Earnings call transcript: Ivanhoe Mines Q1 2025 sees EPS beat, stock surges

Published 01/05/2025, 16:50
Earnings call transcript: Ivanhoe Mines Q1 2025 sees EPS beat, stock surges

Ivanhoe Mines (IVN) reported its Q1 2025 earnings, revealing a stronger-than-expected EPS of $0.10, outperforming the forecast of $0.086. Despite this positive earnings surprise, the company fell short of its revenue expectations, posting $77.02 million against a forecast of $141.09 million. Following the earnings release, Ivanhoe’s stock surged by 9.48%, reflecting investor optimism driven by operational achievements and an EPS beat. According to InvestingPro data, the company currently trades at a P/E ratio of 57.16, suggesting a premium valuation. InvestingPro analysis indicates the stock may be overvalued at current levels, though analysts maintain positive growth expectations for both sales and net income this year.

Key Takeaways

  • Ivanhoe Mines achieved a record quarterly revenue of $973 million in Q1 2025.
  • The company’s EPS surpassed expectations, despite a revenue miss.
  • Stock price increased by 9.48%, indicating positive investor sentiment.
  • The Kamoa-Kakula Copper Complex is now among the top three global copper producers.
  • Completion of the $1.1 billion smelter project promises future cost reductions.

Company Performance

Ivanhoe Mines demonstrated robust performance in Q1 2025, with a record revenue of $973 million, marking a 15% increase from the previous quarter. The company’s EBITDA also reached a record $585 million, reflecting a 60% margin. These results underscore Ivanhoe’s strong operational capabilities, particularly in its copper production, which has positioned it among the top three producers globally.

Financial Highlights

  • Revenue: $973 million, up 15% quarter-on-quarter
  • Earnings per share: $0.10, surpassing the forecast of $0.086
  • EBITDA: $585 million, with a 60% margin
  • Net profit increased by 40% quarter-on-quarter

Earnings vs. Forecast

Ivanhoe Mines reported an EPS of $0.10 against a forecast of $0.086, resulting in a positive earnings surprise. However, the company missed its revenue forecast significantly, achieving $77.02 million compared to the expected $141.09 million. The EPS beat highlights operational efficiency, while the revenue miss raises questions about market conditions and sales performance.

Market Reaction

Following the earnings announcement, Ivanhoe Mines’ stock price surged by 9.48%, closing at $13.40. This positive movement reflects investor confidence in the company’s operational strengths and future prospects, despite the revenue miss. With a beta of 2.09, the stock shows higher volatility than the broader market, presenting both opportunities and risks for investors. The stock’s performance is particularly notable against its 52-week low of $9.79, suggesting a recovery trend, though it remains down 34.69% over the past six months.

Outlook & Guidance

Ivanhoe Mines maintains an optimistic outlook, targeting 600,000 tons of copper production from 2026, with a long-term goal of 700-800,000 tons. The completion of the smelter project is expected to reduce logistics costs by over 50%, enhancing future profitability. The company’s exploration and production initiatives in Zambia and Angola further bolster its growth prospects.

Executive Commentary

Founder and Executive Co-Chairman Robert Friedland highlighted the rapid growth of the Kamoa-Kakula Copper Complex, stating, "We grew this mine so fast. Nobody ever thought we’d grow this mine this fast." Friedland also emphasized the strategic importance of the Congo’s rise in global copper production, now ranking second worldwide.

Risks and Challenges

  • The revenue miss raises concerns about potential market or sales challenges.
  • Macroeconomic pressures could impact copper prices and demand.
  • Supply chain issues may affect production efficiency and costs.
  • Regulatory changes in the Democratic Republic of Congo could pose operational risks.
  • Competition from other global copper producers remains a threat.

Q&A

During the earnings call, analysts inquired about the inclusion of Project 95 and Phase 3 optimization in current production estimates. Ivanhoe Mines confirmed these projects are part of their growth strategy. Discussions also centered around flexible joint venture debt management and upcoming resource updates for the Western Forelands.

Full transcript - Ivanhoe Mines Ltd. (IVN) Q1 2025:

Conference Operator: Good morning, ladies and gentlemen, and welcome to the Ivanhoe Mines Q1 Earnings Conference Call. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on Thursday, 05/01/2025. I would now like to turn the conference over to Matthew Kevo, Director, Investor Relations and Corporate Communications.

Please go ahead.

Matthew Keval, Director, Investor Relations and Corporate Communications, Ivanhoe Mines: Thank you, operator, and hello, everyone, and good morning. Thanks for joining us. It’s my pleasure to welcome you to the Ivanhoe Mines First Quarter Financial Results Conference Call. I’m sitting here in sunny Vancouver. As the operator mentioned, my name is Matthew Keval, and I’m the Director of Investor Relations and Corporate Communications with Ivanhoe Mines.

On the line today with the company, we have Founder and Executive Co Chairman, Robert Friedland President and Chief Executive Officer, Marna Clote Chief Financial Officer, David Van Healden Chief Operating Officer, Mark Farrin and Executive Vice President, Corporate Development and Investor Relations, Alex Pickard. We will finish today’s event with a question and answer session. You can submit a question using the Q and A box on the webcast page as well as through the conference operator via your phone line. Please do contact our Investor Relations team directly if your question is not addressed during the call. Before we begin, I’d like to remind everyone that today’s event will contain forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements.

Details of the forward looking statements are contained in our April 30 news release as well as on SEDAR plus and at www.ivenholmmines.com. It is now my pleasure to introduce Ivanhoe Mines’ Founder and Executive Co Chairman, Robert Friedland. Robert, please go ahead.

Robert Friedland, Founder and Executive Co-Chairman, Ivanhoe Mines: Thank you very much, to all the participants on this call. I’m greeting you from Positano, Italy. Very happy, of course, to introduce our team with this record breaking quarter in virtually every respect. Our Kabul Kakula Copper Complex is now amongst the top three producing copper copper producing complexes in the world. We had record breaking production in April.

We are essentially tied with Grasberg in second place, for copper production, but we have the big momentum. And as you’ll see, we have plans to make the complex even greater. So this has been an amazing quarter despite the the macroeconomic situation in our share price. Can we have the next slide, please? I I wanna show you, this good news, through the good offices of the United States Department of State and the government of Qatar.

Peace agreement has been signed under a declaration of principles settling down the tribal difficulties in Northeastern Congo. This area has absolutely no impact on our operations, which are, well over a thousand kilometers to the south with no road connections, but we’re very happy to see that The Congo is stable, has the support and interest of the United States government as well as the Qatari government, and the principles have been have been put together to have a peace agreement that will last in that area. We’re hoping that this is very good for the country of which we are the largest mining company. With that, I’d like to introduce, Marna, or will you do that for us, Mark?

Marna Clote, Chief Financial Officer, Ivanhoe Mines: Thank you. Thank you, Robert. This is Marna, and welcome, everybody, to our, quarterly call. It’s been quite an exciting quarter for us. I think we’ve, really broken the back of some of the issues we faced towards the end of last year and still at the beginning of this year, particularly around power.

We are very excited that in April, we’ve broken the 50,000 tons of copper produced per month record. So it’s a new record for us. And if you project that on an annual basis, that would put us well over 600,000 tons of copper. So really exciting times for us. I think the other thing that really surprised us this quarter, sorry, you can flip to the next slide.

That really surprised us this quarter was the milling capacity at Phase three. The mill milling rate was 6,100,000 tonnes. It was more than 20% higher than design capacity. So you can see our teams are really pushing the envelope in terms of letting all our infrastructure work for us. And just back to power, we we went from 50 megawatts of imported power to about hundred megawatts of imported power during the quarter, and we expect that to further increase for the remainder of the year.

And that will really assist with the exciting start up of our smelter during the second quarter that we’re about to embark on. From a numbers perspective, I don’t wanna steal David’s thunder. He’s gonna take you through our quarterly results. It’s been a record quarter on EBITDA as well as on revenue. And I think from a cost perspective, it’s also been a a very good quarter for us because we were trending towards the bottom of the of our cash cost guidance, and David will give you further color on that.

If we flip to the next slide, just around health and safety, we do strive for excellence when it comes to health and safety, and one can never become complacent. We performed well compared to the industry average, and we just had our board meetings where we’ve set our safety targets for this coming year, where we strive for a further reduction in our title record recordable engine injury frequency rates. So something that we are working on, something that we are very proud of, especially if you take that we come through a period of intense construction, and we’re also moving into a period of intense construction at Platt Reef. And then if we move to the next slide very excited to release our eighth annual sustainability report, and I do urge you to go and have a look at this report. It really is an outstanding piece of work to see what our teams are doing across all our projects.

And I think the statistic that really stands out is the first one on this page where Kamaukakula and Kupushi combined contributes about 8% to the GDP of the DRC, and we’ve paid 1,100,000,000 in taxes and royalties to the government. It just shows you what a greenfield discovery do for a country, and we believe that there are many more discoveries to be made in the DRC. So having companies embarking on exploration really changes the destiny of of a mineral rich country. You can look at the statistics here, but we’ve grown 38% year on year in our workforce. And I think it’s important to note that most of our workforce are local and from the areas in which we operate.

That’s something we pride ourselves on. We’ve built new educational facilities. We’ve support local enterprises. And all these initiatives that we embark on really ensures that we do have a social license to operate in the areas where we where we work. So with that as a brief introduction, please go and look at at this report.

There’s a number of nice videos to watch so that you can see this is not just a talk shop, but what we are doing is real and it’s impacting on people’s lives. I’m gonna hand over to David now so you can go to the next slide, and David will take you through our quarterly results. Thank you.

David Van Healden, Chief Operating Officer, Ivanhoe Mines: Thank you, Madhana, and good morning and good day to everyone joining the call today. Maybe I’ll just start by pointing to the nice picture of the smelter furnace on this slide. With the commissioning nearly complete, the smelter will be one of the few initiatives that will really transform our financial results over the next few quarters. If we move to the next slide, Kamal Kukula achieved its highest ever quarterly revenue of $973,000,000 in the first quarter of twenty twenty five. That at a realized copper price of $4.19 per pound of payable copper.

Quarter on quarter revenue was up 15% from the $843,000,000 achieved in the last quarter of twenty twenty four. We started stockpiling concentrate in preparation for the smelter startup expected in May with 48,000 tons of copper in concentrate and inventory at the end of the quarter, and therefore, payable copper sold was less than produced. As the 22,000 tons of copper in inventory at the Lower Lava copper smelter are realized in the upcoming quarters and with us almost having enough inventory on hand for our own smelter, copper sales is expected to be close to or exceed copper produced in the remaining quarters for the year. We therefore expect easily to exceed this latest revenue record in the coming quarters if the copper price stays close to the current levels or moves higher. Moving to the next slide.

Yeah. Kamaukukula’s record EBITDA of $585,000,000 was delivered at a very healthy margin of 60% with cash costs down quarter on quarter to a dollar 69 per pound of payable copper and towards the lower end of our guide cash cost guidance range. Mine site cash costs were close to the same levels seen in the fourth quarter of last year, but we did benefit from the lower treatment and refining charges linked to updated benchmarks, which resulted in a 8¢ quarter on quarter saving in cash costs. Considering that the power cost is up by 10¢ from where it was in the first quarter of twenty twenty four, the team has really done well to to contain the costs. We have Kamal Kukula’s EBITDA water The EBITDA waterfall highlights that the 35% quarter on quarter EBITDA growth was driven by principally the higher copper price throughout the quarter.

In our q four call, I mentioned that the quarterly EBITDA for the fourth quarter was artificially low due to the remeasurement of contract receivables, and that corrected as predicted in q one, with the mark to market of provisionally priced sales being a $51,000,000 gain in q one compared to a $52,000,000 loss in the fourth quarter of last year. We sold 3,000 tons less than we did in q four, while EBITDA benefited from the lower treatment and refining charges. The slight quarter on quarter increase in cost of sales when removing the impact of volume was due to the higher power cost in q one. But Mark Farrin, our COO, will talk you through the recent increase in imported hydropower, which is leading to a decrease in the use of the more expensive backup generated power since mid March twenty five. It would be that if it wasn’t for the increase in inventory, EBITDA for the quarter would have been quite a bit higher.

But we sold the 18,000 tons by which inventory increased. Net revenue would have been an estimated hundred and $10,000,000 higher, and EBITDA would have been roughly $65,000,000 higher. And if we had sold the entire 48,000 tons of contained copper in inventory during the quarter, EBITDA would have been roughly hundred and $70,000,000 higher. So quite a bit of dry power powder that will benefit us in the future. We turn to Capuchi on the next slide.

Capuchi is now starting to contribute positively to our EBITDA even though it’s not yet operating at optimal levels. Unsurprisingly, logistics are by far the biggest contributor to the cash cost of Kapushi, and that has been controlled pretty nicely with total cash costs close to the bottom of our guidance range. Mining support services and processing costs are expected to come down as production increases. Looking at Ivano’s consolidated results on the next slide. Net profit was up by almost 40% quarter on quarter because of the increase in our share of Kamau Kagula’s profit, which was up by 45%.

Exploration expenditure in q one was a little less than we will see in upcoming quarters with exploration progress being dampened by the rainy season. On the next slide. With record EBITDA contributions from both Pomoa and Kapushi, it’s not a surprise that we had record EBITDA for Ivano Mines, but with numerous near term initiatives that will drive further growth in coming quarters. I dare say that now is a really good time to own our stock. I would not be surprised if every quarter that follows over the next twelve months is a record.

And we have seen production increase at Kamako Kula over the last month, and we expect sales to be closer aligned to production. And results will look better and better as the smelter ramp up, as Kapushi moves to steady state, the Splatreef’s phase one commences production, and as we see the benefits of Kamaukokullos project 95 from next year. Moving to the next slide. We have kept spending on our growth plans on track during q one and keep our guidance unchanged. We have been very successful in securing project level facilities as required and were deemed beneficial.

And but there’s less than less of a need to do so now with the CapEx profile tapering off and the increase in our operating cash flows. As we continue with the phase two development for Plattroof, a larger project finance facility to fund phase two CapEx is being considered. If we move to the next slide. Yeah. Leverage ratio remains nice and low even with the well timed completion of the $750,000,000 notes for seven and seven eights closed in January.

We’ve set ourselves a target targeted net leverage ratio of one times through the cycle. And although it’s a little bit higher than that on a backward looking basis, it’s as low as 1.2 times based on an annualized q one EBITDA and will come down pretty quickly as we deliver on the expected EBITDA growth. We were in a very healthy pro rata cash position at the March of $763,000,000 with $717,000,000 of that sitting at an Ivano Mines level. That, I’ll hand over to Alex Riccardo, Corporate Development and Investor Relations to to cover the exciting operations and project updates together with Mark Farron.

Alex Pickard, Executive Vice President, Corporate Development and Investor Relations, Ivanhoe Mines: Thanks a lot, David. As David mentioned, it’s Alex Pickard here coming in from also a very sunny London. I’ll be dovetailing this section, Jury, with with our COO, Mark Farron, But I’ll kick off with an operational review of Komoka Koola in the first quarter on the next slide. So just to set the scene, I think we’ve stated several times that, you know, the first quarter was, was very much a hampered quarter in terms of the the power challenges that we were facing certainly up until mid mid March. And we’re very pleased to say that those are challenges that that we’ve now largely overcome, and Mark will be commenting on that in in much more detail.

But despite all of the challenges, I think we can say that Kamoacakula still delivered very strongly operationally during the quarter. We we milled 3,700,000 tons, which is comfortably a record. That’s close to 15,000,000 tons annualized. We still think there’s plenty of upside to get that up towards 17,000,000 tons with 100% stable power. Phase three really has been a star performer since its commissioning last year.

We’ve been milling at well over 20% above its design capacity at 6,000,000 tons per annum, and there is potential to to push that throughput further as well with some optimization. Looking at the grades, you can see the the blended grade on the left hand side is 4.1%, which is coming, you know, roughly two thirds coming from from the Kukula mine and roughly one third coming from the Komola mine. The grades at Kukula were very solid again, so above 5%, and grades from Comoa around 2.75%. Those are expected to trend upwards towards 3% over the coming year as the mine moves from development into more of its steady state stoping operations. And then also very pleasing on the recoveries at Kukula specifically, we saw record recoveries well above 88%, which is very good to see in advance of our project 95 initiatives coming in early next year.

And then at Comoa, we had recoveries around 85%, which also reflects plenty of room for upside, even before the optimization efforts come in. So with that, we’ve maintained our guidance for this year of 520,000 to 580,000 tons of copper. I’ll come on to the recent results on the next slide, which are far in excess of that kind of production rates. But in the medium term, we are certainly targeting 600,000 tons of copper, potentially higher from next year onwards annualized. So coming back to the recent operating performance, we announced earlier in April that the, the whole team at Komokapura has done an exceptional job in securing, additional imported hydropower coming in from a number of sources, but a lot of that’s coming in from Mozambique.

We’ve effectively doubled our imported power from 50 megawatts to a hundred megawatts, which is in addition to the 50 megawatts that’s coming from the generation on the DRC grid. And and what you can see, on the right hand side is really is really a step change in terms of, performance since that power has been coming in. Kamala Kahulu has really been delivering quite incredible numbers, and and we are quite excited about what this means for the rest of the year. So what you can see on that chart is the the weekly copper and concentrate production, in the bars, but also we put the annualized rates above, which you can see has been well well over 600,000 tons. And actually, a small correction, the bar for the 20 was a provisional number.

We now have the month end, numbers in, and that is about 12,000 tons for the month, which is equivalent to 624,000 tons annualized. So it really is, delivering massive production. And then also the record in April, that’s a major milestone to get above 50,000 tons. I think we have to congratulate the efforts of the team at Kamal Kukula. And just to announce for the first time, that final number was 50,246 tons.

So we comfortably beat the 50,000 ton mark despite it being a shorter thirty day month. I’ll now pass over to Mark on the next slide to talk in more detail about the power.

Mark Farrin, Chief Operating Officer, Ivanhoe Mines: Thanks, Alex. So maybe just looking back a quarter, we were really battling with the power. We lent heavily on our diesel gensets. We installed the 220 megawatts of diesel, as everybody knows, and we used about a 50 megawatts continuously. We started this quarter in January with imported power and snow power just under a hundred megawatts.

And at the March, just to put it in perspective, we’re sitting at a 50. And we we are going into the month of May. We should we should have 220 megawatts of a balance between snow, so basically, in country hydropower and imported power. And until we start the smelter up, that means that we will not use any genset or diesel diesel power. The total demand when we do run the smelter flat is about 250 odd 270 megawatts for the basically, the target is the end of this year.

And we have plans in place to cover that with imported power and local generated hydropower. So I think all in all, we did speak about it. I’m not gonna go through all the initiatives in detail, but we are making progress inside the country with different initiatives. We will turn the turbine in in quarter I think the end of quarter two, early quarter ’3 that the big 88 megawatt turbine will be turning for Inga 2. That will create additional generating power.

And, also, there’s work that we’re doing inside the grid to stabilize it, the work that I spoke about it that I speak about every time, to stabilize the grid and make sure that we get consistent, power running through that network. All those projects are going, and I think we’re getting support, and and thank goodness for that. We’re getting support to do longer term import projects as well as in country projects to be able to increase our our capacity in the country. This allows us to grow the business, and without this power, we won’t be able to do the things that we want to do. So first of all, we had to get it stable.

We’ve increased the facilities, import and local, and I think it’s moving in the right direction. At the end of the day, the best thing possibly would be to have two twenty megawatts of redundant diesel power and maybe get criticized for over capitalizing on that. I’ll be very happy when that happens. So that’s where we are on on on the power and initiatives inside that grid. Okay.

Next slide. So these projects that we’re gonna talk about now are really very quick to implement. Project 95 is committed. It’s 30% complete. We will finish project 95 in quarter one next year, and it will give us about 30 to maybe a little bit more, 30,000 tons of copper production from quarter one.

What’s nice about this copper production, it doesn’t come with any mining cost or massive capital cost. So you’re gonna see it’s gonna have a big influence on our c one cash cost because it’s absolutely just recovery based. So we will be increasing the recoveries of of mining and production and and processing that we’ve already created and and done. So the bottom line the the impact is straight to the bottom line, which I think is gonna be very good. Phase three, Alex spoke about phase three running at around 6,000,000 tons.

There will be some tweaking on phase three, some debottleneck work that we did on phase one and two, so quite a similar approach to that. Not an expensive project, but we want to stabilize that throughput from the five to about a 6.5 number, which will take our total production to about 17,000,000 tons a year with what we’ve currently installed. So phase one, phase two, phase three, a little bit more capital, probably a 50 number, and then we should be able to process fifth sorry, 17,000,000 tons consistently. That project has been identified, and and and we’ll finalize what needs to be done in this year and execute it as fast as we can because it’s not expensive, and it’s gonna give us about 20% extra production. And then the the big work we’ve been doing is really to to look at what does Komowa Kokula look like in the long term.

How many more phases do we put in? Is there another phase? And how does it look like and how do we time it? That work is drawing to a close, and I’m happy to say there is another there’s definitely a phase four that will come in. It’s probably gonna be stepped.

I did speak about it the last time with some early works probably on the plant side, and then we’re gonna target a massive amount of tailings that we’ve deposited in our first cell with a grade of about point 0.8% copper. And we’ll start at the back end of that concentrator and deliver about 50 odd thousand 40 to 50,000 tons of copper through that facility, again, without a mining cost and a reasonably efficient capital structure that goes with it while we build up ore reserves for a full phase four. And if you know what phase three looks like, and you do because we’ve told you, phase four will probably end up being a replica of phase three. We’ll build up ore reserves through the current infrastructure that we have created, so basically, the mines that we’ve created for phase three. I think it’ll be a very efficient total process in terms of capital.

And then the number we’re gonna target, I think, for the steady state, because it’s it’s always a question, is for a long term, I think north of 700,000 tons of copper and some some of the years breaking north of 800,000 tons of copper. So it’s a big mine that we’re creating. There’s one more big step along the way. We need to secure some more power, obviously, for these projects, but you can have a look at our track record. We’ve done all these three phases.

They’re on track. They’ve been on time. They’ve been on track. We’ve managed to find enough power to service them, and we’re gonna start up the smelter in this next month. So the smelter will be heated up in the next month, and we should start feeding in July.

Hopefully, we can we can have enough stable power to be able to to make sure that that thing runs perfectly. As it looks, I think we’re forecasting to be to get stable power and to increase it over time, and that will just carry on into phase four. The next slide, Alex. Okay. This is what we’re talking about.

We’ll talk about this, Alex.

Alex Pickard, Executive Vice President, Corporate Development and Investor Relations, Ivanhoe Mines: Yeah. Thanks, Mark. I’ll I’ll just set the scene in terms of the the smelter. And you can see in the image what a fantastic facility it is. That’s another incredible capital project that’s been delivered by the team at a cost of about $1,100,000,000.

But it is the largest copper smelter in Africa at 500,000 tons of capacity, producing a 99.7% anode product. And in fact, it’s the largest smelter of its kind, anywhere in the world. We have had some questions from people about the economics of the smelter in the context of the copper treatment charges. So for those who don’t know, copper treatment charges are trading at, all time lows, which really reflects the, the incredible tightness that we currently see and the level of demand for copper concentrates. But I think, you know, focusing on the treatment charges basically misses the point entirely in terms of why we we have built this this smelter facility.

There are many more benefits to the smelter than simply the saving on the treatment charge. And the biggest is that the smelter will save, more than 50% on the logistics costs, which are currently, you know, around a third of our cash costs, going from shipping concentrate to shipping anodes. And that saving alone is to the tune of hundreds of millions of dollars per year. The other benefit that we mentioned on this page, is the production of sulfuric acid. So we will be producing up to 700,000 tons of acid that sells at the price of, you know, typically over $200 per ton in the DRC copper belt where it’s consumed by most of the other operations that are producing copper from oxides, and the offtake discussions for that asset are very well advanced.

And then aside from simply the financial benefit, well, there is also a tax benefit that I didn’t mention, but also in terms of our, emissions and our CO two credentials, the smelter will be one of the most efficient smelters in in the world running on on hydropower, but it will also create a significant reduction in our scope three emissions, which are largely arising from the logistics of, moving copper concentrates on trucks. So, you know, that is why we are incredibly started, incredibly excited to start up this smelter over the course of this year. And I’ll just let Mark on the next slide, I think, comment on on what we’re expecting in terms of the operations and the ramp up.

Mark Farrin, Chief Operating Officer, Ivanhoe Mines: Thanks, Alex. Yeah. So, I mean, as we discussed, we we sort of were waiting for enough stable power to get into the country. We will start heat up in May. That’s where we are at the moment.

And we will feed first feed, it looks like in July. So and then there’s a ramp up after that, I think, eight or nine months to get it to 80% capacity, and we take it on to a hundred. We’ve trained a very large workforce there. It’s a mixture of expats and local people, expatriates from all over the world. It’s a unique smelter with very advanced technology in it, and I would welcome you guys to come and have a look anytime you want.

Fantastic installation. So we’re very excited to actually get the smelter running. But as Alex said, the main reason for this is to offset that that huge transport cost that we have and to increase that 60% margin that David was referring to. So it’s it this smelter’s gonna have huge financial benefits to the company, so we’re very excited to get it moving. It will do 500,000 tons of blister anode.

That’s the that’s what it’s designed for, which is the biggest of its of its kind in the world. And let’s see. Let’s see how we go from heating up in in May and then and first feed in July. There’s been a huge amount of work to go in here. It’s a massive footprint.

We’ve done a lot of risk assessment around fire after our generator fires. But also it’s a it’s a crucial area of focus on us on any smelter. So it’s an area of focus, and it’s received our full attention. So we we think it’s gonna be a fantastic part of our of our plan here, taking taking it forward and getting it running smoothly. Thank you.

Next slide. Okay. Kupushi. Kupushi, we we sort of got it moving last year. It was commissioned.

It’s still it’s running, but it needs to be optimized. There’s work that we identified last year that’s being executed. And I think the end of the debottlenecking work ends in about October this year, and then we should go beyond the nameplate. We are also repeating nameplate achievements at the moment, but we will go beyond the nameplate by about October this year. And our and my number really is to get us north of 250,000 tons.

So between 253 tons of zinc, which will make it, I think, its top three top three or so zinc producers in the world. So it’s a tiny it’s a tiny little footprint. It’s not a big mine, but it’s very high grade. The feed grade, you can see on the slide, is 32.2% feed. And I think over this next the next quarter, the next two quarters, we’ll get Kapushi running smoothly.

Its operating cost wasn’t bad. We’re aiming to keep it below a dollar per pound, so it makes a margin and contributes to our EBITDA. It’s never gonna be a a massive mine, but it’s a it’s a very well run operation in terms of mining. And with the improvements we’re making to the processing, I think it’s gonna be a a really, really lovely business that we have and that we run. Thank you.

Next slide. Yeah. I spoke about debottlenecking. That’s going nicely. There’s also you know, we had some issues with power.

We still have a few issues with power at Kapushi. We have a similar approach to power in terms of derisking it and making sure that we get it stable. It’s not a big ask. The the total project or the total site runs on 18 megawatts, so it’s not that difficult to to manage. But still, we we are focusing there.

And like I said, as soon as we get it to steady state, which to me will be quarter three, quarter ’4, we’ll run north of 250,000 tons of of zinc. We’re still on guidance. We should we should end the year just over 200,000, I think, somewhere in and around 200,000 tons of of of zinc. We’re leaning quite heavily on on what we do in the second sorry, the third and fourth quarter here, but it’s looking good. Thank you.

Next slide. Do you want to start with this, Yes.

Alex Pickard, Executive Vice President, Corporate Development and Investor Relations, Ivanhoe Mines: Sure. Thanks, Mark. We’re shifting gears now to to Platreef in South Africa recapping on the study results that we published for Platreef back in mid February. I would just note that the technical report for that study is now published on our website, so I recommend reading that for the full details. So these studies really create the pathway to take Platreef from being, the world’s largest precious metals deposit to one of the world’s largest and lowest cost producers of this, suite of metals, which is platinum, palladium, rhodium, and gold on the precious side, but also very significant contribution from nickel and copper production.

The the study is split into two parts. There is a a feasibility study, which is looking at the phase one production, which is coming later on this year together with the phase two expansion, which we’re busy with and is on track for 2027. That’s around 400,000 ounces of production. And then there is a much larger expansion study, which basically triples the, the hoisting and the milling capacity by twenty thirty. And that’s where we take Platreef to over 1,000,000 ounces of PGM before metal, before precious metal production.

And that’s reflected in the PEA or the scoping study. Next slide, please. And this this slide is really just outlining that graphically, so you can see where we are in 2025. We’re expecting to start the phase one concentrator towards the back end of this year. That has a milling capacity of 800,000 tons per annum.

And so we will be producing some cash flow, through 2026 and 2027. But really our main focus is on getting this mine to scale, which represents the, the phase two expansion. And the critical thing here is the shaft infrastructure and the hoisting infrastructure. So the key date that we are looking at and that Mark will cover in the next slide is when we have shaft number three hoisting, which takes our overall hoisting rate to 4,000,000 tons. And that basically allows you to really open up the underground footprint of Platreef.

In terms of the scale of this ore body, the sky really is the limit in terms of how big you can go. We are continuing with the work on Shaft 2, which basically is a shaft that can hoist 8,000,000 tons of oral waste per annum. So one of the very largest shafts in the world, and that will really be the thing that unlocks the long term potential and the long term footprints of Platreef towards the back end of this decade. But I’ll pass over to Mark now to speak more specifically about the operations and projects there.

Mark Farrin, Chief Operating Officer, Ivanhoe Mines: Thanks, Alexis. Yeah. So Plattreef hit reef today on August. That’s exciting for everybody. So we intersected the reef finally.

We’ll start ramping up the long haul stoping sections, and we are we’re on reef and opening up the footprint. Very exciting for everybody. Going back to sort of the history here, and very quickly because it’s been a long history, a sleeping giant sort of history, the giant is awakening up, but I can promise you that. You can believe it or not, but Platreef is gonna start moving now. Shaft 2 is the shaft that we need to unlock Platreef’s capacity in terms of wasting.

That shaft, we’ve worked flat out to to basically hold it from underground, and now we’re working flat out to equip it. And we will have it running in quarter one twenty twenty six. Once it runs in quarter one twenty six, it not only derisks that first phase of production, that 800,000 tons, but it creates the opportunity for us to ramp up very quickly into what we call the phase two, the 450 odd thousand ounces profile. And while we’re doing all of that, I know I’m talking a lot, but while we’re doing that, we are also working flat out on phase three. So, basically, these phases are interlinked.

Shaft number two unlocks what eight what Alex was referring to, 8,000,000 tons per year of wasting. That shaft is not being delayed. We actually did the we did the reaming of it, the raised bore, And now next year, we’ll start slapping it and equipping it, so it’ll be ready for phase three hoisting as we move along. So I think in terms of where we are with Platreef, we’re finally starting to get there. We’ve got the Shaft 1, which which we’ve used to access the ore body and to give us the ability to get into Shaft 2 and Shaft 3 to install ventilation shafts, which we’ve done.

And I’m and I’m very excited about Plattreef. We are now in the ore body officially. We will start opening up the footprint. We will hoist out of Shaft 3 from quarter one twenty twenty six. And from that moment onwards, we will see a very fast ramp up into a into a phase two and a phase three with a very good operating margin.

And we’re confident about the work that we’ve published in this latest FS and PA study. I think it’s a a very solid footprint that we have. It’s a massive ore body. It has a huge competitive advantage over its peers because of the different ore body that we have compared to anything else in that Bushveld complex. And I’m very excited about what we’re doing there.

Thank you. Next slide. Yeah. We spoke about this. We’ve we’re on reef on 850.

We’re developing towards it on on 750 as well. The the rest of the issue will be opening up the footprint, developing some of the ore, creating the long haul stopes, really getting ready for the hoisting shaft, which will then come in quarter one next year, and then we can we can open up the mining and feed the first concentrator and the next one at the end of well, within 2027. So it will start moving quickly from now. Next one. Next slide.

Alex?

Alex Pickard, Executive Vice President, Corporate Development and Investor Relations, Ivanhoe Mines: Thanks, Mark. So we’re we’re saving the best until last as usual talking about Western Forlands and our exploration efforts. It is going to be another monumental year of exploration and drilling in the Western Forelands. So we have a budget of $50,000,000. That’s a a 35 percent increase from what we did in 2024 and an ambitious, drilling program of a 2,000 meters, which is 20% higher, than what we did in 2024.

So we currently have five rigs drilling. We’re right at the back end end of the wet season now, so that is very soon going to more than double to 11 rigs as the dry season is, incoming. And and a lot of that drilling is going to be focused on the, the 300 square kilometers of new licenses that we acquired in late twenty twenty four. That’s an area that we are quite excited about. And as previously mentioned, we are planning on an interim mineral resource update that will be published within the next few weeks.

I think that will really take people by surprise in terms of what we’ve basically managed to achieve through 2024 and, the first quarter of twenty twenty five will be the cutoff. But, you know, for a spend of about 30,000,000 or $35,000,000 on exploration during that time, we’ve managed to very, very significantly drill out and expand our resource base in Makoko, Makoko West, and Kitoko. The reason I say that we we we call that an interim resource is that we fully expect to be able to update that resource again, this time next year, which will really be the sort of platform to move much more into kind of studies and, and engineering. And then the final slide is, just talking about our exploration more broadly. We did announce some very exciting news in early April, which is the the entry of Ivanhoe mines in a big way into Zambia.

So we have recently states a license package of around 7,750 square kilometers. So that’s well north of three times larger than the entire Western Fallen, license package that we have today. And what you can see on the map, is that we’re basically chasing quite a similar geological thesis, which is the continuation of, Western fallen style sedimentary geology through that Northwestern corner of Zambia and ultimately into, Angola where we have a a lace a license holding of about 22,000 square kilometers. So roughly three times bigger again than what we have in in Zambia. In Angola specifically, we’ve, now sort of laid the foundations in terms of building out an exploration camp.

We’re planning over 6,000 meters of drilling during the dry season this year. And in in Zambia, we will be coming back with more news in terms of what our plans are. What we will say is the Zambian government have done fantastic work in completing high resolution airborne airborne geophysics over the entire license area. So that really does give us a great head start, and we can hopefully, commence drilling and targeted drilling much more quickly. And then the last thing last but not least and not shown on this slide, we do expect to have more news coming over the course of this year about our, initial exploration program in Kazakhstan.

We plan to be drilling some of those projects, by around the middle of this year. So with that, I think I’ll conclude the presentation and pass back to Matt to share the Q and As.

Matthew Keval, Director, Investor Relations and Corporate Communications, Ivanhoe Mines: Thanks, Alex. As per usual, we’ll kick back to the operator first and foremost to clear any analyst questions on the phone line. And then pending time remaining, we’ll address some of the web questions as they come in. So operator, please proceed with the phone line questions, and we’ll go from there. Thank you.

Conference Operator: Thank you. First question comes from Orest Wowkodaw at Scotiabank. Please go ahead.

Orest Wowkodaw, Analyst, Scotiabank: Hi, good morning, and thanks for the update. Just curious, these near term growth plans at Kamoa Kukula in terms of Project 95, the throughput optimization on Phase three, is that included in your estimate or forecast of the complex producing around 600,000 tons of copper starting next year? Or is that incremental to that 600,000 ton number in, say, in ’26, ’20 ’7, ’20 ’8 time frame?

Mark Farrin, Chief Operating Officer, Ivanhoe Mines: It’s Mark here. It’s a good question. So project 95 is sort of releases some pressure of holding the 600 or let’s call it above 600 above the 600 number. Anything else, like, for example, if we do project four a with some early early works treating the tailings, that’s another 50. So then you then you sort of moving into the six fifty, seven hundred number.

And then anything nor any other project, which is the phase four project, will take us to north of between seven and eight seven hundred and eight fifty. So project 95 itself is to get us stable at a 600 and slightly north of 600 number. And anything else is incremental. It’s beyond. So we are aiming to go, you know I’ve I’ve given you I’ve given you some guidance here.

North Of 700 for a long time. It’s where we’re going.

Orest Wowkodaw, Analyst, Scotiabank: Perfect. And just is the CapEx associated with project 95 and the throughput optimization at phase three, is that already in the ’25 and ’26 CapEx budget?

David Van Healden, Chief Operating Officer, Ivanhoe Mines: Yeah. So, Orest, I’ll I’ll I’ll I’ll take that one. Project 95 is is completely included in in the the CapEx guidance. The initial cost of the throughput optimization is included. So that might be augmented slightly.

Orest Wowkodaw, Analyst, Scotiabank: Okay. Thank you very much.

Conference Operator: Daniel Major at UBS. Please go ahead.

Daniel Major, Analyst, UBS: Hi. Yes, thanks for the questions. First question, just on the profile through the remainder of the year Kamocha Kula. You’ve built about 50,000 tonnes of copper and concentrate inventory in 2024 and the first quarter of twenty twenty five. What’s the expectation for q two and then the release, yeah, potential release of kind of that inventory through the balance of the year?

David Van Healden, Chief Operating Officer, Ivanhoe Mines: I’m happy to take that one. So we we expect to probably yeah. For for ourselves to be pretty close to our production for the over the next quarter. There might still be a bit of an increase for inventory and to be held for for us smelter. But then also, we’ll see a decrease of on inventory held at the Lula Lava copper smelter.

So it should be pretty flat over the next quarter with possibly a a small increase. And then that inventory is at both the lower lava copper smelter and our own smelters then sort of expected to release through the the third and the with the and the fourth quarter with. And as we noted and estimated 17,000 tons of copper sort of be to be retained in the smelter circuit.

Daniel Major, Analyst, UBS: Okay. So just to clarify that 17,000 tons of copper in the circuit, so you should you should release the 48 minus 17 by the end of the year. Is that right?

David Van Healden, Chief Operating Officer, Ivanhoe Mines: Yeah. Yeah. Correct. Plus some a small bit of working capital and then tons would be would be a

Daniel Major, Analyst, UBS: I think you broke up slightly there, but I think I got it. Okay. Yes, just second question on financial question on the net debt balance at the Kamaokukula JV, I think that’s about $1,700,000,000 on 100% basis. If we’re thinking about the cash flow inflection point for the JV in the second half of this year and then into 2025, ’20 ’20 ’6, How much would you be looking to reduce net debt in Kamojka Kula over the next few years? And how obviously, that will impact the amount of cash that’s upstream to the JV shareholders?

David Van Healden, Chief Operating Officer, Ivanhoe Mines: Yeah. We we we’ve tried to sort of include the the repayment terms of the current facilities in in our MD and A, and you will note that paid down pretty quickly. I mean, we’ve got some optionality to to increase debt at Atacama or Kukula level because of its flow generating profile and the fact that leverage at a Kamaokukula level is is very low as well. So we’ll we’ll look at just optimizing that and the amount of cash we wanna we wanna ultimately upstream. I think it’s beneficial to have a a good bit of debt at at both levels.

And so that that that’s, yeah, under consideration.

Daniel Major, Analyst, UBS: Okay. But so just to push on that. I mean, so would it be it be fair to assume you would you would wanna reduce the 1,700,000,000.0 of net debt at a JV to some degree? Is that is that fair?

David Van Healden, Chief Operating Officer, Ivanhoe Mines: Yeah. But that that’s fair that’s fair to some degree, but we will always look to keep a a portion of data, at least definitely some local facilities and probably a a bit of offshore facilities as well at that at that level.

Alex Pickard, Executive Vice President, Corporate Development and Investor Relations, Ivanhoe Mines: Yeah. Dan, it’s it’s Alex. Maybe if I could just add something as well. I mean, you know, $11,700,000,000.0 of net debt at the JV level considering that Como is generating or should be generating, you know, well north of $3,000,000,000 kind of run rate going forwards is very low leverage to carry. So to the extent that I think we can roll facilities and just keep those outstanding, we will where it makes sense in terms of capital cost of capital to allow us to sort of unlock more cash flow.

Daniel Major, Analyst, UBS: Super clear. Thanks. And if I could just squeeze one more in. Just on the Western Forelands, I’m not sure if it’s a different messaging that you’ve been giving around the resource update in terms of giving, you know, an official resource update relative to to the interim update you gave in January. Is that a change in messaging or just misinterpreted it?

Alex Pickard, Executive Vice President, Corporate Development and Investor Relations, Ivanhoe Mines: Well, the interim update in January was just, you know, really showing you in terms of the strike and the deposits that we will be including in the resource update, but we’ve not put any numbers out to to substantiate tons and grade. The last numbers we put out were, you know, roughly eighteen eighteen months ago now. So these these numbers that are expected in the next couple of weeks are basically putting, you know, full resource estimates, tons and grades that will be signed off by an independent QP, which includes the Makoko West, discovery. It includes the Katoko discovery, some more drilling at Makoko itself. And that’s basically based on a it’s a it’s a cutoff up to the March.

But, obviously, you know, we’re still drilling very, very heavily, which is why we call it an interim resource. We’re by we’re by no no means done, and most of those deposits, you know, do remain open to some extent in in various directions, in particular, to the South and to the West.

Daniel Major, Analyst, UBS: Great. Look forward to it. Thanks.

Conference Operator: Lawson Winder at Bank of America Securities. Please go ahead.

Lawson Winder, Analyst, Bank of America Securities: Great. Thank you, operator. Thank you, Matt. And then thank you, Alex, David and Mark. Just wanted to ask about the power.

You guys spoke at length about the various power initiatives. Where I would like to focus is on the the solar power product that you guys have have created. What is the expected cost relative to your current grid cost with the solar project?

Mark Farrin, Chief Operating Officer, Ivanhoe Mines: No. That’s a good sorry, I forgot to mention it. It’s Mark. We’ve committed two solar projects of 30 megawatts each, and both of them will be running by mid mid twenty six, so 60 megawatts. And we and we’re talking to providers of the next two projects.

So they will be sort of we’ll be bringing in solar into the mix over time. The number the cents per kilowatt hour varies, but it is a range from about, let’s call it, 15 to 18 odd cents per kilowatt hour. It is quite expensive, but I think after these initial projects, we’ll we’ll see lower numbers coming through over time.

Alex Pickard, Executive Vice President, Corporate Development and Investor Relations, Ivanhoe Mines: And and and just important to add to what Mark was saying there, that that’s that 15 to 18¢ is including the depreciation because we’re we’re not funding the capital cost. So the the IPPs will fund the CapEx. We will just be the off taker.

Robert Friedland, Founder and Executive Co-Chairman, Ivanhoe Mines: I would hesitate not to add. It’s about less than half the cost of burning diesel, with no capital cost. So if you’re looking at a cascade of what you’d like to do, really nice to have solar with battery storage as backup. That’s solar that’s available twenty four hours a day instantaneously. That is not solar that is only available five hours a day.

So it’s gonna be the largest solar facility at any mining operation on planet Earth available twenty four hours a day at less than half the cost, well under half the cost of burning diesel. Thank you.

Lawson Winder, Analyst, Bank of America Securities: That’s that’s very exciting. Thank you very much, Robert. Nice to hear from you. And then I wanted to ask about Inga two, also, you know, very prospective and and exciting source of power going forward. So the initial allocation you mentioned in the release was 71 megawatts, and that would increase to one seventy eight, a very significant amount of your power needs.

Is that baseline and then the increase secured by some sort of contract? Or is there is there any risk that that could be pulled back or allocated to other users?

Mark Farrin, Chief Operating Officer, Ivanhoe Mines: It’s Mark again. So, yes, it’s a 78 megawatts, the turbine. The so it gets released into the grid over time because there’s certain other areas that that we have to strengthen. We’re adding capacitation into the grid at at both switching stations, one at Ingo and one at Kowesi, and then there’s some stability projects that we’ve initiated. I think I mentioned them the last time.

So the full one seventy eight is basically more or less the eight think it’s October, November next year. So it starts with an initial 50, and then it moves on to a hundred that we’ll get allocated. And then I think we’ve called for something like one fifty out of the one eighty that we’ve asked for in the long term. So there will be some of, let’s call it, our our work our cap capacity that we introduced getting, basically assisting assisting communities in the different areas as well, but not a lot of it.

Marna Clote, Chief Financial Officer, Ivanhoe Mines: Yeah. So so maybe just to add, there is a contractual obligation on the state owned power utility to provide the maximum allocation to people who contributed to the upgrade of generation and stability of the grid, but you do get a curtailment if there’s overall capacity constraints. So I think it remains to be seen sort of as the generation becomes available to the mine, what that constraints will be, but that’s why we also have the imports. And we’re working on a few exciting projects for infrastructure to get additional mine directly power directly to the mine as well to ensure that we have sufficient power for growth projects too.

Robert Friedland, Founder and Executive Co-Chairman, Ivanhoe Mines: Yeah. This is Robert. I think you can stop obsessing. I think you can stop worrying about power for the long term. We have so many other plans to bring in power regionally and to improve the regional grid.

Our problem is just growing pains, guys. We grew this mine so fast. Nobody ever nobody in the world thought we’d grow this mine this fast. It’s thrown off well over $6,000,000,000 of cash since it started less than four years ago, which is kind of mind blowing. So, we have turned the corner on power.

We have a lot of ideas, regionally, and it’s very important to benefit the Congolese nation. We’re now responsible for about 8% of the GDP of the country, and we’re heading to at least 10% of GDP. But in the future, we see a future where The Congo can produce millions of tons of copper per year that are not being produced now. The fundamental limiting, factor is hydroelectricity, and we’re gonna have it. So it’s it’s a % true to state that The Congo is the world’s fastest and greenest copper production on the planet.

Congo’s gone, from about number eight to number two in the world in copper production in no small part due to the efforts of our 30,000 people. And Congo’s going to stay number one or number two for the foreseeable future, highest grade, greenest copper production on Earth. So, we’re not really gonna tell you about all the other ideas we have on power, but we will tell you we have turned the corner on power, and that’s a function of the enormous efforts that Marna and Mark and her team have entered into. Thank you.

Lawson Winder, Analyst, Bank of America Securities: Okay. Yeah. Thank you, guys. And there’s no question. You guys have an incredible world class asset, and it’s nice to see that the power situation is catching up as a result of your hard work.

And thank you for taking my questions.

Alex Pickard, Executive Vice President, Corporate Development and Investor Relations, Ivanhoe Mines: You.

Conference Operator: You. Andrew Mikachuk at BMO Capital Markets. Please go ahead.

Orest Wowkodaw, Analyst, Scotiabank: Just a quick question on the Western Forelands. Can you give us any sense of how the drilling since the last resource has been kind of divided? Should we expect a much more material impact onto Makoko, Makoko West versus Katoko? Or just just so we have an idea of when we look at the old numbers, where there should be the most impact.

Robert Friedland, Founder and Executive Co-Chairman, Ivanhoe Mines: Thank you, Andrew. It’s nice to hear your voice. This is Robert Friedland. I’ve been in the mineral exploration business for forty years. I think you should exercise patience.

We’re going to 11 drill rigs, and we will reveal everything. As you know, we need independent appraisement of of what we’ve done, and it’s always a a backward looking look to last March. So in a few weeks, we can have another conference call, to explain, what the independent engineers are saying. But it it does say something that we’ve increased our drilling budget, and only god knows what may ultimately be found in the Western Forelands, and she may change her mind. So, give us a few more weeks, and, these independent numbers will be opening soon at a theater near you.

Orest Wowkodaw, Analyst, Scotiabank: Okay. Well, mostly expecting that answer. Thank you, Robert. And, thank you to the team for all the detail and the power and the success you’ve had there. I’ll I’ll sign off.

Robert Friedland, Founder and Executive Co-Chairman, Ivanhoe Mines: Thank you, Andrew.

Conference Operator: Thank you. There are no further questions on the line. I’ll turn the call back over to Matthew Kevo.

Matthew Keval, Director, Investor Relations and Corporate Communications, Ivanhoe Mines: Thanks very much, operator. And we are running up against time here with our sixty minutes, so we will conclude the call here today. I’d like to thank everyone once again for attending today’s event. And we look forward to speaking with you again soon on the many more exciting milestones to come in 2025. As Robert mentioned, do pay attention to the upcoming resource update on Western Forland and the forthcoming call on that.

So with that, thank you very much. And operator, you can wrap up the call.

Conference Operator: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.