circuit, is expected be reduce to approximately 17,000 tonnes during 2026 as the smelter fully ramps up; and (iv) statements that Ivanhoe Mines will issue Kamoa-Kakula's 2026 and 2027 copper production guidance on December 2.

Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indicators of whether such results will be achieved. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to those discussed above and under the "Risk Factors" section in the company's MD&A for the three and nine months ended September 30, 2025, and its current annual information form, and elsewhere in this news release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; changes in the rate of water ingress into underground workings; the continuation of seismic activity; the state of underground infrastructure; delays in securing underground access; changes to the mining methods required in the future; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.

Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.

The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors outlined in the "Risk Factors" section in the company's MD&A for the three and nine months ended September 30, 2025, and its current annual information form.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276365

FAQ

When did Ivanhoe Mines (IVPAF) start heat-up of the Kamoa-Kakula smelter?

Heat-up commenced on November 21, 2025.

What is the capacity of the Kamoa-Kakula copper smelter (IVPAF)?

The smelter is designed for 500,000 tonnes per annum direct-to-blister production.

When is the first feed of concentrate into the IVPAF smelter expected?

Management expects the first concentrate feed by year end 2025.

How much on-site copper concentrate did Kamoa-Kakula hold before start-up?

Prior to start-up, on-site concentrate inventory contained approximately 37,000 tonnes of copper.

What backup power capacity does the Kamoa-Kakula smelter have according to IVPAF?

The site includes a 60 MW uninterruptible power supply and about 180 MW of diesel generator capacity.

How will the smelter affect unsold concentrate levels for IVPAF in 2026?

Management expects total unsold copper in concentrate to reduce to about 17,000 tonnes during 2026 as the smelter ramps up.