Ivanhoe Mines

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Ivanhoe Mines Ltd.
Public
Traded asTSXIVN
S&P/TSX Composite Component
IndustryMining & Exploration
HeadquartersVancouver, Canada
Key people
Robert Friedland
Websitewww.ivanhoemines.com

Ivanhoe Mines Ltd. (formerly Ivanplats Limited) is a Canadian mining company headquartered in Vancouver, British Columbia. It has the same management team as the original, pre-2012 Ivanhoe Mines, now known as Turquoise Hill Resources. Ivanhoe is listed on the Toronto Stock Exchange, and has two projects in the Democratic Republic of the Congo (DRC), and one in South Africa, but no producing mines.

History[edit]

Ivanhoe Mines was founded in 1994 as Ivanplats Limited.[1] Its original assets were in the Democratic Republic of the Congo and South Africa. In 2012, Robert Freidland took control of the company.[1] Freidland had previously been pushed out of the previous Ivanhoe Mines by majority owner Rio Tinto, who renamed the company Turquoise Hill Resources.[2] This re-naming was required by Freidland, who retained the right to the Ivanhoe name.[3]

In October 2012, the company held an IPO on the Toronto Stock Exchange, raising $300 million, and valuing the company at $2.5 billion.[4] In August 2013 the company changed its name to Ivanhoe Mines, taking advantage of Friedland's right to that name.[3]

In 2015, Ivanhoe sold half of its Kamoa copper project to Zijin Mining Group, a Chinese mining company, for US$412 million.[5]

In April 2017 Ivanhoe announced it had confirmed the new Kakula West discovery in the Democratic Republic of Congo. Reported assays returned 8.86 metres grading 5.83% copper that included a higher grade intercept of 6.17 metres grading 6.84% copper. The discovery extended the Kakula along a confirmed strike length of 6.8 kilometres.[6]

In May 2017 Ivanhoe released an updated mineral resource estimate for Kamoa-Kakula that outlined 116 Million Tonnes Grading 6.09% Copper in the Measured category.[7]

In October 2017, Marc Faber resigned from Ivanhoe's board, after some racist remarks.[8]

In January 2018, the Democratic Republic of the Congo introduced a new mining law dramatically increasing royalty rates for mining companies in that country. As a result, the company's stock price decreased by 24%.[9]

Operations[edit]

Ivanhoe has three projects:

  • The Kamoa-Kakula copper project, located near Kolwezi in the DRC. The company claims it will be the fourth biggest copper mine in the world within nine years of production, and could eventually be the largest copper mine in the world.[9]
  • The Kipushi zinc project near the city of Kipushi in the DRC's Haut-Katanga province.
  • The Platreef Project, a platinum mine in Limpopo province, South Africa. Platreef is expected to eventually be one of the world's largest platinum mines.[10]

References[edit]

  1. ^ a b "Robert Friedland returns with Ivanplats IPO". Financial Post. 2012-09-11. Retrieved 2018-03-02.
  2. ^ "Friedland resigns from Ivanhoe Mines in Rio Tinto shake-up". Financial Post. 2012-04-18. Retrieved 2018-03-02.
  3. ^ a b "Ivanplats becomes Ivanhoe Mines | Mining News". www.miningne.ws. Retrieved 2018-03-02.
  4. ^ "Ivanplats shares rise; IPO values miner at C$2.5 billion". Reuters. 2012-10-17. Retrieved 2018-03-02.
  5. ^ "Barrick Gold Corp, Ivanhoe Mines Ltd sell stakes to China's Zijin in Papua New Guinea, Congo mines". Financial Post. 2015-05-26. Retrieved 2018-03-02.
  6. ^ "Ivanhoe Mines: Assays Confirm Kakula West High-Grade Copper Discovery". www.juniorminingnetwork.com. Retrieved 2017-04-10.
  7. ^ "Ivanhoe Mines Announces Updated Mineral Resource Estimate for Kamoa-Kakula: 116 Million Tonnes Grading 6.09% Copper". www.juniorminingnetwork.com. Retrieved 2017-05-17.
  8. ^ "Veteran investor Marc Faber booted from 3rd company after racist comments". CBC News. Retrieved 2018-03-02.
  9. ^ a b "Ivanhoe pleads for calm on Congo tax hike". The Globe and Mail. 2018-02-07. Retrieved 2018-03-02.
  10. ^ "Ivanhoe OK to build one of world's biggest platinum mines | MINING.com". MINING.com. 2014-11-05. Retrieved 2018-03-02.