Ivanhoe Mines Ltd.

Ivanhoe Mines Ltd. is a mid-tier copper and pgm producer headquartered in Vancouver, Canada, operating primarily in Africa. The company's portfolio consists of 4 projects, comprising 1 operating mine, 1 development, 1 exploration, and 1 expansion project, in addition to several early-stage exploration prospects. Key assets include Kipushi, Kamoa-Kakula Complex, and Platreef. The business model centers on the mining, development, and exploration of large, high-grade mineral deposits, with a core operational approach of phased expansions to systematically grow production. Processing capabilities are advanced, incorporating high-pressure grinding rolls, multi-stage ball milling, and conventional flotation circuits. The company is adding significant downstream value through the construction of a large, direct-to-blister flash smelter designed to produce high-purity anodes and sulphuric acid as a saleable by-product for domestic markets. A key operational initiative, Project 95, is engineered to enhance metallurgical performance by increasing overall recovery rates through the reprocessing of tailings streams. This integrated model, from exploration through to downstream processing, is designed to maximize value from its mineral assets while positioning the enterprise as a low-carbon-intensive producer, leveraging access to hydropower and continuous process optimization. The company's diversified portfolio includes assets in production, development, and exploration stages, managed by teams with specialized geological and engineering expertise.

The organization's strategy focuses on building a leading, commodity-diversified mining company through the concurrent operation, development, and exploration of its principal projects. Near-term objectives are clearly defined: expanding production at the flagship operation while integrating a new on-site smelter; ramping up and debottlenecking its newest mine; and advancing another major project to first production while fast-tracking its second-phase expansion. Exploration remains a cornerstone of the business strategy, evidenced by a 2024 budget that quadrupled from the previous year to approximately $90 million. This capital is directed toward discovering new deposits adjacent to existing assets and across extensive new license packages. Furthermore, the company is actively evaluating in-house downstream processing opportunities, including a study for a new joint venture smelter facility to process its own and third-party concentrates. This multi-pronged growth strategy is funded through a combination of operating cash flow, project-level financing facilities, and corporate debt instruments.

The board of directors consists of 11 members, featuring international business leaders, seasoned mining professionals, a former head of state, and nominees from 2 major corporate shareholders. Executive leadership is spearheaded by a President and Chief Executive Officer with over 20 years of experience in strategic finance and resource development, who was promoted from the role of Chief Financial Officer. The Chief Operating Officer contributes over 35 years of direct experience in constructing and managing mining operations. Corporate governance is executed through several specialized board committees, including Audit, Nominating & Corporate Governance, Sustainability, and Compensation and Human Resources. The Audit Committee is composed of 3 independent directors and is responsible for overseeing financial reporting, internal controls, and auditor performance. To ensure ethical conduct, the company has implemented a formal Code of Business Conduct and Ethics and a detailed Anti-Bribery and Anti-Corruption Policy, which are reinforced by a confidential whistleblower hotline for reporting concerns.

The company's sustainability framework is anchored by a Corporate Citizenship Statement and specific policies governing community relations, human rights, and responsible sourcing. A primary commitment is adherence to the Global Industry Standard on Tailings Management (GISTM), with formal compliance assessments and corrective action plans established for all tailings facilities. The organization is actively implementing a decarbonization strategy, developed with an independent specialist advisor, and has undertaken a comprehensive Scope 3 footprint evaluation. Health and safety are paramount, with management systems designed to achieve zero harm, supported by robust emergency preparedness protocols and targeted programs to manage regional health risks such as malaria. Community investment is a key pillar, demonstrated through the construction of health clinics, multiple schools, and a world-class tertiary educational facility. The long-standing Sustainable Livelihoods Program fosters local food security and economic development through initiatives in agriculture, aquaculture, and beekeeping, while 5-year community development plans are formalized with local stakeholders.

The company's principal assets are held and operated through distinct joint venture structures. A key producing asset is held within a holding company where the enterprise and Zijin Mining Group Co. Ltd. each own a 49.5% interest, with the remaining 1% held by Crystal River Global Limited. The government of the host jurisdiction holds a direct 20% non-dilutable interest in that operating subsidiary. Another major asset is operated via a joint venture with the state-owned entity Gécamines, which holds a 38% interest as defined in a 2023 agreement that restructured the partnership. A major development project is structured with the company holding a 64% interest, a 26% stake held by a broad-based black economic empowerment (B-BBEE) vehicle, and the remaining 10% owned by a Japanese consortium comprising ITOCHU Corporation, Japan Organization for Metals and Energy Security, and JGC Holdings Corporation. Major shareholders CITIC Metal Co., Ltd. and Zijin Mining have investor rights agreements that grant them board nomination and anti-dilution rights, reflecting their roles as strategic partners.