The inauguration of the first phase of Ivanhoe Mines subsidiary Ivanplats' Platreef platinum/palladium/nickel/rhodium/gold/copper mine is an important moment for the company, for the mining industry and for South Africa, President Cyril Ramaphosa commented in a speech at the launch event on November 18.

The President was among a delegation of national, provincial and local dignitaries who attended the opening ceremony. The delegation was greeted by board members and senior management from Ivanhoe Mines and Ivanplats, representatives from Ivanplats’ historically disadvantaged, broad-based, black economic empowerment partners and representatives from the Japanese partnership consortium, consisting of ITOCHU Corporation; Japan Oil, Gas and Metals National Corporation; and Japan Gas Corporation.

He highlighted that platinum group metals were strategic enablers in the critical minerals transition and that the Platreef mine was integral to the success of the country's new Critical Minerals Strategy. 

"We are extremely encouraged that the Platreef mine has integrated sustainability principles and practices into its operations, with respect both to energy and water management.

"We know that our country’s water resources are extremely stressed. So, efforts to adopt technologies and systems to manage water, mine waste and the associated environmental impacts are to be welcomed. 

"We commend Ivanplats for its efforts to revitalise local water infrastructure across the mine’s host communities in line with the company’s Social and Labour Plan," Ramaphosa said.

He added that the Platreef mine was leading the way on energy sustainability with a 5 MW on-site solar farm, which earlier this year began supplying power to the mine’s operations and to supplement grid supply. 

"The opening of mines like Platreef gives us confidence that the mining industry will continue to grow," the President said, adding that the mine would also benefit surrounding communities, through employment, as well as community and employee share ownership schemes.

“150 000 historically disadvantaged, local people are actually equity owners in this mine . . . 26% of this mine is operated by independent trusts on behalf of local people and over 60% of our workers are from this community . . . and all of our miners are proud South Africans. I thank God for your efforts . . . I thank all of you and I humbly say I want to thank our Japanese partners who invested, brought capital into this country . . . I want to thank the leadership of [former South African] President Kgalema Motlanthe and then President Cyril Ramaphosa . . . thank you very much . . . God bless all of you who will make this mine live for another 200 years,” Ivanhoe founder and co-chairperson Robert Friedland said at the opening of the mine.

He added that Platreef would be the largest mine on the African continent for precious metals.

"Today we just have Phase 1, the baby mine . . . the first little bubble . . . in two years, the giant shaft will begin, the largest shaft in Africa," he stated.

FIRST CONCENTRATE
The Platreef mine’s Phase 1 concentrator commenced the final stages of hot commissioning on October 29, with the first feed of platinum/palladium/nickel/rhodium/gold/copper ore. The first production of concentrate took place during the mine's inauguration ceremony on November 18.

As announced on May 8, 2025, underground development of the thick, high-grade Flatreef orebody on the 850 m level commenced on April 30. Between then and October 30, a total of 391 m of reef development in ore had been completed and, of the total 21 702 t of ore blasted, 15 369 t had been hoisted to surface. Reef development on the 750 m level had also recently commenced.

Development ore continues to be hoisted to surface via Shaft #1 and stored in surface stockpiles. The lower-grade development ore stockpiles will be used to feed the 800 000 t/y Phase 1 concentrator during the initial stages of ramp-up.

Equipping of Shaft #3, which will more than quadruple available hoisting capacity to up to five-million tonnes a year, continues to progress well and is on schedule for completion and commissioning in March 2026. Long hole stoping (production mining) is expected to start early in the second quarter of 2026, once Shaft #3 is operational.

The underground delineation drilling programme, which got under way in 2024, ahead of developing the first long-hole ore blocks, has progressed very well, with a total of 16 110 m drilled to date. All assays reconcile well with Ivanplats’ geological models and mine plan.

Recruitment continues ahead of the ramp-up of Phase 1, with the Ivanplats workforce now over 2 200 employees and contractors, including more than 70% locally based and 26% female. The workforce will continue to grow as the project team has recently started development work on Phase 2.

As part of the Phase 2 development, the concentrator expansion is targeted for completion in the fourth quarter of 2027. DRA Global of Perth, Australia, was recently appointed as the engineering, procurement and construction management contractor for the mine and the 3.3-million-tonne-a-year Phase 2 concentrator.

Earthworks on the Phase 2 concentrator site, located adjacent to the Phase 1 concentrator, are scheduled to start in the first quarter of 2026.

In addition, Shaft #2’s concrete headgear is now completed, and the expansion of the shaft to a diameter of 10 m will start following the appointment of the contractor in the fourth quarter of this year. Raiseboring of Shaft #2 to its initial diameter of 3.1 m was completed in the fourth quarter of 2024.

Meanwhile, Ivanhoe points out that negotiations are advancing for a $700-million Phase 2 senior project finance facility. Ivanhoe is anticipating that the new financing will be in place during the first quarter of 2026.

Financing for the future Phase 3 expansion is expected to be underpinned by cash flow generated from Platreef’s phase 1 and 2 operations.