IRC
IRC Limited is a Hong Kong-listed iron ore producer and the largest mining operator in the Russian Far East, selling 65% Fe concentrate from its K&S mine primarily to Chinese and Russian steel manufacturers via the Amur River Bridge and Trans-Siberian Railway.
- Company typePublic
- Founded2010
- HeadquartersCentral, Hong Kong SAR China
- Headcount1,001–5,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What IRC does
IRC Limited is a Hong Kong-listed iron ore mining company (HKEX, IPO 2010) and the largest iron ore mining operator in the Russian Far East. Its flagship asset is the 100%-owned K&S mine in the Jewish Autonomous Region, an integrated operation across the Kimkan and Sutara deposits with crushing, screening, and magnetic separation processing facilities producing commercial iron ore concentrate at 65% Fe grade. Phase I nameplate capacity is 3.2 million tonnes per annum, expandable to 6.3 million tonnes with Phase II; the Sutara deposit, which began mining in July 2024, contributed 89% of ore mined in 2025 and supports an estimated 30+ year mine life.
The company's go-to-market is sales-led, shipping approximately 1.8 million tonnes (around 63% of total shipments) via the Amur River Bridge to Chinese steel manufacturers in 2025, with rail connections via the Trans-Siberian Railway serving Russian customers. Seaborne sales were suspended due to volatile operating conditions. The 2025 financial year showed production of 2,925,373 tonnes (+23% YoY), sales volume up 25%, capacity utilization rising from 75% to 93%, and unit cash cost per wet metric tonne declining 9.8% to US$77.6. Despite these operating gains, the period closed with a US$131 million net loss driven by a US$160 million non-cash impairment, and a February 2026 rights issue was used to raise additional capital.
Beyond K&S, IRC holds a 99.76% interest in the Garinskoye advanced exploration project (over 3,500 km² in Amur Region, optionality for low-cost DSO or super-concentrate production at 68% Fe), and a 70%-owned mining consultancy subsidiary Giproruda in St. Petersburg. The Steel Slag Reprocessing Plant joint venture with Jianlong Steel was divested in July 2025 for RMB32.2 million (approximately US$4.5 million). Largest shareholder is Axioma Capital FZE LLC, wholly owned by Chairman Nikolai Valentinovich Levitskii, with CEO Denis Cherednichenko and CFO Danila Kotlyarov leading operations.
IRC firmographics
Firmographics- Name
- IRC
- Legal name
- IRC Limited
- Website
- https://ircgroup.com.hk
- Company type
- Public
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- IRC Limited is a Hong Kong-listed iron ore producer and the largest mining operator in the Russian Far East, selling 65% Fe concentrate from its K&S mine primarily to Chinese and Russian steel manufacturers via the Amur River Bridge and Trans-Siberian Railway.
- Ownership category
- akta.pro rank
Where IRC is headquartered
LocationHeadquarters
- HQ city
- Central
- HQ country
- Hong Kong SAR China
- HQ region
- Asia
Offices3 records
Markets served
IRC business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Infrastructure, Supply Chain
Revenue model
- Iron Ore Concentrate Sales: Primary revenue stream from production and sale of commercial iron ore concentrate (65% Fe grade) produced at K&S mine. Production volume in 2025 was 2,925,373 tonnes, a 23% increase from 2024. Sales volume rose 25% year-over-year. Majority of shipments (approximately 63%) transported via Amur River Bridge to Chinese customers. Seaborne sales suspended due to volatile operating environment.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Pricing based on iron ore commodity market rates with unit cost indicator of US$77.6/wmt |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels3 records
IRC product offering
Product offeringCore offering
IRC is the largest iron ore mining operator in the Russian Far East, operating the K&S Mine which produces 65% Fe iron ore concentrate through integrated open-pit mining and dry magnetic separation processing. The company sells its concentrate primarily to Chinese and Russian steel manufacturers, transported via the Amur River Bridge and Trans-Siberian Railway. Through its 70%-owned Giproruda subsidiary, IRC also provides mining technical research and consultancy services.
Product overview
IRC is the largest iron ore mining operator in the Russian Far East. The company's product portfolio centers on its flagship K&S Mine, a fully-owned operation producing 3.2 million tonnes per annum of high-quality 65% iron ore concentrate. The company also holds the advanced Garinskoye exploration project (99.76% owned) which offers development potential for additional iron ore production. Through its 70%-owned subsidiary Giproruda, the company provides mining technical research consultancy services. IRC focuses on world-class mining operations with long-term customer relationships in China and Russia, utilizing established infrastructure including the Trans-Siberian Railway and the Amur River Bridge for product delivery.
Differentiator
Problem solved
Functional benefit
Products and services
- Iron Ore Concentrate (65% Fe) from K&S Mine
- Giproruda Mining Technical Research and Consultancy
Quantifiable outcome
- Production volume increased 23% year-over-year to 2,925,373 tonnes in 2025
- +4 more outcomes
Companies that use IRC
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles3 records
IRC technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
IRC partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered minor.
- Xianglong (subsidiary of Jianlong Steel)minorJianlong Steel joint venture partner for Steel Slag Reprocessing Plant (SRP). On 28 July 2025, IRC entered into an Equity Transfer Agreement to sell its 46% equity interest in the JV to Xianglong at a consideration of RMB32.2 million (approximately US$4.5 million). IRC ceased to have any equity interest in the SRP project following this disposal.
- Jianlong SteelminorJoint venture partner for Steel Slag Reprocessing Plant project. The SRP originally sourced feedstock from Kuranakh and later switched to local Chinese feedstock. Due to relatively small scale, SRP's contribution to Group results was not material. JV equity was sold in July 2025.
Scale indicators11 records
Recent moves8 records
Expansion highlights6 records
IRC competitors and assessment
Company assessmentDirect peers
- Vale S.A. World's largest iron ore producer, headquartered in Brazil. Directly comparable as a pure-play iron ore miner producing concentrate and pellets for steel industry customers globally, including shipments to China.
- Rio Tinto: One of the largest global iron ore producers (Pilbara operations in Western Australia). Comparable as a major iron ore miner serving Chinese steel customers with high-grade concentrate and pellet feed.
- Anglo American plc: Diversified major with significant iron ore operations (Kumba Iron Ore in South Africa). Comparable as a producer of iron ore concentrate for global steel industry supply chains.
- BHP: Major diversified miner with substantial iron ore operations in Western Australia. Comparable as a major iron ore producer serving Chinese steel demand with bulk concentrate shipments.
- Ferrexpo plc: Swiss-domiciled mid-cap iron ore producer with Ukrainian operations supplying 65%+ Fe pellets to European and Asian steelmakers. Closely comparable in scale and product specification (high-grade iron ore concentrate/pellets).
- Fortescue Metals Group: Australian pure-play iron ore producer focused on bulk hematite concentrate and fines for Chinese steelmakers. Comparable in business model specialization and end-market focus on Chinese steel mill demand.
- Cleveland-Cliffs Inc. Largest iron ore pellet producer in North America, supplying integrated steel producers. Comparable as a focused iron ore miner with cost and grade focus on supplying steel industry customers.
Regional players
- Metalloinvest: Russia's largest iron ore producer and a major steelmaker. Most directly comparable in geographic and operational context as a Russian-domiciled iron ore miner serving domestic and export markets.
- Mechel PAO: Russian mining and metals company with iron ore, coal, and steel operations. Comparable as a Russian-domiciled miner producing iron ore for steel industry customers in regional markets.
Broad incumbents
- ArcelorMittal SA: World's largest integrated steelmaker with captive iron ore mining operations. Comparable as a major iron ore miner through its mining segment, supplying both internal and external steel customers.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
IRC social profiles
Digital presenceIRC financial estimates
Financial estimateRevenue estimate
Valuation estimate
IRC leadership team
Management profileNumber of profiles
Profiles8 records
IRC subsidiaries and ownership
Company hierarchySubsidiaries2 records
IRC funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
IRC M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about IRC
What does IRC do?
IRC is the largest iron ore mining operator in the Russian Far East, operating the K&S Mine which produces 65% Fe iron ore concentrate through integrated open-pit mining and dry magnetic separation processing. The company sells its concentrate primarily to Chinese and Russian steel manufacturers, transported via the Amur River Bridge and Trans-Siberian Railway. Through its 70%-owned Giproruda subsidiary, IRC also provides mining technical research and consultancy services.
Is IRC a public or private company?
IRC is a public company. It is classified as public and is currently operating.
When was IRC founded?
IRC was founded in 2010. It employs 1,001 to 5,000 people.
Where is IRC based?
IRC is headquartered in Central, Hong Kong SAR China, in the Asia region.
How does IRC make money?
One revenue line is on record: iron Ore Concentrate Sales.
Who are IRC's main competitors?
Direct peers on record are Vale S.A., Rio Tinto, Anglo American plc, BHP, Ferrexpo plc, Fortescue Metals Group and Cleveland-Cliffs Inc.. Regional players are Metalloinvest and Mechel PAO. ArcelorMittal SA is listed as a broad incumbent.
Does IRC have an API?
No public API is recorded for IRC.