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 · dealsSourced
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)2025 production record 203,168 t Zn; 2026 guidance 240-290 kt; concentrator debottlenecked to 960 ktpa Aug 2025 … 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.