Ivanhoe Mines confirmed that the heat-up of its direct-to-blister copper smelter at the Kamoa-Kakula complex will begin in early September 2025, with first copper anode production expected in October. The on-site smelter is designed to operate at a minimum of 50% capacity, equivalent to 250,000 tonnes of copper per year on an annualized basis. The facility will prioritize processing concentrates from Kamoa-Kakula’s Phase 1, 2, and 3 concentrators, with any excess to be toll-treated at the nearby Lualaba Copper Smelter. As of June 30, Ivanhoe had 53,600 tonnes of unsold copper in concentrate on site, including 31,500 tonnes stored at the smelter. By first feed in October, stockpiles are expected to be approximately 35,000 tonnes. The smelter is a major step in Ivanhoe’s downstream integration strategy and is set to produce high-grade copper anodes on site for the first time. Trafigura has agreed to purchase 20% of the copper anode production, via a US$200 million prepayment agreement, after the production comes out in October.