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Cross-Asset Portfolio Comparison

5 intelligence-grade dossiers side-by-side · v1.0.59 first publication 13 May 2026 · Editorial responsibility: Nikesh Patel · Quality Standard three-state discipline preserved across all comparison cells.

What this view does. Side-by-side comparison of the 5 worked intelligence-grade dossiers across asset profile, bankability dimensions (per Methodology §10), downstream-risk substrate, multilateral safeguards framework integration, and counterparty eligibility. Designed for DFI investment officer + portfolio manager workflow: compare assets in a pipeline against shared analytical frame rather than reading 5 separate dossiers in sequence. Each cell carries Quality Standard state tag preserved from the source dossier substrate.
Companion view: the at-a-glance decision-shape matrix presents the same five dossiers across fourteen institutional-screening dimensions in one table — a faster entry point if you want to scan decision shape, key risk, and screening reading before opening this deeper analyst surface.

Asset profile

Dimension Kabanga Kamoa-Kakula Manono Loulo-Gounkoto Lobito Corridor
Country Tanzania DRC DRC Mali Angola / DRC / Zambia
Province East African Rift Lufilian Arc Congo Craton West Africa Birimian Multi-jurisdiction
Commodity Ni-Cu-Co Cu Li-Sn-Ta Au Cu-Co + logistics
Stage Pre-FID greenfield Operating supermajor Disputed tenure Operating post-settlement Operating + expansion
Reserve (Mt) 52.2 SRCD 466 SRCD null (disputed) PEND 57.0 SRCD n/a (infrastructure)

Bankability decomposition (Methodology §10)

Dimension Kabanga Kamoa-Kakula Manono Loulo-Gounkoto Lobito Corridor
A. NPV anchor Lifezone FS TRS PEND Ivanhoe NI 43-101 ($5.5–20.2bn LoM scenarios) INF-PROP AVZ pre-dispute DFS PEND Barrick AIF 2025 PEND Multi-segment PEND
D. Discount rate ~11-12% DRVD
Inferred upstream IC		 ~12-13% DRVD
Inferred upstream IC		 ~13-14% + dispute premium DRVD
Inferred upstream IC		 ~12-13% DRVD
Inferred upstream IC		 Multi-segment PEND
IC composite 5.5 INF 4.7 INF 2.8 INF 4.0 INF Multi-jurisdiction PEND
E. Counterparty profile DFI debt anchor → bank syndication → strategic equity Corporate balance sheet → bond → strategic acquirer Pre-resolution: limited DFI; post-resolution: pathway-dependent Streaming/royalty → DFI debt (durability-gated) Multilateral cofinancing (US DFC + AfDB + Afreximbank + EU GG)
F. Sensitivity PEND framework INF-PROP cycle 1 closed PEND resolution-conditional PEND PEND v1.3 cycle

Downstream risk substrate

Dimension Kabanga Kamoa-Kakula Manono Loulo-Gounkoto Lobito Corridor
ACLED admin1 Kagera (Tanzania) Lualaba (DRC) Tanganyika (DRC) Kayes (Mali) 4-segment corridor
12mo events 4 SRCD 34 SRCD 44 SRCD 302 SRCD 86 aggregate SRCD
Severity LOW MEDIUM MED-HIGH CRITICAL MED (avg) / HIGH (max)
Water basin (TNFD) Kagera River → Lake Victoria basin Lualaba River → Congo Basin upper Lualaba tributaries → Congo Basin DRVD v1.0.57 Falémé River → Senegal River basin Multi-basin transit

Multilateral safeguards framework integration (Component E v1.2)

Framework Kabanga Kamoa-Kakula Manono Loulo-Gounkoto Lobito Corridor
IFC PS1 tier 1 MATERIAL PEND 1 MATERIAL SRCD 1 MATERIAL PEND 1 MATERIAL INF-PROP 1 MATERIAL PEND
IFC PS3 tier 1 MATERIAL PEND 1 MATERIAL INF-PROP 1 MATERIAL PEND 2 RELEVANT INF 2 RELEVANT INF
IFC PS4 tier 1 MATERIAL PEND 1 MATERIAL INF-PROP 1 MATERIAL PEND 2 RELEVANT INF 1 MATERIAL PEND
IFC PS5 (resettlement) 1 MATERIAL PEND 2 RELEVANT INF 1 MATERIAL PEND 3 CONTEXT INF 1 MATERIAL PEND
IFC PS6 (biodiversity) 1 MATERIAL PEND 2 RELEVANT INF 2 RELEVANT INF 3 CONTEXT INF 2 RELEVANT INF
WB ESF proximity Tier 2 SRCD Tier 2 SRCD Tier 3 INF Tier 3 INF Tier 1 SRCD
AfDB ISS OS1 1 MATERIAL PEND 1 MATERIAL INF 2 RELEVANT INF 2 RELEVANT INF 1 MATERIAL PEND

Counterparty eligibility (cross-asset)

Counterparty class Kabanga Kamoa-Kakula Manono Loulo-Gounkoto Lobito Corridor
IFC private DFI Active eligibility DRVD Not typical at profile Pre-resolution: limited Durability-gated Cofinancing structure
AfDB regional DFI Active DRVD Lobito Corridor exposure INF Reduced pre-resolution Post-coup reduced Named cofinancier SRCD
US DFC US-Tanzania MSP context INF — KoBold framework conditional — Named cofinancier SRCD
Streaming/royalty — — — Franco-Nevada / Wheaton precedent INF —
Bond market — Corporate-grade eligibility INF — — Concession-based eligibility
Strategic acquirer BHP/Glencore/Vale/Norilsk/cathode majors INF BHP/Anglo/Rio/Glencore INF Resolution-conditional Au majors INF Trafigura+Mota-Engil+Vecturis JV SRCD

Portfolio observations — editorial synthesis

Framing note (v1.0.60). The observations below are editorial synthesis drawn from the substrate above — pattern observations about the portfolio's structural composition, not Sourced or Derived analytical outputs. They are useful as orientation for institutional readers but should be read as editorial framing rather than methodologically rigorous portfolio analysis.

Methodology cross-links

Per-dossier deep-dives: Kabanga · Kamoa-Kakula · Manono · Loulo-Gounkoto · Lobito Corridor

Framework: Methodology v1.1 · §10 Bankability and Risk-Adjustment · Quality Standard · Audit Log

Editorial responsibility: Nikesh Patel · Counterparty Extension preserved: no claim that any DFI / streaming / strategic counterparty has reviewed or approved any asset · Quality Standard three-state discipline preserved across all comparison cells with explicit state tags · v1.0.59 first publication 13 May 2026.