Ivanhoe Mines digs for copper, zinc, and platinum-group metals in Africa, with flagship projects in the DRC and South Africa.
Revenue is small and lumpy—USD 0.45B in 2025—with negative gross margins, but net income of USD 0.27B comes from non-operating gains, not core mining.
Ivanhoe's advantage lies in owning world-class copper assets (Kamoa-Kakula) that are hard to replicate, but it faces execution risks and competition from Glencore and Barrick. Moat is solid for now, though margins are thin.
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