Analyst Andrew Mikitchook from BMO Capital maintained a Buy rating on Ivanhoe Mines and keeping the price target at C$23.00.
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Andrew Mikitchook has given his Buy rating due to a combination of factors related to Ivanhoe Mines’ operational progress and future potential. The ongoing dewatering efforts at the Kakula Mine are advancing, with expectations for completion by early December 2025, which will allow access to higher-grade areas and potentially increase production efficiency. Despite slight delays, these developments are not anticipated to significantly affect the company’s medium-to-long-term plans.
Additionally, Ivanhoe Mines is addressing power supply issues with new infrastructure projects, including additional power from Inga and a solar facility, which are expected to stabilize operations and reduce costs. The company’s portfolio of high-quality assets is considered undervalued by the market, and with the expansion of production at Kamoa-Kakula, a revaluation is anticipated as Ivanhoe Mines transitions to a high-margin producer. These factors collectively support the Buy rating, highlighting the company’s strong growth prospects and operational resilience.
According to TipRanks, Mikitchook is a 5-star analyst with an average return of 24.2% and a 60.82% success rate. Mikitchook covers the Basic Materials sector, focusing on stocks such as Ivanhoe Mines, K92 Mining, and Orla Mining.
In another report released yesterday, Stifel Nicolaus also maintained a Buy rating on the stock with a C$18.00 price target.