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Ivanhoe Mines Ltd., together with its subsidiaries, engages in the mining, development, and exploration of minerals and precious metals in Africa. The company explores gold, platinum, palladium, rhodium, nickel, copper, zinc, germanium, silver, and lead deposits. Its projects include the Kamoa-Kakula Copper Complex mine located in the Central African Copperbelt; the Kipushi Zinc mine in Southern Haut-Katanga Province, Democratic Republic of Congo; and the Platreef PGM-Nickel mine located in the Northern Limb of South Africa's Bushveld Igneous Complex. It also holds interest in the Western Foreland exploration project covering an area of approximately 2,390 square kilometers located in the Democratic Republic of Congo. The company was formerly known as Ivanplats Limited and changed its name to Ivanhoe Mines Ltd. in August 2013. The company was incorporated in 1993 and is based in Vancouver, Canada.
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Ivanhoe Mines Ltd is a Canada-listed mining company developing large-scale copper projects in the Democratic Republic of Congo and advancing other African assets with exposures to platinum-group metals and zinc. Long-term growth may be driven by ramp-up and expansion of its Kamoa-Kakula copper complex, exploration upside across its portfolio and secular demand for copper from electrification and clean-energy trends. Investors may find the company attractive for its high-grade, near-tier-one deposits and a significant joint venture with Zijin Mining that could support project funding and technical execution.
Material risks include political and regulatory uncertainty in the DRC, commodity-price volatility, execution and capital-intensity risks associated with large mine development, environmental and community relations challenges, and reliance on joint-venture partners for financing and offtake.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 254.50M | 179.12M | 295.29M | 320.74M | -29.62M |
| Minority interest | 33.56M | 34.84M | 15.98M | -23.24M | 9.93M |
| Net income | 266.13M | 228.13M | 318.93M | 410.86M | 55.24M |
| Selling general administrative | 54.43M | 66.70M | 43.83M | 52.42M | 58.54M |
| Selling and marketing expenses | - | - | 51.93M | - | - |
| Gross profit | -35.18M | -10.74M | -22.66M | -33.91M | -52.17M |
| Reconciled depreciation | 75.72M | 19.67M | 2.57M | 5.87M | 9.59M |
| Ebit | -42.38M | 188.44M | -92.73M | -91.35M | -111.61M |
| Ebitda | 41.06M | 208.11M | -90.44M | -85.48M | -102.02M |
| Depreciation and amortization | 83.43M | 19.67M | 2.29M | 5.87M | 9.59M |
| Operating income | -42.38M | 148.51M | 179.07M | 161.34M | -4.90M |
| Other operating expenses | 491.72M | 107.70M | 179.07M | 91.86M | 4.90M |
| Interest expense | 42.85M | 9.33M | 8.05M | 17.31M | 32.89M |
| Tax provision | 22.13M | -14.18M | -7.66M | -113.37M | -74.93M |
| Interest income | 134.50M | 25.92M | 239.54M | 153.52M | 26.73M |
| Net interest income | 131.14M | 192.40M | 208.07M | 137.21M | 69.40M |
| Income tax expense | 22.52M | -14.18M | 7.66M | -113.37M | -74.93M |
| Total revenue | 449.35M | 40.82M | 0.00M | 0.00M | 0.00M |
| Total operating expenses | 7.20M | -159.26M | -179.07M | 57.95M | 58.54M |
| Cost of revenue | 484.52M | 51.56M | 22.66M | 33.91M | 52.17M |
| Total other income expense net | 296.88M | 30.60M | 116.22M | 159.39M | -24.72M |
| Net income from continuing ops | 227.99M | 193.29M | 302.94M | 434.11M | 45.31M |
| Net income applicable to common shares | 261.56M | 228.13M | 318.93M | 410.86M | 55.24M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 7611.97M | 5737.56M | 5000.26M | 3969.28M | 3218.21M |
| Intangible assets | 29.69M | - | - | - | - |
| Other current assets | 19.90M | - | 63.98M | 42.07M | 4.95M |
| Total liab | 1897.29M | 901.91M | 1419.32M | 1128.15M | 841.21M |
| Total stockholder equity | 5893.83M | 4989.20M | 3698.48M | 2934.62M | 2493.82M |
| Other current liab | 111.35M | 1.84M | 1.47M | 6.31M | 5.42M |
| Common stock | 4433.91M | - | 2790.14M | 2347.11M | 2316.29M |
| Capital stock | 4441.99M | 3858.59M | 2790.14M | 2347.11M | 2316.29M |
| Retained earnings | 1306.56M | 1047.38M | 819.25M | 509.80M | 98.94M |
| Other liab | - | - | - | 543.92M | 322.38M |
| Other assets | 227.85M | - | - | 212.73M | 145.57M |
| Cash | 783.11M | 102.08M | 560.29M | 583.85M | 608.18M |
| Cash and equivalents | 50.51M | - | - | 597.45M | 608.18M |
| Total current liabilities | 507.82M | 238.56M | 197.78M | 67.24M | 31.96M |
| Current deferred revenue | 12.80M | - | 12.00M | - | - |
| Net debt | 490.95M | 256.35M | 87.13M | -63.27M | -117.54M |
| Short term debt | 342.67M | - | 87.38M | 3.58M | 3.76M |
| Short long term debt | 342.45M | 97.48M | 86.70M | 3.03M | 3.03M |
| Short long term debt total | 1274.06M | - | 647.42M | 520.58M | 490.63M |
| Other stockholder equity | 3.92M | - | 147.86M | 141.54M | 141.10M |
| Property plant equipment | 2447.12M | - | - | 902.83M | 742.30M |
| Total current assets | 1134.91M | 298.64M | 648.83M | 662.66M | 686.74M |
| Long term investments | 3655.78M | 3115.27M | 2602.02M | 2056.69M | 1643.59M |
| Net tangible assets | - | - | - | 2934.62M | 2493.82M |
| Short term investments | 100.53M | - | - | - | 0.00M |
| Net receivables | 165.14M | - | 23.03M | 35.73M | 72.62M |
| Long term debt | 913.75M | 260.95M | 549.28M | 506.24M | 719.83M |
| Inventory | 66.23M | 85.74M | 1.52M | 1.01M | 0.99M |
| Accounts payable | 41.00M | 118.91M | 96.94M | 57.36M | 22.77M |
| Accumulated other comprehensive income | 153.36M | - | -58.77M | -63.83M | -62.51M |
| Non currrent assets other | 17.88M | 18.91M | 4.24M | 138.74M | 72.41M |
| Non current assets total | 6477.05M | 5438.92M | 4351.43M | 3306.62M | 2531.47M |
| Capital lease obligations | 10.51M | 10.76M | 11.44M | 11.31M | 11.97M |
| Long term debt total | 923.42M | - | - | 517.00M | 731.07M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | -100.71M | -495.40M | -477.00M | -173.63M | -3.20M |
| Change to liabilities | - | - | - | 34.84M | 4.12M |
| Total cashflows from investing activities | -677.37M | -495.40M | -477.00M | -173.63M | -208.58M |
| Net borrowings | 878.23M | - | - | -0.71M | 563.82M |
| Total cash from financing activities | 1444.83M | 206.95M | 500.27M | -9.69M | 561.97M |
| Change to operating activities | - | - | - | -23.52M | 0.93M |
| Net income | 266.13M | 179.12M | 295.29M | 320.74M | -29.62M |
| Change in cash | 660.22M | -456.95M | -23.16M | -10.72M | 345.35M |
| Begin period cash flow | 122.89M | 574.29M | 597.45M | 608.18M | 262.82M |
| End period cash flow | 783.11M | 117.34M | 574.29M | 597.45M | 608.18M |
| Total cash from operating activities | -129.68M | -152.43M | -31.57M | 177.09M | -7.09M |
| Issuance of capital stock | 564.52M | 0.00M | 429.70M | 0.00M | - |
| Depreciation | 83.43M | 19.67M | 2.57M | 5.87M | 9.59M |
| Other cashflows from investing activities | -323.91M | -4.44M | 0.94M | -1.61M | -152.78M |
| Dividends paid | 0.00M | 0.00M | 0.00M | 0.00M | 0.00M |
| Change to inventory | - | -76.20M | -0.51M | -0.02M | 0.02M |
| Change to account receivables | - | -48.35M | -0.02M | -0.01M | -0.00M |
| Sale purchase of stock | 582.14M | 3.50M | 434.81M | 5.52M | 6.46M |
| Other cashflows from financing activities | -3.40M | -13.19M | -25.82M | -8.98M | -1.85M |
| Change to netincome | - | - | - | -245.91M | -72.73M |
| Capital expenditures | 347.79M | 491.71M | 477.90M | 158.66M | 52.60M |
| Change in working capital | -94.38M | -64.99M | 8.52M | 6.26M | 70.37M |
| Stock based compensation | 18.38M | 27.92M | 29.27M | 27.22M | 20.00M |
| Other non cash items | -384.87M | -314.15M | -367.21M | -182.99M | -77.44M |
| Free cash flow | -477.48M | -644.14M | -509.46M | 18.43M | -59.69M |
Sector: Basic Materials Industry: Other Industrial Metals & Mining
|
Stock Name
|
Change
(CAD) |
Price
(CAD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| IVN Ivanhoe Mines Ltd. |
-0.28 3.31% |
8.17 | 44.19 | 31.45 | 37.10 | 2.17 | 30.10 | 40.94 |
| TECK-B Teck Resources Limited |
-5.05 5.61% |
84.89 | 12.14 | 9.12 | 1.91 | 0.97 | 2.53 | 6.34 |
| TECK-A Teck Resources Limited |
-5.17 5.76% |
84.66 | 12.13 | 9.34 | 1.91 | 0.99 | 2.58 | 6.47 |
| NGEX NGEx Minerals Ltd. |
-0.99 4.56% |
20.71 | - | - | - | 13.49 | - | -21.12 |
| SKE Skeena Resources Ltd |
-0.21 0.51% |
40.89 | - | - | - | 35.64 | - | -4.03 |
Ivanhoe Mines Ltd., together with its subsidiaries, engages in the mining, development, and exploration of minerals and precious metals in Africa. The company explores gold, platinum, palladium, rhodium, nickel, copper, zinc, germanium, silver, and lead deposits. Its projects include the Kamoa-Kakula Copper Complex mine located in the Central African Copperbelt; the Kipushi Zinc mine in Southern Haut-Katanga Province, Democratic Republic of Congo; and the Platreef PGM-Nickel mine located in the Northern Limb of South Africa's Bushveld Igneous Complex. It also holds interest in the Western Foreland exploration project covering an area of approximately 2,390 square kilometers located in the Democratic Republic of Congo. The company was formerly known as Ivanplats Limited and changed its name to Ivanhoe Mines Ltd. in August 2013. The company was incorporated in 1993 and is based in Vancouver, Canada.
| Name | Title | Year Born |
|---|---|---|
| Ms. Martie Cloete | Pres | 1977 |
| Mr. David Harry Van Heerden | Chief Financial Officer | NA |
| Dr. Setha Patricia Makhesha | Exec. VP of Sustainability & Special Projects | NA |
| Mr. Peter Zhou | Exec. VP of China | NA |
| Mr. Mark Farren | Chief Operating Officer | 1966 |
| Mr. Pierre Joubert | Exec. VP of Technical Services | NA |
| Mr. Matthew Richard Keevil | Director of Investor Relations & Corp. Communications | NA |
| Ms. Mary A. Vincelli | VP of Compliance & Corp. Sec. | NA |
| Mr. Alex Pickard | VP of Corp. Devel. | NA |
| Mr. Stephen Torr P.Geo. | Sr. VP of Geosciences | NA |
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