Kipushi (Ivanhoe)

Lufilian Arc · Zn-Ge-Ga · Ivanhoe (68%) / Gécamines (32%, pathway to 38%)

dossier-gradeproducing

Derived from the deployed data layer at build · dataset v2.28.20 · record reviewed 2026-05-02 · machine-readable: /api/v1/deposits/kipushi.json · ⎙ print / save as PDF

Investment screen

DFI · investment house — is this fundable, watchable, or a pass?

Life-cycle stageproducing Derived

Operating statusOperating; world's lowest GHG-intensity zinc producer Sourced

Reserve scale (P+P (Big Zinc orebody, LOM blended))10.8 Mt @ 31.9% Zn Sourced ≈ 3.4 Mt contained Derived

Reserve basis (verbatim)100% project basis

Risk-adjusted rate (§10)not published — asset-level screening not yet worked (base formula is public; see gaps below) Absent

Value anchors

advisory · corporate development — what does the record support?

Resource (M+I)11.8 Mt @ 35.3% Zn Sourced

Resource basis (verbatim)100% project basis

Primary sourceIvanhoe Kipushi 2022 Feasibility Study Technical Report (NI 43-101), dated 14 February 2022, prepared by OreWin Pty Ltd, MSA Group (Pty) Ltd, SRK Consulting … Sourced

Comparables (Zn-matched)1 financing/benchmark — set spans, not market curves · deals · compare assets · data freshness Sourced

Risk read

mining major · insurer — what is the exposure?

Province IC compositeLufilian Arc — 6.75/10 Derived

Ownership structurePathway to 38% Gécamines pending CPs per 2023 JV agreement; current effective 68/32 per Feb 2026 filings Sourced

Recent events (record, newest last — tail shown)… roject Vault $12B strategic stockpile supply via Gécamines/Mercuria off-take reassignment (zinc + germanium + gallium routed to US); Tier-1 Ge source (~90 g/t) + Ga source (~70 g/t); 2025 GHG intensity 0.019 t CO2-e/t Zn Sourced

What this record does not yet support — disclosed, not estimated

Risk-adjusted discount rate — deliberately not published. A province-level base is mechanically computable from the published formula (r = 8.0% + (10 − IC) × 0.8%), but Afrimintel does not publish an asset rate without asset-level tenure, settlement, and structure screening (the §10 worked-dossier process). Publishing the base alone would misstate asset risk. Each worked decomposition converts this Absent to a Derived range.