diff --git a/Custom_Toolchains/ipsmpi.py b/Custom_Toolchains/ipsmpi.py
index ccb0767a2508fee29f6056ba41fcd77fd21f0f27..2a92bcecee65de33df0f9e093beeed7540ced160 100644
--- a/Custom_Toolchains/ipsmpi.py
+++ b/Custom_Toolchains/ipsmpi.py
@@ -59,7 +59,8 @@ class Ipsmpi(IccIfort, IntelCompilersToolchain, Psmpi):
             # 'a' is assumed to be equivalent with '.01' (January), and 'b' with '.07' (June)
             # (good enough for this purpose)
             self.ipsmpi_ver = self.version.replace('a', '.01').replace('b', '.07')
-            if LooseVersion(self.ipsmpi_ver) >= LooseVersion('2020.12'):
+            # Strip out -mt if necessary for the comparison, otherwise it breaks
+            if LooseVersion(self.ipsmpi_ver.replace('-mt', '')) >= LooseVersion('2020.12'):
                 self.oneapi_gen = True
                 self.SUBTOOLCHAIN = IntelCompilersToolchain.NAME
                 self.COMPILER_MODULE_NAME = IntelCompilersToolchain.COMPILER_MODULE_NAME