The Kamoa-Kakula mine produced 86,000 tonnes of copper in January and February 2025. Ivanhoe Mines, which runs the mine, disclosed the figure in a note released on March 3. According to the source, “based on this performance, the total output for 2025 could stand between 520,000 and 580,000 tonnes, in line with annual forecasts.”

While this cumulative production over 59 days is significant, it translates to a daily average of 1,463 tonnes. If this pace continues throughout the year, the mine could yield approximately 534,000 tonnes within the projected range but not reaching its upper limit. 

However, Ivanhoe Mines reported an acceleration in production during the last week of February, achieving a daily average of 1,589 tonnes. If this rate is maintained, total output could reach around 572,563 tonnes, nearing the upper forecast limit for 2025.

Kamoa-Kakula delivered 437,061 tonnes of copper in 2024, slightly below the initial forecast of 440,000 to 490,000 tonnes. Last October, the firm scaled down its forecasts due to power supply issues.

Since the beginning of this year, reports regarding the power supply at Kamoa-Kakula have been promising. "Since the beginning of the year, operations in phases 1, 2, and 3 of the Kamoa-Kakula complex have been powered by around 100 MW of hydroelectric electricity generated locally and imported," Ivanhoe Mines stated. “This capacity meets the current energy needs for all three phases of the project,”

The imported power primarily comes from the Cahora Bassa hydroelectric dam in Mozambique and the Kariba dam in Zambia. Ivanhoe Mines noted that these dams are experiencing a gradual improvement in water levels, which should enhance energy availability as southern Africa enters its rainy season.

This article was initially published in French by Boaz Kabeya (intern)

Edited in English by Ola Schad Akinocho

For the first time in its mining history, copper exports from the Democratic Republic of Congo (DRC) reached an impressive 3.1 million tonnes in 2024, according to a report released by the Congolese Ministry of Mines on March 6. 

This marks a 13% increase from the previous year, largely driven by strong performances from the country's largest copper mines. The Chinese group CMOC, which operates the Tenke Fungurume and Kisanfu mining sites, reported a total production of 650,161 tonnes. Ivanhoe Mines, which runs the Kamoa-Kakula copper mine, achieved an annual output of 437,061 tonnes—up 12% from 2023. 

This year, copper exports from the DRC could grow even more, fueled by a 3.7% increase in global demand, anticipated by Commodity Insights. Also, according to the British price analysis firm CRU Group, the DRC should produce 8% copper this year, compared to 2024. These developments solidify the DRC's position as the world's second-largest copper producer, a title it snatched from Peru in 2023. Last year, Peru’s copper output stood at 2.73 million tonnes, slumping by 0.7% year-on-year.

However, challenges persist. Congolese authorities have raised concerns that production from the Kamoa-Kakula mine is being sold at below-market prices, which could deprive the state of vital mining revenues. Moreover, the DRC must remain cautious about an economic slowdown in China—its top copper buyer—as this could impact export levels. During the first two months of 2025, imports of Congolese copper into China fell by 7.2%.

This article was initially published in French by Emiliano Tossou (Ecofin Agency)

Edited in English by Ola Schad Akinocho

The majority shareholders of the Kamoa-Kakula copper complex have committed $200 million to modernize and stabilize the power grid in the southern part of the Democratic Republic of Congo (DRC). According to official documents reviewed by Bankable, the modernization project began in late 2024. 

The project focuses on boosting the transmission capacity between the Inga II hydroelectric power station and Kolwezi, Lualaba province’s mining hub. Key upgrades include installing a harmonic filter at the Inga converter station and a static compensator at Kolwezi’s substation. 

Additional measures involve replacing aging power cables, repairing direct current (DC) infrastructure, and establishing maintenance contracts with SNEL (Société Nationale d’Électricité), the DRC’s state-owned electricity operator. These efforts are being spearheaded by Ivanhoe Mines Energy DRC, under the financing of Kamoa Holding a joint venture between Ivanhoe Mines and Zijin Mining.

Stable power is a critical performance factor for mining operations, particularly for Kamoa-Kakula, which is ramping up its Phase 3 operations. The project plans to commission a third smelter powered primarily by renewable energy, reducing production costs while increasing refined copper output. 

178 MW more incoming

However, these benefits depend on the commissioning of Inga II’s fifth turbine, which was installed in 2024 and is expected to add 178 MW of hydropower capacity. Starting in mid-2025, Kamoa-Kakula will receive an initial 70 MW of this capacity, gradually increasing to 178 MW by 2026. Until then, the mine will continue relying on imported electricity and diesel generators.

Kamoa-Kakula is not alone in addressing DRC’s energy challenges. Chinese mining giant CMOC, which operates the Tenke Fungurume and Kinsfu Mining projects, announced plans in 2024 to generate at least 600 MW of solar power to support its operations.

This article was initially published in French by Georges Auréoles Bamba

Edited by Ola Schad Akinocho

The price of cobalt oxide on the Shanghai Metals Exchange rose to €16,640 per tonne (excluding tax) on February 28, 2025, up 1.46% over five days. The dynamic, reviewed by Bankable, was also observed on the London Metal Exchange, where April 2026 cobalt oxide contracts climbed 5%, trading at $22,246.19 per tonne, up from the current $21,153. 

This surge follows the Democratic Republic of Congo's (DRC) announcement on February 22 of a four-month suspension of cobalt exports, a move aimed at addressing oversupply and stabilizing prices.

The DRC, which supplies 75% of the world’s cobalt oxide, has triggered market uncertainty with this decision, as buyers anticipate tighter supply amid growing demand. Analysts at the Shanghai Metals Exchange attribute the price acceleration to reactions from cobalt processing industries, which temporarily halted refined cobalt bids to assess raw ore availability. S&P Global had already forecasted a reduction in surplus cobalt stocks for 2025, but the Congolese export suspension has amplified this upward price correction.

No Supply Deficit before 2030?

The recent suspension is part of broader efforts by the Congolese Regulator of Strategic Minerals Markets, ARECOMS, to influence global supply-demand dynamics. The watchdog plans to assess the measure’s impact in three months to determine whether to maintain, adjust, or lift it. Meanwhile, observers anticipate the reaction of major producers like China’s CMOC, whose investments in the Kisanfu mine have contributed significantly to the global oversupply of copper.

The DRC earns a lot from selling its minerals and taxes and royalties from its mining assets. Therefore, higher cobalt prices are critical for meeting the country’s budgetary revenue targets and financing development ambitions. 

However, at the end of 2024, some observers had projected that it would take some time for prices to rise sustainably. They said there should be no supply deficit before 2030. Last December, Joel Crane of S&P Global, predicted that while electric vehicle demand will drive an 11% annual increase in cobalt consumption through 2030, supply growth will lag at just 4% annually due to limited new exploration projects in the DRC. “Although the DRC has added 60,000 tonnes of cobalt since 2022, its contribution is expected to gradually decline,” Crane noted. Nick Burroughs, Sales Director at Benchmark Mineral Intelligence, shares this view. 

EGC Steps Up

While the impact of the recent forecasts on prices in the market for direct cobalt purchases, especially artisanal mining, this sector could face supply chain-related challenges. Artisanal mining contributes 15-30% of the DRC’s cobalt production. 

According to several media outlets, the ARECOMS has recently clarified that even after the export suspension is lifted, artisanal cobalt can only be sold to Entreprise Générale de Cobalt (EGC), a state-owned subsidiary of Gécamines. With this in mind, EGC’s managing director Éric Kalala, quoted by Bloomberg, said the firm plans to purchase artisanal cobalt during the suspension to support miners and strengthen EGC’s role as an exclusive buyer. At the same time, the state-owned entity is committed to fostering a fairer supply chain while boosting its revenues. However, questions remain about whether EGC has the resources and capacity to manage these operations effectively in a market that demands immediacy. Indeed, artisanal miners often want to quickly sell and regularly request advances to finance their activities.

This article was initially published in French by Georges Auréole Bamba

Edited in English by Ola Schad Akinocho