• Ivanhoe Mines produced first concentrate at Platreef on Nov. 18, marking the official start of Phase 1 operations.

• Phase 1 will produce 100,000 ounces of 3PE+Au annually, plus nickel and copper by-products; Phase 2 will lift output to 450,000 ounces.

• The company seeks to secure a US$700 million investment to launch the next phase of expansion by 2027.

Ivanhoe Mines on Tuesday inaugurated its new Platreef polymetallic mine in South Africa and produced its first concentrate, marking the start of Phase 1 operations. The company held the ceremony on Nov. 18 in the presence of South African President Cyril Ramaphosa.

Ivanhoe Mines said in a statement that it produced the first concentrate after completing the hot commissioning stages that began on Oct. 29. The concentrator processed platinum-palladium-nickel-rhodium-gold-copper ore during the initial feed.

The inauguration confirms, according to the company, that Platreef has entered the operational phase after years of development.

Ivanhoe Mines launched construction in 2023 after securing a US$100 million financing facility from Nedbank Limited. The company used the investment to build the Phase 1 concentrator.

Phase 1 will produce 100,000 ounces of 3PE+Au per year, alongside 2,000 tonnes of nickel and 1,000 tonnes of copper as by-products. Ivanhoe says the mine will supply both precious metals and critical minerals for global markets.

Ivanhoe Mines plans to expand Platreef through a second phase of development expected to start operations by 2027. The company forecasts that Phase 2 will lift annual output to 450,000 ounces of 3PE+Au, plus 9,000 tonnes of nickel and 5,600 tonnes of copper.

The company continues negotiations to secure US$700 million needed to launch Phase 2 construction. It adds that the expansion will significantly increase Platreef’s contribution to global platinum-group and battery-metal supply.

The mine currently employs 2,200 workers and contractors, with more than 70% based in South Africa. Ivanhoe Mines says the project complies with national Black Economic Empowerment legislation.

The company reports that 150,000 historically disadvantaged Black South Africans collectively hold a 26% ownership stake in Platreef. This beneficiary group includes local host communities and employees.

This article was initially published in French by Aurel Sèdjro Houenou

Adapted in English by Ange Jason Quenum