Kamoa-Kakula Copper Complex

World-class stratiform copper complex within the Central African Copperbelt, 25 km west of Kolwezi. Comprises Kakula, Kakula West, Kansoko Sud, and Kamoa 1-6 deposits across three exploitation licences (12873, 13025, 13026) totaling 397.4 km2; licences expire August 19, 2042 with 15-year renewals. Three concentrators (Phase 1, 2, 3) plus the on-site 500,000 tpa direct-to-blister flash smelter that began producing 99.7%-pure anodes in late December 2025; the smelter is projected to be the largest in Africa. Phase 1+2 fed from Kakula, Phase 3 from Kansoko Sud / Kamoa 1+2. Project 95 (tailings reprocessing) targeting 95% recovery, due Q2 2026. Hosted in the Grand Conglomerate diamictite at the base of the Nguba Group. Kakula underground was temporarily suspended in May 2025 after a seismic event; multi-stage dewatering ongoing. Owned 39.6% by Ivanhoe via Kamoa Holding (49.5%) and Kamoa Copper structure; Zijin 39.6%; Crystal River 0.8%; DRC government 20% carried.