Kamoa-Kakula copper mine in the Democratic Republic of Congo (DRC) earned $3.11 billion last year. Ivanhoe Mines, which runs the mine, disclosed the figure in a note released on February 18, 2025. 

This performance was attributed to a 5% increase in net copper sales volumes and a 6% rise in the average realized price per tonne compared to the previous year. Despite higher operating costs, the mine generated $1.4 billion in added value, $1.8 billion in operating income, and $777 million in net income in 2024.

Over the same period, the mine sold 397,976 tonnes of payable copper concentrates at an average price of $4.09 per tonne. However, a discrepancy of $470 million exists between calculated sales figures and those reported by the company. Despite inquiries, Kamoa-Kakula has yet to clarify this inconsistency.

In its memo, Ivanhoe highlighted the sales structure for 2025, revealing that buyers CITIC Metal and Gold Mountains have already provided a $500 million sales advance at a fixed annual interest rate of 3.75%, plus the average one-month SOFR rate at the time of finalization. Additionally, sales may be subject to adjustments based on international market conditions.

For the DRC government, transparency in these operations is critical since declared revenues form the basis for calculating taxes and royalties. In 2024, Kamoa-Kakula reported $307.1 million in royalties, production taxes, and other levies. Income taxes for the year are expected to exceed $345 million, while the government’s 20% stake in the project will yield $155.4 million in attributable net income.

Ivanhoe Mines is an indirect shareholder of the Kamoa-Kakula mine, through Kamoa Holding which owns 80% of the project. 

This article was initially published in French by Georges Auréole Bamba

Edited in English by Ola Schad Akinocho