Ivanhoe Mines.

Fair Pay & Worker Respect

As a large-scale mining operator, the company is inherently subject to significant risks and responsibilities regarding worker safety, labor rights, and fair compensation, but its core business model does not inherently advance or harm these values without specific behavioral evidence. Ivanhoe Mines demonstrates strong performance in worker respect and fair pay across its Southern African operations, supported by data from its 2023-2025 sustainability reports.

Collective Bargaining & Labor Relations: The company reports exceptionally high collective bargaining coverage. In 2025, coverage reached 95% at Kamoa-Kakula, 90% at Platreef, and 92% at Kipushi. These figures consistently exceed the 80% threshold for the highest tier. Furthermore, the company reported zero strikes or lockouts in 2025 and 2023, with only minor protests (under one day) in 2024. Safety Incident Rate: The company maintains a Total Recordable Injury Frequency Rate (TRIFR) well below 1.0 when measured per 200,000 hours (the rubric standard). The reported group-wide TRIFR was 0.89 in 2024 and 1.26 per 1,000,000 hours in 2025 (which converts to approximately 0.25 per 200,000 hours). While fatalities occurred in 2023 (1) and 2024 (2), the 2025 report recorded zero fatalities, aligning with a near-zero injury status. Turnover & Engagement: The voluntary turnover rate is stable and low, recorded at 3.75% in 2023, 9.51% in 2024 (due to construction completion), and 9% in 2025. These figures place the company in the top-tier benchmarks for retention. Labor Violations: The company maintains a clean record regarding substantiated labor law violations. #7 It has implemented a zero-tolerance policy for forced and child labor, supported by independent Human Rights Impact Assessments (HRIAs) and public reporting under Canadian law. Health Insurance: Ivanhoe provides comprehensive health coverage. In South Africa, employees and dependents receive medical insurance, while in the DRC, service-level agreements with local hospitals ensure access for employees and their immediate families, effectively covering 100% of the workforce.

Fair Trade & Ethical Sourcing

As a mining company operating in the DRC and South Africa, Ivanhoe Mines faces inherent, high-risk challenges regarding supply-chain provenance, artisanal mining encroachment, and human rights due diligence in regions historically plagued by forced and child labor. Ivanhoe Mines (IVN.TSX) demonstrates a strong commitment to local and indigenous procurement, though its broader supply chain traceability and audit frameworks are still in a scaling phase. - **Supplier Diversity Spend (Tier 100):** The company reports exceptionally high local procurement figures. In 2024, local spend reached 73.58% at Kamoa-Kakula, 98.81% at Platreef, and 86.41% at Kipushi.

Total local procurement spend in 2025 was approximately $2.36 billion, significantly exceeding the 40% threshold for the highest tier. - **Forced/Child Labour Incidents (Tier 10):** The company reported zero substantiated incidents of forced or child labour across its operations and supply chain in 2023, 2024, and 2025. It maintains a zero-tolerance policy and complies with the Canadian Fighting Against Forced Labour and Child Labour in Supply Chains Act. - **Ethical Clause Coverage (Tier 10):** Ivanhoe requires all suppliers to comply with its Code of Business Conduct and Ethics. In 2024 and 2025, it updated standard contractual terms to include specific enforceable provisions regarding forced and child labour. - **Traceability Coverage (Tier -50):** While the company has launched the EcoIQ digital assessment platform, it is currently in a pilot phase. At the Platreef project, supplier engagement reached 66% in 2025, but group-wide mapping through tier 3 remains in the early stages of implementation. - **Audit Frequency (Tier -70):** Evidence indicates that environmental and social compliance audits are generally conducted biennially (every 2 years) for DRC operations, while security providers undergo annual training audits. There is no evidence of more frequent or real-time multi-tier auditing at this stage.

Honest & Fair Business

As a mining company operating in high-risk jurisdictions like the DRC, the business is subject to significant regulatory and transparency scrutiny, but its core extraction activities do not inherently advance or harm the value of 'Honest & Fair Business' without specific evidence of corruption or exemplary disclosure practices. Ivanhoe Mines (IVN) demonstrates a robust commitment to transparency and ethics, though some governance metrics reflect its complex joint-venture structure. **Regulatory & Ethics:** The company reports zero material environmental or social fines in 2024.

A significant 2021 RCMP investigation into potential historical corruption (2014–2018) was officially closed in March 2025 with no charges recommended, supporting a clean recent record. In 2024, IVN formalized its governance by publishing its first standalone Anti-Bribery and Anti-Corruption (ABAC) policy and an updated Whistleblower Policy. The whistleblower system is managed by an independent third party (EthicsPoint), operates 24/7 in multiple languages, and includes documented remedial actions (e.g., an employee dismissal for misconduct in 2024). **Transparency & Audit:** IVN is a validated member of the EITI and discloses payments to governments under ESTMA. While it publishes annual sustainability reports verified by PwC, the EITI noted that beneficial ownership and contract transparency are only "partially met." Audit coverage includes approximately 85% of the business, specifically noting the inclusion of certain joint ventures. There have been no material financial restatements in the last five years, though minor restatements of audit fee disclosures occurred to improve accuracy. **Board & Complaints:** The board is 64% independent (7 of 11 directors), with non-independent seats held by major shareholders (CITIC and Zijin), which is below the highest tiers for conflict-free composition. Regarding stakeholder relations, the company resolved 83% of 70 grievances received in 2024. While specific median resolution days aren't provided, the year-end closure rate suggests a functional mechanism. ESG ratings are mixed, with an 'A' from MSCI but a 'C-' from ISS, placing it in a moderate risk category.

Kind to Animals

Large-scale mining operations inherently involve significant land disturbance, habitat fragmentation, and biodiversity loss, which directly threaten local wildlife populations and ecosystems. Ivanhoe Mines (IVN.TSX) is a mining company whose operations primarily impact animals through habitat management and community-based agricultural programs. Regarding Wildlife Conservation Impact, the company is tiered at -60. While it reports zero hectares of operations in protected or key biodiversity areas (KBA)

, and has implemented Biodiversity Action Plans (BAPs) at its Platreef and Kipushi projects , its conservation efforts are relatively small-scale compared to its mining footprint. Documented initiatives include an apiary program at Platreef (expanded to 60 hives in 2024) , snake awareness training , and the relocation of specific flora (Dilungu habitat) . These represent multi-year projects with basic outcome measurements but lack the ecosystem-scale results required for higher tiers. Regarding Animal Agriculture Ethics, the company is tiered at -70. Through its Sustainable Livelihoods Program, Ivanhoe supports and constructs community poultry and aquaculture facilities . In 2023/2024, these included poultry houses for thousands of layers (producing nearly 800,000 eggs annually) and hundreds of fishponds . There is no evidence of cage-free requirements, enrichment protocols, or specific animal welfare standards for these operations . The presence of these programs indicates standard industry density and basic agricultural support without advanced welfare safeguards. KPIs related to animal testing (policy, volume, alternative usage, and R&D collaboration) and cruelty-free certifications are scored at 0 (N/A) . As a mining and exploration firm, Ivanhoe does not engage in product safety testing on animals or produce animal-derived consumer goods, and these topics were confirmed as non-material in the company's sustainability reporting .

No War, No Weapons

As a mining company focused on copper, nickel, and platinum-group metals, Ivanhoe Mines provides raw materials for the global economy; while these metals are dual-use, the company's core business is not inherently tied to arms manufacturing or military contracting. Ivanhoe Mines (IVN.TSX) is a mining company focused on copper, zinc, and platinum-group metals.

Based on the provided evidence, the company has no involvement in arms manufacturing, defense contracts, or military technology, resulting in a score of 0 for several KPIs including revenue_arms_contracts, dual_use_technology, and zero_exposure_controversial_weapons. Regarding human rights and conflict-zone operations, the company explicitly aligns its policies with the UN Guiding Principles on Business and Human Rights (UNGPs), earning a tier of 10 for ungp_alignment. It operates in the Democratic Republic of Congo (DRC), which it identifies as a conflict-affected and high-risk area. While it conducts Human Rights Impact Assessments (HRIAs) and has updated its Human Rights Policy (2023/2024), the evidence indicates that independent HRIAs are conducted on a cycle of approximately every 2–3 years (e.g., Platreef and Kipushi in 2024, with Kamoa-Kakula updated in 2024), which aligns with tier -80 for hr_due_diligence_freq. The company maintains a Code of Business Conduct that strictly prohibits the possession of unauthorized weapons at its project sites. It also implements the Voluntary Principles on Security and Human Rights (VPSHR) for its security personnel. There is no evidence of peacebuilding investments as defined by the rubric (strategic disarmament or mediation grants), nor is there evidence of lobbying related to arms control. The company's focus remains on mineral extraction for the energy transition.

Planet-Friendly Business

As a mining company, Ivanhoe Mines' core business involves significant land disturbance, water usage, and energy-intensive extraction processes, which inherently pose risks to ecosystem health and biodiversity, despite the metals produced being necessary for the energy transition. Ivanhoe Mines (IVN.TSX) demonstrates a complex environmental profile characterized by high absolute emissions but significant investment in regional climate adaptation and renewable infrastructure. In 2025, the company reported total absolute emissions of approximately 5.5 million tCO2e (Scope 1-3), placing it in the -70 tier for emissions.

While it has pledged net-zero for Scope 1 and 2 at Kamoa-Kakula, it lacks validated SBTi targets, currently modeling them for a 2026 release. Operational energy is a strength; while group-wide renewable energy consumption was 42% in 2025, specific sites like Kamoa-Kakula and Kipushi utilize 100% renewable grid power (hydropower). The company has invested over $580 million in DRC hydro-infrastructure, qualifying it for a high tier in climate adaptation financing (50) as these investments support both operations and regional resilience. Water management is proactive: only 0.21% of water is withdrawn from stressed basins, though total consumption is high relative to revenue (approx. 33,807 ML against $4.5B value created). Biodiversity efforts cover roughly 3-5% of land area through rehabilitation (32 hectares) and nursery programs. Compliance is exemplary with zero material fines or sanctions reported in 2024-2025. The company is also advancing its climate risk disclosures, having conducted scenario analysis with the Carbon Trust and aligning with TCFD/ISSB standards. Socially, it has established 'Just Transition' elements through the Kamoa Centre of Excellence and community water security projects (143 boreholes), though these are still scaling.

Respect for Cultures & Communities

As a large-scale mining operator in the DRC and South Africa, the company's core business inherently involves significant land use and potential disruption to local and indigenous communities, which carries a high risk of negative impact on community rights and heritage. Ivanhoe Mines presents a complex profile regarding community relations, characterized by high local economic integration alongside significant resettlement challenges. On the negative side, the Kamoa-Kakula project has displaced over 1,300 people since 2017.

While Amnesty International confirmed these were not 'forced evictions' and followed international consultation standards, significant grievances exist regarding the quality of resettlement housing. Reports from 2023/2024 highlight that replacement homes lacked running water, electricity, and sewage systems, creating a disparity with mine-site infrastructure. Water rights are a 'recurring grievance,' with displaced communities reporting broken boreholes and reliance on contaminated streams, though the company has since installed additional solar-powered wells. Cultural heritage impacts are minimal but noted through the relocation of approximately 159 graves at the Platreef project. Community protests in 2024 were isolated and lasted less than a day, indicating minor local opposition. On the positive side, Ivanhoe demonstrates industry-leading local employment and procurement. In 2024/2025, local hire rates reached 91-97% across operations, and local procurement spend ranged from 73% to 98%. The company has established verified benefit-sharing structures, notably the Bonega Communities Trust (20% equity stake for 20 communities at Platreef), supported by annual contributions of ~$588,000 pending dividends. Grievance mechanisms are functional and independently reviewed, with a resolution rate of 83% in 2024 (up from 70% in 2023). The company reports no indigenous communities within its current operational footprint, rendering FPIC violations non-applicable.

Zero Waste & Sustainable Products

As a primary mining company, Ivanhoe Mines extracts raw materials rather than manufacturing consumer products, making the 'cradle-to-cradle' or 'waste-reduction' design principles of this value largely inapplicable to their core business model. Ivanhoe Mines demonstrates a structured approach to waste management, though quantitative diversion rates remain low due to the scale of mining operations. In 2024, the company generated approximately 36,648 tonnes of general waste and recycled 2,557 tonnes, resulting in a diversion rate of approximately 7%.

This places it in the -90 tier. The company has implemented over 10 distinct initiatives, including backfilling 50-60% of tailings underground, recycling concentrate spillages (>120,000 tonnes), rebuilding haulage trucks to extend asset life, and establishing 11 community recycling buy-back centers. These are considered transformative for the sector (-10). The company has active reduction and recycling programs, such as recycling 4 tonnes of batteries and 761,600 liters of used oil for fuel production, though significant amounts of hazardous waste (22,892 tonnes at Platreef) are still sent to external sites (-60). Operations undergo biennial (every 2 years) external environmental compliance audits, with the most recent conducted in 2024 (-30). The company reported zero material environmental fines, sanctions, or license violations across all projects for at least the past three reporting years (2022-2024), reflecting exemplary compliance (-40). Ivanhoe has established quantitative targets for specific streams (e.g., Platreef's 2,000 kg recycling target) and is developing a group-wide five-year waste reduction strategy with interim targets (-60). The company sets industry standards through extensive programs like "Captain Fanplastic" in local schools, engaging 200 truck drivers on disposal practices, and conducting community health and sanitation campaigns (-10).