Ivanhoe Mines has officially launched Phase 1 operations at its Platreef polymetallic mine in South Africa. The company celebrated the milestone on November 18 during an inauguration ceremony attended by President Cyril Ramaphosa.
The team produced the first concentrate after completing hot commissioning, which began on October 29. During this stage, the concentrator processed ore containing platinum, palladium, nickel, rhodium, gold, and copper. The successful run confirms that Platreef has moved from development into full operation.
Ivanhoe began building the Phase 1 concentrator in 2023 after securing a US$100 million financing facility from Nedbank Limited. The company invested the funds into infrastructure needed for initial production.
Phase 1 will deliver 100,000 ounces of 3PE+Au each year. The operation will also produce 2,000 tonnes of nickel and 1,000 tonnes of copper as by-products. With this mix of metals, Platreef will supply both precious metals and critical minerals for international markets.
Expansion Plans Through Phase 2
Ivanhoe Mines plans to expand the mine with a second development phase expected to start operating in 2027. The company aims to lift annual output to 450,000 ounces of 3PE+Au, 9,000 tonnes of nickel, and 5,600 tonnes of copper.
To begin construction, Ivanhoe is negotiating US$700 million in funding. The company says the expansion will significantly increase Platreef’s contribution to global platinum-group and battery-metal supply chains.
Employment and Community Ownership
Platreef currently employs 2,200 workers and contractors. More than 70% of them are South African. The project also aligns with South Africa’s Black Economic Empowerment legislation. According to Ivanhoe Mines, 150,000 historically disadvantaged Black South Africans collectively hold a 26% ownership stake in the mine. The beneficiaries include local communities and employees.
