The Globe and Mail reports in its Wednesday, Feb. 26, edition that Citi analyst Alexander Hacking has reaffirmed his "buy" recommendation for Ivanhoe Mines. The Globe's David Leeder writes in the Eye On Equities column that Mr. Hacking gave his share target a $4 trim to $20. Analysts on average target the shares at $23.49. Mr. Hacking sees Ivanhoe Mines on track for the expansion of its Kamoa-Kakula copper complex in the Democratic Republic of the Congo to reach 600,000 tonnes per year, however, he warns power availability is impacting costs and delaying smelter ramp-up. Mr. Hacking says in a note: "We update our Ivanhoe model to incorporate 4Q24 results and 2025 guidance. Copper production in 4Q24 reached 134kt with the ramp up of Phase 3 (32kt Cu) on a C1 cost of $1.75/lb. Kamoa-Kakula production was reiterated at 520-580kt Cu for 2025. C1 cost was announced at $1.65 to $1.85/lb (vs Citi $1.60/lb) with the company citing power availability as the main challenge; in particular, this has delayed the ramp up of the smelter by three months until 2Q. Kamoa-Kakula capex is $1.5-billion with $300-million for Platreef and $100-million for Kipushi or $1.9-billion on a 100-per-cent basis in 2025."