Kamoa-Kakula spent much of 2025 running below plan, hit by seismic activity at Kakula and by intermittent grid supply out of the DRC southern network. Ivanhoe Mines twice trimmed guidance during the year, and Zijin flagged the same issues in its own filings.
Executive summary
The single most important copper asset outside Chile and Peru is behaving again. That matters for the 2026 balance.
- Desk
- Base Metals
- Stance
- Constructive
- Sources
- 2 cited
- Reading
- 5 min
Section 01
The 2025 problem, briefly
Section 02
Where it stands now
First-quarter 2026 disclosures from Ivanhoe show throughput close to nameplate at Phase 1 and 2, with Phase 3 concentrator ramp continuing. Grid reliability out of the Inga hydro complex has improved through the wet season, and the on-site diesel back-up is now dimensioned for realistic worst-case outages.
For the copper deficit narrative, the difference between a stable Kamoa-Kakula and a wobbly one is measured in hundreds of thousands of tonnes.
Ivanhoe Mines twice trimmed guidance during the year, and Zijin flagged the same issues in its own filings.
Data visualiser
All-in sustaining cost distribution, producer sample
- Q1 low1,180
- Median1,465
- Q3 high1,720
- Marginal1,985
| Stage | Value (US$/oz) |
|---|---|
| Q1 low | 1180 |
| Median | 1465 |
| Q3 high | 1720 |
| Marginal | 1985 |
Reported AISC for the producers covered by the markets desk this quarter.
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Sources and further reading
Access private briefings
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