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Operations & Projects

Our portfolio of tier-one assets provides exposure to copper, platinum-group metals, nickel, zinc and other metals essential for the world’s transition to clean energy and a low-carbon economy. Our stakeholders benefit from high-grade, long-life projects with low costs, low-capital intensity and leading ESG programs.

South Africa

Platreef PGM-Nickel Mine

Ownership: Ivanhoe Mines 64%
B-BBEE Partners 26% | Japanese Consortium led by ITOCHU Corporation 10%

Platreef is the world's largest undeveloped precious metals project. It is a tier-one discovery of platinum-group metals, nickel, copper and gold by Ivanhoe Mines’ geologists on the Northern Limb of South Africa’s Bushveld Igneous Complex, the world’s premier platinum producing region. Platreef is distinguished from other Bushveld projects by its remarkable combination of grade, thickness, geometry, scale and potential for significant nickel and copper by-product credits.

Download Integrated Development Plan

770kt

Platreef's Phase 1 concentrator milling capacity

4.1mtpa

Total combined processing capacity of Phase 1 and 2 concentrators

450koz

Average annual production in ounces of 3PE+Au in Phase 2

95moz

Mineral Resource Base 3PE+AU

2.7mt

Mineral Resource Base of Nickel

10.7mtpa

Phase 3 expansion processing capacity as covered in 2025 Preliminary Economic Assessment

Construction of Phase 1 concentrator was completed early in the third quarter of 2024.  Cold commissioning started in July 2024, with water being fed through the concentrator and first ore is scheduled for 2025.  The concentrator will be placed on care and maintenance until Q4 2025, as Shaft #1 prioritizes the hoisting of waste from the development required to bring forward the start of Phase 2.  Construction of the headframes for Shaft #2 and Shaft #3 are well advanced.

Two independent technical studies were completed in early 2025 on the Phase 2 and Phase 3 expansions at Platreef.   This includes an updated Feasibility Study on the Phase 2 expansion to 4.1 Mtpa of processing capacity (4.1 Mtpa FS), followed by a Preliminary Economic Assessment covering a new Phase 3 expansion to 10.7 Mtpa of processing capacity (10.7 Mtpa PEA). See news Feb 18,2025, news release.

Construction of Platreef’s 5-MW solar power facility was completed in early Q1 2025. The power generated by the plant will support development activities and operations, together with other renewable energy sources that are expected to be introduced over time.

The Platreef Project is projected to become one of the world’s largest and lowest-cost producers of palladium, platinum, rhodium, nickel, copper and gold.

Phase 1 & 2 Feasibility Study

The study outlines Phase 1 production from Q4 2025, followed by the Phase 2 expansion 2 years later in Q4 2027. Phase 2 delivers, as outlined in the 4.1 Mtpa FS, a near five-fold increase in platinum, palladium, nickel, rhodium, and gold production to over 460,000 oz. of 3PE+Au, plus approximately 9,000 tonnes of nickel and 6,000 tonnes of copper. The 4.1 Mtpa FS generates a net present value (NPV8%) of $1.4 billion and an internal rate of return (IRR) of 20%, at consensus long-term metal prices.

The Largest Undeveloped Precious Metals Deposits

Platreef is one of the largest undeveloped precious metals deposits globally, with 56 million oz in platinum equivalent Indicated Mineral Resources and 74 Moz in platinum equivalent Inferred Mineral Resources, at a 2.0 g/t 3PE+Au cut-off. Platreef is also one of the world’s largest undeveloped nickel sulphide resources.

2025 Preliminary Economic Assessment (PEA)

The 10.7 Mtpa PEA considers the Phase 3 expansion once the major Shaft #2 is available for hoisting in 2029. This expansion further doubles the annualized platinum, palladium, rhodium, and gold production to over 1 million ounces of 3PE+Au, plus approximately 22,000 tonnes of nickel and 13,000 tonnes of copper. The 10.7 Mtpa PEA is expected to rank Platreef as one of the world’s largest primary platinum group metal producers on a platinum-equivalent basis.

Technical Reports

View document library
Platreef Integrated Development Plan 2025, March 2025
Platreef 2022 Feasibility Study, March 2022
Platreef Integrated Development Plan 2020, December 2020
Platreef 2017 Feasibility Study, September 2017
Platreef Project – 2016 Resource Technical Report, June 2016