Ivanhoe Mines has announced a significant milestone in its Platreef Project: mining crews have successfully accessed the high-grade Flatreef orebody, marking the culmination of over three decades of exploration and development efforts.
The Flatreef deposit, rich in platinum, palladium, rhodium, nickel, gold, and copper, was first discovered 15 years ago. The recent breakthrough occurred on May 7, 2025, when crews reached the orebody at the 850-metre level. This achievement follows the completion of 5.5 kilometers of underground development on three levels: 750 metres, 850 metres, and 950 metres.
Robert Friedland, Ivanhoe Mines’ Founder and Executive Co-Chairman, expressed his enthusiasm: “Having our thrilled mining crews enter the high-grade Flatreef orebody… rich in platinum, palladium, rhodium, nickel, gold, and copper… represents the culmination of over 30 years of relentless dedication by thousands of our talented and hardworking people… Their efforts have spanned decades, from the early stages of discovery to meticulous delineation, permitting, engineering… and now the construction of this world-class polymetallic mining complex that will benefit humanity for generations.”
He further emphasized the project’s significance: “Contrary to predictions that the Platreef Mine might not be built, the mine is now a reality… This colossal mine will grow in rapidly-phased expansions, positioning the Platreef Mine as one of the lowest-cost, if not the lowest-cost, and largest primary producers of platinum group metals on our planet.”
The Flatreef deposit boasts an impressive resource estimate, with 59 million ounces of precious metals in Indicated Resources and 94 million ounces in Inferred Mineral Resources at a 1 g/t cut-off. The orebody comprises two mineralized zones, T1 and T2, which combined are up to 29 metres thick.
Marna Cloete, President and CEO of Ivanhoe Mines, highlighted the project’s potential: “With a globally significant precious metals endowment exceeding 50 million ounces of gold-equivalent, Platreef is the world-leading polymetallic mine in development. The discovery remains open in many directions, with vast additional untapped opportunities… despite already having proven an astounding mineral inventory containing 2.0 billion tonnes of the world’s richest platinum, palladium, rhodium, nickel, copper and gold system.”
The company is also advancing the construction of Shaft #2, Africa’s largest hoisting shaft. Raiseboring to a depth of 950 metres with an initial diameter of 3.1 metres was completed at the end of the first quarter. Expansion to a final diameter of 10 metres is scheduled to commence in early 2026. Once completed, Shaft #2 will increase the Platreef Mine’s total hoisting capacity to over 12 million tonnes per annum.
Ivanhoe Mines plans to commence ore processing in the Phase 1 concentrator in the fourth quarter of this year. The company is also preparing to offer guided tours of the Platreef Mine to institutional investors and analysts, showcasing the scale and innovation of the project.
