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Kamoa-Kakula Mine Signs Off-take Agreements for Copper Products

Zijin News - Kamoa Copper SA – the joint venture between Zijin Mining Group, Ivanhoe Mines, and the Government of the Democratic Republic of Congo (DRC) – has been fully authorized to commence exports of copper concentrate.

The company has also signed copper concentrate and blister copper off-take agreements on competitive arm’s-length commercial terms with CITIC Metal (HK) Limited and Gold Mountains (H.K.) International Mining Company Limited, for 100% of Kamoa-Kakula’s Phase 1 copper output.

CITIC Metal (HK) and Gold Mountains (H.K.) will each buy 50% of the copper products from Kamoa-Kakula’s Phase 1 production.

The off-take agreements contain standard, international commercial terms, including copper payables and treatment and refining charges based on the annual benchmark across the copper industry.

Kamoa-Kakula’s Phase 1 project, with a capacity of 3.8 Mtpa, was commissioned on May 25, and will produce about 200, 000 tonnes of copper every year.

The ultra-high-grade, clean concentrate produced by Kamoa-Kakula is expected to contain approximately 57% copper and very low levels of impurities. According to its production plan, Kamoa-Kakula will produce copper concentrate containing 80, 000 to 95, 000 tonnes of copper in 2021.

On May 31, 2021, Kamoa Copper signed a 10-year agreement with the Lualaba Copper Smelter, about 40 kilometers away from its mine site, for the processing of a portion of its copper concentrate production, to produce 99% blister copper. Kamoa Copper delivered its first copper concentrates to the Lualaba smelter on June 1, and will receive first blister copper ingots within 30 days of delivery.