With the launch of the "Liberty Corridor" project in 2024, the Ivanhoe Group has added a new strategic pillar. Led by Ivanhoe Atlantic (which belongs to the Ivanhoe Group together with Ivanhoe Mines), this heavy-haul railway and deep-water port project spans Guinea and Liberia. Its development not only relates to infrastructure upgrading but also profoundly impacts the adjustment of critical mineral supply chains. It responds to the U.S.-led mineral diversification strategy and forms an east-west echo with the "Lobito Corridor", highlighting the complex game of critical mineral resources in today's world. As an enterprise specialized in mineral exploration and development within the Ivanhoe Group, Ivanhoe Mines is also accelerating the integration of capital and resources to seize the upstream resources of the new energy industry chain.

Ivanhoe Mines Ltd. (referred to as Ivanhoe Mines for short) is a mining company under the Ivanhoe Capital Group and is hailed as one of the world's most successful exploration companies. It can not only "find ores" but also transform discoveries into world-class mines with long-term economic value. According to the Q3 2025 Global Top 50 Mining Companies Report released by Mining.com, Ivanhoe Mines has a market capitalization of approximately US$15.7 billion, ranking 44th among the world's mining companies by market capitalization in Q3 2025. Ivanhoe Mines owns multiple large-scale and high-grade mining projects and is one of the world's most important producers of critical metals. The company's core assets include the Kamoa-Kakula copper mine and Kipushi zinc mine in the Democratic Republic of the Congo (DRC), as well as the Platreef platinum group metal mine in South Africa. Leveraging high-quality resource endowments and advanced mining technologies, the company develops world-class mining projects through a combination of joint ventures and independent development, making it a key player in the global critical metal supply chain and exerting a significant influence in the fields of copper, zinc and other metal minerals. Meanwhile, Ivanhoe Mines focuses on technological innovation and sustainable development in project operation, actively adopting clean energy and green mining technologies, and is committed to building low-carbon mining projects.

Ivanhoe started with mineral exploration and gradually grew into a global giant in mineral resources, and its development process can be divided into three stages.

First is the initial stage from 1993 to 2000. Founded in 1993 by the mining virtuoso Robert M. Friedland, it was formerly known as Africa Minerals Corporation. In 1994, it was renamed "Africa Minerals" under Ivanhoe Capital Group, focusing on the acquisition and exploration of mining projects in Africa. With exploration as its core business, it quickly locked in multiple potential projects, including the feasibility study of the Monywa Copper Mine in Myanmar, and achieved initial profitability during the cycle of soaring copper prices. In 2000, it acquired the exploration rights area from BHP Billiton, discovered the Oyu Tolgoi Copper-Gold Mine, and attracted BHP Billiton to invest and cooperate in its development, laying its position in the mining industry.

Second is the strategic expansion phase from 2000 to 2013. The company gradually built an exploration network covering Africa and Asia, involving multiple mineral types such as copper, uranium, and gold. In 2008, the geological team of Ivanhoe Mines discovered the large high-grade Kamoa copper deposit in the Democratic Republic of the Congo (DRC); in 2011, the company acquired a 68% stake in the Kipushi zinc mine project. In 2012, the company was listed on the Toronto Stock Exchange.

Third is the stage of model transformation from 2013 to the present. In 2013, the company was officially renamed Ivanhoe Mines, transforming from a pure exploration enterprise to an integrated mining enterprise combining exploration and mining. Starting in 2015, the company established partnerships with Zijin Mining and China Nonferrous Metal Group to jointly promote the development of projects such as the Kamoa-Kakula Copper Mine in the Democratic Republic of the Congo (DRC). In 2018, the company introduced an investment of 723 million Canadian dollars from CITIC Metal, making it the single largest shareholder with a 25.97% stake. In 2025, Ivanhoe Mines launched an ultra-large-scale copper exploration project in Zambia.

Ivanhoe Mines has more than 30 exploration and mining rights worldwide, covering a total area of over 55,000 square kilometers, distributed across 7 countries in 3 continents, with its main mineral products including copper, zinc, nickel, palladium, platinum, rhodium and other metals.

First is the Kamoa-Kakula Copper Mine Project in the Democratic Republic of the Congo (DRC). This project is jointly invested by Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the DRC government (20%). According to the company's 2024 annual report, the project has 15.3 million tons of copper reserves (metal content) and an annual copper output of 437,000 tons.

Second is the Platreef Palladium-Rhodium-Platinum-Nickel-Copper-Gold Project in South Africa. The Platreef is one of the world's largest untapped precious metal deposits, with a combined concentrator processing capacity of 4.1 million tons per year for Phase 1 and Phase 2 concentrators. Ivanhoe Mines indirectly holds a 64% interest in the Platreef Project through its subsidiary Ivanplats and oversees the development of all mining operations. A 26% interest in the Platreef Project is held by South African beneficiaries under the Broad-Based Black Economic Empowerment Act, and a Japanese consortium led by Itochu Corporation holds the remaining 10%.

Third is the Kipushi Zinc-Copper-Germanium-Silver Mine Project in the Democratic Republic of the Congo (DRC). This project is the world's highest-grade zinc mine project. Mine construction started in September 2022, with a zinc resource reserve of 11.8 million tons (metal content). In May 2024, the construction of a brand-new Kipushi concentrator with an annual capacity of 800,000 tons was completed. It is estimated that the first five years after commissioning will produce more than 278,000 tons of zinc concentrate. Ivanhoe Mines holds a 68% interest in the project, while the remaining 32% is owned by Gécamines, the state-owned mining company of the DRC.

Fourth is the Western Foreland exploration project adjacent to the Kamoa-Kakula project. The Western Foreland is adjacent to the Kamoa-Kakula project in the Democratic Republic of the Congo (DRC), with its exploration license coverage approximately six times that of Kamoa-Kakula. Ivanhoe Mines is exploring new sedimentary copper deposit exploration areas, and is expanding and further defining its high-grade Makoko, Kiala and Kitoko copper deposit exploration areas. Among them, the Makoko exploration area is hailed as the world's highest-grade and fifth-largest copper deposit discovery in the past decade. At present, a total of 52.5 million tons of copper ore resources have been discovered in the continental shelf area of the Western Foreland (including the Kamoa-Kakula copper project).

Ivanhoe Mines has a market capitalization of approximately US$1.57 billion. According to Ivanhoe Mines' 2024 annual report, the company recorded a profit of US$193 million and a comprehensive income of US$181 million, compared with a profit of US$303 million and comprehensive income of US$290 million in the same period of the 2023 fiscal year. The company's 2024 fiscal year profit was mainly derived from its share of profits in the Kamoa Holding joint venture and financial income. Ivanhoe Mines' adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the 2024 fiscal year reached US$625 million (US$604 million in 2023), a record high since the company's establishment. The company's exploration and project evaluation expenses for the 2024 fiscal year were US$48 million, an increase of US$25 million year-on-year (US$23 million in the 2023 fiscal year), accounting for about 25% of the company's annual profit. Its proportion of exploration and project evaluation expenses ranks among the top large global mining companies. Of the exploration and project evaluation expenses in the 2024 fiscal year, US$8 million was used for the company's exploration activities in Angola, and the rest was mainly used for exploration activities of the western frontier exploration tenements.

First, leverage its own exploration technology advantages to focus on areas with resource potential. Ivanhoe Mines' investment targets are mostly located in countries in Asia or Africa with low exploration degrees. These regions are rich in mineral resources, have relatively mild competition, and backward exploration technologies, which bring geographical advantages for it to explore high-quality mineral resources, but geopolitical risks will also bring many uncertainties.

Second, it has excellent market insight and an open attitude towards business cooperation. Ivanhoe Mines possesses a strong ability to understand and grasp the global mining cycle and markets. In June 2011, when international copper prices were relatively high, the company chose to withdraw from the Myitsone Copper Project in Myanmar; from 2015 to 2019, to address issues such as the capital shortage of the Kamoa Copper Project, Ivanhoe Mines introduced strategic investors including Zijin Mining and cooperated with them to develop the project, enabling the project to be successfully constructed and put into production.

Third, it has shifted from "exploring without mining" to "mining for exploration". Starting out as an exploration-focused mining company, Ivanhoe Mines is renowned for its high efficiency, professionalism and low costs, and initially generally did not directly participate in mine production and operation. Today, to strengthen the production and operation capabilities of its mining projects, Ivanhoe Mines has begun to transform from "exploring without mining" to "mining for exploration". For instance, in the Kamoa-Kakula Project, Ivanhoe Mines not only conducted exploration of the mining area but is also cooperating with other mining companies to develop the project.

Ivanhoe Mines continued to advance its "Mining for a Greater Purpose" philosophy in 2024, and its ESG (Environmental, Social, and Governance) strategy is aligned with the United Nations Sustainable Development Goals.

First, in terms of the environment, the company is committed to reducing the environmental impact of its mining operations. It has implemented key initiatives including the Kamoa-Kakula Copper Mine Project's primary use of renewable energy such as hydropower, the procurement of zero-emission battery-powered equipment for the Platreef Project, investment in clean energy projects like the construction of solar and hydropower stations, and the Kamoa-Kakula Concentrator's adoption of an advanced closed-loop water recycling system, which achieves a water recovery rate of over 80% for industrial water use, significantly reducing reliance on local freshwater resources.

Second, in terms of governance, the company oversees ESG matters through special committees under its board of directors and has updated its business ethics and anti-corruption policies. In addition, the company released its first supply chain forced labor and child labor report, identified key issues through a double materiality assessment, and established stakeholder communication and grievance mechanisms to manage community feedback.

Third, in the social aspect, some of the company's projects have maintained a low safety accident rate, provided large-scale skills training for employees, and attached importance to gender diversity on the board of directors. In terms of community contributions, the company has created significant economic value, supported small and medium-sized enterprises through local procurement, and invested in community development projects such as education, healthcare

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