Copper buyers aren't waiting around anymore. Trafigura, the world's biggest independent metals trader, just wired $200 million to secure future copper anode supply from Ivanhoe Mines. The deal gives Trafigura access to 20% of the output from Ivanhoe's new Congolese smelter—set to go live this September—for the next three years. Interest on the prepayment is priced at SOFR plus 3.75%. Ivanhoe's Chinese partners, CITIC Metal and Zijin Mining, will take the remaining 80%.
This smelter isn't small. Once operational, it will churn out 500,000 tons of copper annually—making it the largest on the continent. It's a key piece of the Kamoa-Kakula complex, Ivanhoe's crown jewel in the DRC. While seismic activity and flooding disrupted operations earlier this year, Ivanhoe has shored up its liquidity by extending a $200 million facility from Standard Bank for another 12 months.
Why does this matter? Because the copper supply race is no longer theoretical. It's happening. As demand linked to electrification and green infrastructure ramps up, big-name traders like Trafigura, Mercuria, and Vitol are locking in volumes now—before competition tightens even more. Trafigura didn't comment, but the message is loud enough: long-term copper deals may be the new battleground.
