Found something when browsing my iTrade account. November 2, 2021
Valuation: 1.3x our 10% NAVPS
Key Risks: Copper and PGM prices, geopolitical, project development, ramp-up of mining rates, resource conversion.
Company Profile: Ivanhoe Mines Ltd. (IVN) is a Canada-based mining company focused on producing copper and zinc in the Democratic Republic of the Congo (DRC) and platinum group metals (PGM) in South Africa. IVN is focused on advancing two of its three world-class mineral assets in Southern Africa into producers: the KamoaKakula copper discovery in the DRC (39.6%-owned) and the Platreef platinum-palladium-nickel-copper-gold discovery in South Africa (64.0%-owned).
Latest Research (November 01, 2021):
OUR TAKE: Positive. IVN released its monthly development update on the company's flagship Kamoa-Kakula Cu mine in the DRC. The Phase I 3.8Mtpa concentrator started up on May 25 and commercial production was declared on July 1. Phase I capacity has been met, or exceeded, for all design criteria and now is operating at steady-state.
In the 30-day period ending October 20th, the operation achieved an average milling rate of ~10,779tpd (or ~102% of design), Cu recoveries of 85%, and yielded Cu production of 16.2kt (equal to a run rate of ~194ktpy vs. design of ~200ktpy). Average Cu recoveries of 85% compare to 85% in September and to design of 86%. As planned, the second concentrate filter press was commissioned during the month and is now operational. Given the strong ramp-up to date, 2021 Cu production guidance was once again modestly revised up to 90-95kt (vs. 85-95kt previously). YTD output has now reached 63kt or 68% of the updated guidance. Our estimates anticipate 2021 Cu production of 94kt. Ore stockpiles total 3.7Mt grading 4.72% Cu (vs. 3.7Mt grading 4.73% Cu in August), containing more than 175kt of copper. IVN will report its first commercial quarter of financial results and host an investor call on November 15th.
GLTA!