• Ivanhoe Mines secures $700 million financing for Platreef mine expansion
• Funds back Phase 2, boosting output to 460,000 ounces 3PE+Au
• Platreef Phase 1 ramps up after starting production in November 2025

Canadian mining company Ivanhoe Mines announced on Monday that it has signed firm commitments for a $700 million financing package to support production growth at its Platreef polymetallic mine in South Africa. The company stated that the final closing of the transaction is expected within the coming weeks.

Platreef entered production in November 2025 and is currently operating in its first phase of exploitation. This phase is intended to enable annual production of 100,000 ounces of platinum, palladium, rhodium, and gold (3PE+Au). It also includes 2,000 tonnes of nickel and 1,000 tonnes of copper as by-products. Ivanhoe is also preparing a second phase of the project, which is set to benefit from the announced financing.

Ivanhoe specified that this operation is supported by Société Générale, Nedbank Limited, and Absa Bank. It is expected to mobilize approximately $600 million in additional capital. This amount, added to the initial $100 million in financing obtained from the same institutions for Phase 1, constitutes the overall financing package for the project.

This new funding will be used for the expansion of the processing plant. The objective is to increase the production capacity of Platreef to 460,000 ounces of 3PE+Au, in addition to approximately 9,000 tonnes of nickel and 6,000 tonnes of copper. Ivanhoe plans to launch development work once the funds are secured, with a view toward commissioning by 2027.

While awaiting further details on the project, Platreef is simultaneously continuing its Phase 1 ramp-up. Ivanhoe anticipates reaching 80% of the mine’s nominal capacity by mid-2026. The company plans to publish its 2026 production forecasts once the ramp-up of the concentrator is further advanced.

Aurel Sèdjro Houenou