(Agence Ecofin) – In 2023, the Democratic Republic of Congo overtook Peru to become the 2e world producer of copper. An increase supported in particular by the Kamoa-Kakula copper complex, which currently has an annual production capacity of 600,000 tonnes.
If it materializes, such a performance would challenge the hegemony of the Chilean Escondida copper mine as the largest in the world.
China’s Zijin Mining, co-owner of the Kamoa-Kakula copper complex in the Democratic Republic of Congo, is targeting an annual production target of 1 million tonnes of copper for this operation. “ Research is underway and we are preparing plans » said company president Chen Jinghe in an interview relayed by Bloombergwithout giving more details on the timetable or the necessary investment.
The latter should deliver around 1.1 million tonnes for the 2024 financial year, and 1.2 to 1.3 Mt for the 2025 and 2026 financial years. The new objective announced by Zijin would therefore not allow Kamoa-Kakula to exceed the Chilean mine in the short term. The Congolese complex can nevertheless take and strengthen the status of 2e global copper producer, currently owned by the Indonesian Grasberg mine and its more than 700,000 tonnes of copper per year.
A key asset for DR Congo
With a current production capacity of 600,000 tonnes per year, Kamoa-Kakula is the largest copper mine in the Democratic Republic of Congo. Entering service in 2021, it has contributed to the growth of national production in recent years, taking the country 2e world producer in 2023, after having successively overtaken China and Peru.
Kamoa-Kakula also contributes to the state budget through the government’s 20% participation in the project, the mining royalty on export revenues as well as various taxes and fees. Zijin Mining and the Canadian Ivanhoe Mines are the two main shareholders, with a stake of 39.6% each.
Kamoa-Kakula should be equipped with a foundry with a capacity of 500,000 tonnes per year at the end of 2024. Enough to support the Congolese government’s efforts to develop a local mineral processing industry.
Remember that copper is essential to the global energy transition, as it is used in various low-carbon technologies such as electric vehicles, photovoltaic panels and wind turbines. The increase in production at Kamoa-Kakula could help to alleviate the risks of shortages predicted by observers.
According to the International Energy Agency (IEA), copper demand is expected to increase from 25.8 million tonnes in 2023 to 30.6 Mt in 2030, if governments respect the climate commitments they have announced. In such a scenario, the IEA specifies that the market would even experience a deficit of 2.2 million tonnes.
Emiliano Tossou
