Kamoa-Kakula, the Democratic Republic of Congo’s largest copper mine, generated $2.4 billion in revenue between January and September 2025, a 6.7 percent increase from the same period last year, according to the third-quarter report released on Oct. 29 by operator Ivanhoe Mines. The mine, one of the world’s biggest copper producers, recorded annual revenue of $3.1 billion in 2024.

The increase came despite a sharp third-quarter decline in sales. Revenue for July to September fell 31 percent year-on-year to $566.3 million from $827.8 million in 2024. Ivanhoe attributed the drop to a seismic event in May that disrupted part of the mine and led to a 38 percent fall in copper output to 71,226 tons from 116,313 tons.

Higher prices partially offset the production loss. The average realized copper price rose to $4.42 per pound, or about $9,700 per tonne, compared with $4.16 per pound a year earlier.

Despite the incident, Kamoa-Kakula expects to maintain full-year revenue of around $3 billion, similar to 2024. Copper output for the first nine months of 2025 totaled 316,393 tons, and Ivanhoe maintained its full-year production forecast of 370,000 to 420,000 tons. That implies output of 53,600 to 103,600 tons in the fourth quarter. Unsold copper inventories stood at roughly 59,000 tons at the end of September, which should help lift fourth-quarter sales.

Operating profitability, however, is set to decline. EBITDA represented 44.3 percent of revenue for the first nine months of 2025, down from 61 percent a year earlier.

Capital spending at Kamoa-Kakula reached $910 million through September, with full-year investment now projected between $1.3 billion and $1.5 billion,about $100 million lower than earlier estimates. Ivanhoe expects to invest between $410 million and $580 million in the final quarter.

Kamoa-Kakula is jointly owned by Canada’s Ivanhoe Mines and China’s Zijin Mining, which each hold 39.6 percent. The Congolese government owns 20 percent and Crystal River holds 0.8 percent.

Pierre Mukoko