• Itochu plans new investment in South Africa’s Platreef mine

• Move aims to secure supply of nickel, copper, and platinum group metals

• Expansion of the mine could significantly boost output by 2027

Japanese trading house Itochu Corporation plans to increase its investment in South Africa’s Platreef polymetallic mine, as Tokyo steps up efforts to secure access to critical minerals.

The company announced on March 23 that it intends to make a new equity investment in the project, which is operated by Canada’s Ivanhoe Mines. The move is part of a broader strategy to secure supplies of key metals, including nickel and copper produced at the site.

Itochu holds its stake through ITC Platinum (IPTD), a consortium that also includes other Japanese players such as the state-backed JOGMEC. The consortium already owns 10% of the mine, and the new investment will be channeled through this structure.

The company did not disclose the size of the investment or how it would affect the ownership structure. It could either increase Itochu’s share within the consortium or raise the consortium’s overall stake in the project.

Itochu noted that its investment gives it the right to purchase a share of Platreef’s output proportional to its stake, helping ensure stable access to critical metals for Japan.

The mine, which began operations in November 2025, is currently in its first production phase. Ivanhoe Mines, which holds a 64% stake, expects annual output of about 100,000 ounces of platinum, palladium, rhodium, and gold, along with 2,000 tons of nickel and 1,000 tons of copper as by-products.

Platreef’s ability to produce multiple strategic metals makes it a key asset in the global race for critical resources, particularly for Japan’s industrial base, which relies heavily on the automotive and electronics sectors. Platinum and palladium are used in catalytic converters, nickel is essential for industrial alloys and electric vehicle batteries, and copper plays a central role in electrification.

Positioning for the Next Phase of Growth

The investment comes as Ivanhoe Mines prepares the next expansion phase of Platreef, aimed at significantly increasing output.

Once completed, the expansion is expected to raise annual production to around 450,000 ounces of platinum group metals and gold, along with about 9,000 tons of nickel and 5,600 tons of copper.

Investing at this stage allows Itochu to position itself ahead of that ramp-up while strengthening its foothold in the project.

Earlier in January, Ivanhoe Mines secured about $600 million in financing to support the expansion, with construction expected to begin once funding is fully in place and production targeted around 2027.

In the meantime, Platreef is still ramping up, with production forecasts for the current year yet to be confirmed.

Beyond Platreef, Japan is also active in other African mining projects. JOGMEC holds interests in the Waterberg platinum group metals project in South Africa and is involved in Namibia’s Lofdal rare earths project.

Aurel Sèdjro Houenou