Ivanhoe Mines submits technical report for Platreef mine in South Africa
Ivanhoe Mines has officially submitted the National Instrument 43-101 (NI 43-101) technical report for the Platreef Integrated Development Plan 2025.
The report includes two independent studies detailing the phased expansion of the Platreef mine in South Africa, which is a world-class deposit of platinum, palladium, rhodium, nickel, gold, and copper. The studies comprise an updated Feasibility Study for a Phase 2 expansion to 4.1 million tonnes per annum (Mtpa) of processing capacity and a Preliminary Economic Assessment for a Phase 3 expansion targeting 10.7 Mtpa. The technical report was compiled by multiple consulting firms, including OreWin Pty Ltd, The MSA Group, SRK Consulting, DRA Projects, and WSP Global Inc., with contributions from several qualified experts.
Platreef mine
Ivanhoe Mines holds a 64% stake in the Platreef project through its subsidiary, Ivanplats, while a 26% interest is allocated to South African stakeholders under a broad-based black economic empowerment structure. The remaining 10% is controlled by a consortium of Japanese investors, including ITOCHU Corporation, the Japan Organization for Metals and Energy Security, and JGC Holdings Corporation. Ivanhoe Mines continues to oversee all development work at the site while also advancing its other major projects in Southern Africa. These include the expansion of the Kamoa-Kakula Copper Complex and the development of the high-grade Kipushi zinc-copper-germanium-silver mine, both located in the Democratic Republic of the Congo (DRC).
Platreef is positioned to become one of the lowest-cost producers of platinum, palladium, rhodium, and gold, with substantial nickel and copper output. Phase 1 production is expected to begin in the fourth quarter of this year, while Phase 2 has been accelerated to commence in 2027. The Feasibility Study for the first two phases estimates an after-tax net present value (NPV) of $1.4 billion at an 8% discount rate, alongside an internal rate of return (IRR) of 20%.
This phase is projected to yield more than 450,000 ounces of platinum, palladium, rhodium, and gold annually. Meanwhile, the Preliminary Economic Assessment for the full three-phase expansion envisions an after-tax NPV of $3.2 billion and a 25% IRR, scaling up production to over one million ounces of precious metals per year, in addition to approximately 25,000 tonnes of nickel and 15,000 tonnes of copper.
The Platreef deposit contains extensive mineral resources, with Indicated Resources amounting to 42 million ounces of precious metals and an additional 53 million ounces classified as Inferred Resources, based on a 2 grams per tonne cut-off grade. The project’s large-scale development potential, coupled with its favorable economics, positions it as a major player in the global platinum group metals (PGM) market.
