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Ivanhoe Mines Ltd. T.IVN

Alternate Symbol(s):  IVPAF

Metals & Mining Industrial Metals & Minerals
Ivanhoe Mines Ltd. is a Canada-based mining, development, and exploration company. It is focused on the mining, development and exploration of minerals and precious metals from its property interests located primarily in Africa. Its projects include Kamoa-Kakula Complex, Western Foreland, Kipushi and Platreef. The Kamoa-Kakula Complex project is a stratiform copper deposit with adjacent prospective exploration areas within the Central African Copperbelt, approximately 25 kilometers (kms) west of the town of Kolwezi and approximately 270 kms west of the provincial capital of Lubumbashi. The 17 licenses in the Western Foreland cover a combined area of 2,407 square kilometers to the north, south and west of the Kamoa-Kakula Copper Complex. The Kipushi Project lies adjacent to the town of Kipushi and 30 kms southwest of the provincial capital of Lubumbashi. Its Platreef project is situated approximately eight km from Mokopane and 280 km northeast of Johannesburg, South Africa.


TSX:IVN - Post by User

Ivanhoe Mines Ltd.
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Post by Homeboneon Sep 25, 2017 6:04pm
267 Views
Post# 26739974

CIBC coverage

CIBC coveragePosted from over at investorshub.  https://investorshub.advfn.com/boards/read_msg.aspx?message_id=134884494

This seems way off from what this bullboard expects and what management has said (no further equity dilution).  

Is CIBC out to lunch or have we been misled?


CIBC initiated coverage September 14 with a "Neutral " rating and a 12-18 month target of CDN$ 5.00. 

From the CIBC research. 

"We expect IVN to be the main source of funding for its three projects: 1) for Kamoa-Kakula, issuing around $250M in debt and equity (50/50) and taking Crystal River's 1% in the project in Q1/18;
2) Platreef financed with $1.0B in debt and equity (50/50) in Q1/19;
3) Kipushi financed with $510M debt and equity (50/50) in Q4/20. 

Despite the increase in borrowings ($1B by 2020), we estimate net debt to equity to peak at 49.6% by 2021, declining to NIL during 2023 after the ramp-up of Kamoa-Kakula. " 

To me this is good news, ( not great because of the additional equity issuance expected) and $5 CDN is well below my 12-18 month expectations. But as always, do your own dd. 


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