Loading…
Canadian mining developer building large copper, zinc and platinum-group mines in the Democratic Republic of Congo and South Africa.
Canadian mining developer building large copper, zinc and platinum-group mines in the Democratic Republic of Congo and South Africa.
Sells copper concentrate from Kamoa-Kakula, a joint venture it shares with Zijin Mining and the Congolese state, and is paid by smelters and traders at market prices less treatment charges, so volume and copper price both matter. Founder Robert Friedland leads it, and CITIC Metal is a large shareholder.
In one line: No US peer; a DRC-focused Freeport-McMoRan..
Moat: narrow (scale, installed base). Controls one of the world's highest-grade large copper discoveries, already producing with expansion runway.
Headquarters: Vancouver, Canada · Founded: 1995 · Employees: 6,800
Size Ivanhoe Mines (IVN.TO) is a Canada Materials company (Other Metals/Minerals) with a market value of $8.43B, the 83rd largest of 420 Canada companies the cockpit tracks. Shares closed at C$8.28 on 6 Nov 2026.
Performance Over six months the shares fell 25.9%, against -17.7% for the median peer and +5.2% for the Canada market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 108.6% over the last twelve months (peer median +42.2%); the operating margin is 7.2% (peer median 29.5%).
Valuation It trades at 18.9× forward earnings against a peer median of 13.2× (6th most expensive of 21).
Capital Return on invested capital runs 10.5 points below its cost of capital (11.0% WACC).
Credit Ivanhoe Mines has 1 bond outstanding ($750M), rated CCC+ by the agencies.
Next results Next results expected around 9 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$1.00B | C$617M | C$55.9M | C$0 | C$0 |
| Revenue growth | — | +1,003% | — | — | — |
| Gross profit | C$104M | -C$48.3M | -C$85.9M | -C$3.47M | -C$7.64M |
| EBITDA | C$212M | C$56.4M | -C$155M | -C$120M | -C$111M |
| Net income | C$216M | C$365M | C$313M | C$430M | C$535M |
| Free cash flow | -C$699M | -C$656M | -C$896M | -C$711M | C$5.28M |
| Capital expenditure | C$628M | C$490M | C$680M | C$651M | C$209M |
| Total debt | C$2.06B | C$1.74B | C$531M | C$854M | C$705M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ivanhoe Mines IVN.TO | $8.43B | -26% | +109% | 7% | 18.9× | n/a |
| Freeport-McMoRan FCX | $85.3B | -4% | 0% | 24% | 14.3× | 16.3% |
| Glencore GLEN.L | $78.0B | -14% | +27% | 2% | 10.9× | n/a |
| First Quantum Minerals FM.TO | $19.5B | -1% | +28% | 23% | 15.2× | n/a |
| Zijin Mining 2899.HK | $111B | -23% | +21% | 30% | 8.3× | -6.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IVN.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.7% | -14.3% | lowest of 21 |
| 6-month return | -25.9% | -17.7% | 9th lowest of 21 |
| Distance from 52-week high | -59.3% | -41.0% | 4th lowest of 21 |
| Revenue growth (TTM) | +108.6% | +42.2% | 3rd highest of 21 |
| Operating margin | 7.2% | 29.5% | 4th lowest of 21 |
| Forward P/E | 18.9× | 13.2× | 6th most expensive of 21 |
| ROIC minus cost of capital | -10.5 pp | +5.8 pp | 2nd lowest of 21 |
| EV / EBITDA | 59.7× | 7.3× | most expensive of 12 |
| Net debt / EBITDA | 5.4× | -0.4× | most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ivanhoe Mines IVN.TO | Canada | $8.43B | -26% | +109% | 7% | 18.9× | n/a | n/a |
| Xiamen Tungsten 600549.SS | China | $8.55B | -37% | +67% | 10% | 13.2× | n/a | n/a |
| Lynas Rare Earths LYC.AX | Australia | $8.58B | -38% | +76% | 25% | 26.7× | 34.3% | +14.9% |
| Jinduicheng Molybdenum 601958.SS | China | $8.06B | -15% | +7% | 32% | 13.6× | 4.2% | +13.7% |
| Zhejiang Huayou Cobalt 603799.SS | China | $9.30B | -50% | +38% | 12% | 9.3× | n/a | n/a |
| Hudbay Minerals HBM.TO | Canada | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% | +15.8% |
| China Rare Earth Resources And Technology 000831.SZ | China | $7.57B | -7% | -2% | 15% | 103.1× | 53.1% | +14.0% |
| Wanguo Gold 3939.HK | Hong Kong | $7.31B | +6% | +79% | 67% | 20.2× | 1.7% | +17.0% |
| Tongling Nonferrous Metals 000630.SZ | China | $9.83B | -20% | +46% | 6% | 10.5× | n/a | n/a |
| Western Mining 601168.SS | China | $9.85B | -7% | +18% | 17% | 8.2× | -5.6% | +16.5% |
| Yunnan Lincang Xinyuan Germanium Industry 002428.SZ | China | $7.09B | +3% | +54% | 13% | 230.8× | n/a | n/a |
| Aurubis NDA.DE | Germany | $6.73B | -35% | +23% | 6% | 15.1× | n/a | n/a |
| NMDC NMDC.NS | India | $6.55B | -22% | +27% | 27% | 7.4× | 5.2% | +15.8% |
| Aura Minerals AUGO | United States | $6.52B | -5% | +89% | 53% | 10.6× | -6.0% | +25.2% |
| Discovery Mining DSV.TO | Canada | $6.44B | +19% | +684% | 38% | 17.6× | 19.9% | n/a |
| MMG 1208.HK | Hong Kong | $11.2B | -27% | +48% | 43% | 6.3× | -11.3% | +15.6% |
| PLS PLS.AX | Australia | $6.33B | -56% | +152% | 43% | 10.6× | 2.5% | +61.6% |
| MP Materials MP | United States | $6.31B | -47% | +72% | -17% | 248.7× | n/a | n/a |
| Inner Mongolia Xingye Silver and Tin Mining 000426.SZ | China | $6.23B | -42% | +38% | 49% | 13.1× | 7.8% | +42.6% |
| Sandfire Resources SFR.AX | Australia | $6.20B | -4% | +32% | 32% | 13.3× | 9.2% | +25.8% |
| Capstone Copper CS.TO | Canada | $6.01B | -8% | +30% | 32% | 9.4× | 9.8% | +40.2% |
Ivanhoe Mines has 1 bond outstanding with $750M face value. The agencies rate it CCC+.