Ivanhoe Mines Ltd (IVPAF)

[BannedBillyBoy]

CIBC initiated coverage September 14 with a "Neutral " rating and a 12-18 month target of CDN$ 5.00.

From the CIBC research.

"We expect IVN to be the main source of funding for its three projects: 1) for Kamoa-Kakula, issuing around $250M in debt and equity (50/50) and taking Crystal River's 1% in the project in Q1/18; 2) Platreef financed with $1.0B in debt and equity (50/50) in Q1/19; and, 3) Kipushi financed with $510M debt and equity (50/50) in Q4/20.

Despite the increase in borrowings ($1B by 2020), we estimate net debt to equity to peak at 49.6% by 2021, declining to NIL during 2023 after the ramp-up of Kamoa-Kakula. "

To me this is good news, ( not great because of the additional equity issuance expected) and $5 CDN is well below my 12-18 month expectations. But as always, do your own dd.


Oh, and this report was sent to me this morning by my broker , 11 days after its release, and this is my biggest holding with him with great distance. ffs.