Chapter 02
The Mines: Tier-One Producers of the DRC & Zambia
Knowing the producers matters even if you never buy directly from a mine: the credible names anchor the supply chain, and any counterparty who cannot connect their material back to one of them deserves scrutiny.
DR Congo — the tier-one producers
Kamoa-Kakula (Ivanhoe and China’s Zijin, each ~39.6%, with the Congolese state at 20%) is the DRC’s flagship — one of the world’s largest and highest-grade copper complexes. It produced 388,838 tonnes in 2025 and, in late 2025, commissioned a 500,000 t/yr on-site smelter now turning out ~99.7% copper anode. Tenke Fungurume and Kisanfu, run by China’s CMOC Group, together made CMOC the source of roughly 741,000 tonnes of attributable copper in 2025.
| Operation | Operator / owners | Note |
|---|---|---|
| Kamoa-Kakula | Ivanhoe + Zijin + DRC state | ~389 kt (2025); new 500 kt/yr smelter |
| Tenke Fungurume | CMOC (China) + Gécamines | Top-5 global copper mine |
| Kisanfu | CMOC + CATL + DRC state | Phase 2 (~+100 kt) targeted 2027 |
| Metalkol RTR | Eurasian Resources Group | Tailings reprocessing, Kolwezi |
| Mutanda / Kamoto (KCC) | Glencore + Gécamines | Large copper-cobalt complexes |
| Kinsevere | MMG (China) | Established Katanga producer |
Zambia — the established, diversified base
Zambia’s North-Western province is the growth engine. First Quantum runs the two anchor mines, Kansanshi (a US$1.25bn ‘S3’ expansion commissioned in 2025) and the large open-pit Sentinel at Kalumbila. Barrick operates Lumwana, where a ~US$2bn ‘Super Pit’ expansion lifted output sharply in 2025. On the traditional Copperbelt, Vedanta’s Konkola (KCM) roughly quadrupled output in 2025, and Mopani — now majority-held by Abu Dhabi’s IRH alongside ZCCM-IH — rose about 40%.
| Operation | Operator / owners | Note |
|---|---|---|
| Kansanshi | First Quantum + ZCCM-IH | Flagship; S3 expansion commissioned 2025 |
| Sentinel (Kalumbila) | First Quantum | Large low-grade, high-tonnage open pit |
| Lumwana | Barrick | ~US$2bn Super Pit; +41% in 2025 |
| Konkola (KCM) | Vedanta + ZCCM-IH | Deep underground; ~4× output rise in 2025 |
| Mopani | IRH + ZCCM-IH | Kitwe / Mufulira; ~+40% after recapitalisation |
| Lubambe | JCHX (China) | Growth asset on the Copperbelt |
Notice how often the state appears on the cap table — ZCCM-IH in Zambia, Gécamines and a 10% free-carried interest in the DRC. In both countries, the government is a partner, not a bystander. That shapes export rules, royalties and, sometimes, who is allowed to sell.