Ivanhoe Mines Ltd. Commences Copper Anode Production at DRC Smelter
Ivanhoe Mines Ltd. (TSX: IVH) announced that its Kamoa‑Kakula copper smelter, located in the Democratic Republic of Congo (DRC), has begun producing copper anodes. The first anodes were manufactured on 29 December 2025 following the smelter’s heat‑up phase, which started five weeks earlier, and one week after the first feed of concentrate.
The smelter is a state‑of‑the‑art facility with an annual capacity of 500 000 t / y, employing a direct‑to‑blister copper production process. Ivanhoe’s announcement, reported by Mining Weekly on 5 January 2026, confirms that the smelter has achieved its initial operational milestone and is now delivering anodes that meet market specifications.
Market Context and Investor Response
Copper Prices: The global copper market remained supportive at the start of 2026. Shanghai copper futures rose to 101,350 yuan ($14,521.10) per metric ton, while the London Metal Exchange benchmark climbed 3.42 % to $12,896. Supply disruptions, including a strike at Capstone Copper’s Mantoverde mine, contributed to the upward pressure on prices.
Stock Volatility: Ivanhoe’s shares have experienced significant price swings, as noted in a German-language report from ad‑hoc‑news.de on 4 January 2026. Despite volatility, the company remains a favored pick among commodity‑focused investors due to its strong project pipeline and ongoing exploration activities in the DRC and South Africa.
Analyst Coverage: CIBC market technician Sid Mokhtari highlighted Ivanhoe among his top picks for January 2026, reflecting continued analyst interest. His selection methodology focuses on large‑cap TSX companies, and Ivanhoe’s recent operational progress aligns with his investment criteria.
Operational Significance
The initiation of anode production marks the first tangible output from Ivanhoe’s Kamoa‑Kakula smelter, a critical step toward full commercial production. This milestone demonstrates the company’s capability to process its own concentrate in‑house, potentially reducing logistics costs and increasing margin control.
The smelter’s direct‑to‑blister technology is designed to achieve high copper purity and efficient energy use. Ivanhoe’s focus on copper aligns with the company’s broader strategy of developing zinc‑copper and platinum‑group metal projects in the DRC and South Africa, while also pursuing new copper discoveries within the region.
Financial Snapshot
| Metric | Value |
|---|---|
| Close Price (1 Jan 2026) | CAD 16.04 |
| 52‑Week High (6 Jan 2025) | CAD 17.85 |
| 52‑Week Low (11 Jun 2025) | CAD 8.76 |
| Market Capitalisation | CAD 22.77 billion |
| P/E Ratio | 50.6 |
Ivanhoe’s current valuation reflects investor expectations for future growth driven by its expanding mine portfolio and the recent operational breakthrough at Kamoa‑Kakula.
Conclusion
Ivanhoe Mines Ltd. has achieved a key operational milestone with the first copper anodes produced at its DRC smelter. Coupled with a supportive copper price environment and continued analyst interest, the company is positioned to capitalize on its resource base and strengthen its market standing.
