IRC

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.

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

Headquarters

HQ city

Central

HQ country

Hong Kong SAR China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Supply Chain

Revenue model

1. 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

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core 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

Named customers2 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered minor.

• Xianglong (subsidiary of Jianlong Steel)minorStrategic or Co-development Partner · 28 July 2025Jianlong 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 SteelminorStrategic or Co-development PartnerJoint 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

Direct 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

• LinkedInlinkedin.com/company/irc-limited-1029-hk-

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IRC