RE:Last slide presentation Ivanhoe has partners on their projects for multiple reasons. There are partners that exist because they needed them help finance and build out the projects given their massive size and complexity ( Like Zijin and Citic) There are also partners like DRC gov't and the Black Empowerment group in South Africa that need to be given a % of the project so that locals can benefit from these develoments and to ensure the company gets the support they need from a social standpoint. ( In Canada for example, they give royalities to First Nations. )
Every partner must pay their % when the project is built, so if you are building a $1b smelter, and the DRC owns 20% of the project, they must put up 200m. Partners like the DRC and Black empowerment don't have the capital to write those checks, so Ivanhoe loans the money to them. Obviously, partners like China pay it upfront. Those loans to Ivanhoe need to be paid back, and they are as the company brings more and more assets online and cashflow is generated. That 3b+ number is the money owed to IVN from various partners, so when huge cash starts flowing, IVN will get a larger % of the cashflow until the loans are paid off.
Ivanhoe will generate an extra 3b in cashflow, above their ownership % is what that slide is showing. Hope that makes sense.