Ivanhoe Mines Executive Co-Chair Robert Friedland and President and Chief Executive Officer Marna Cloete announced today that a project ceremony was held at the Platreef Mine, in Limpopo Province, South Africa, marking the achievement of three major development milestones.
The milestones include the completion of construction of the 4-million-tonne-per-annum (Mtpa) Shaft #3; the breaking of ground for the Phase 2 concentrator site; and the commencement of widening of Shaft #2. The project milestones are a major advancement for the Phase 2 expansion and the future Phase 3 expansion.
The on-site ceremony was attended by Ivanhoe Mines’ President and CEO Marna Cloete, senior management from Ivanhoe Mines and Ivanplats, as well as representatives from Ivanplats’ shareholders Japan Organization for Metals and Energy Security (JOGMEC), ITOCHU Corporation and the broad-based black equity empowerment (B-BBEE) group.
Ivanhoe Mines Founder and Co-Chairman Robert Friedland commented:
“The Platreef Mine is not a typical South African precious metals mine scratching at narrow, one-metre-thick seams. The Platreef Mine is a once-in-a-generation geological wonder… a discovery so vast that it will be producing precious metals for generations to come. The flat-lying orebody is approximately twenty-five times thicker than our industry incumbents, averaging 26 meters of continuous mineralization… thickness means scale, which means mechanization, and mechanization means lower costs and safer operations.
“Years ago, our Japanese partners had the foresight to recognize this potential… The consortium, led by ITOCHU Corporation, made a bold, decisive investment, without which we would not be where we are today. We thank you for your continued support.”
“We are ramping up the mine at a time when metal prices are rising. Scarcity is real and the demand is relentless. Platinum, palladium, rhodium, copper and nickel are identified by countries all around the globe as critical minerals and therefore strategic to agenda of many of the world’s developed and developing economies.”
