The President of the Republic of South Africa, Cyril Ramaphosa, on November 18, 2025, officially opened Ivanhoe Mines’ Platreef Mine, a tier-one discovery of platinum-group metals (PGMs) that is set to become one of the world’s largest and lowest-cost producers of PGMs.
The milestone event, held in Mokopane, Limpopo, comes just days before South Africa hosts the 2025 G20 Summit, positioning the country’s mining sector firmly in the global spotlight.
The opening marks the transition of Platreef—a deposit containing platinum, palladium, nickel, rhodium, gold, and copper—from decades of exploration and development into active production. Ramaphosa inaugurated the site by unveiling a commemorative plaque, cutting the ribbon at the new concentrator, and pressing the start button to initiate operations. Moments later, the mine produced its first concentrate from the Phase 1 concentrator, which entered the final stages of hot commissioning in late October.
In his keynote address, Ramaphosa praised the achievement as the result of nearly three decades of resilience and innovation. “Today, having finally reached the production phase, is a testament to decades of hard work, resilience, and persistence,” he said. “This mine begins its life opening a new page in our country… the first mine that is really opening with the full involvement of the community, not only as workers but as equity owners.”
The Platreef project stands out for its inclusive model: 150,000 historically disadvantaged residents of local communities collectively own 26% of the mine through independent community trusts. Over 70% of the workforce is locally based and nearly 30% female, reflecting Ivanplats’ commitment to broad-based empowerment and gender diversity in the mining sector.
Ivanhoe Mines Founder and Executive Co-Chair Robert Friedland described the journey to this moment as one shaped by vision, political support, and perseverance. Recalling early resistance to mining in the area, he noted: “We were told that nothing would ever be mined here… that it would be impossible to develop a mine.” Yet, he said, it was the leadership exemplified by Nelson Mandela and a young Cyril Ramaphosa that convinced him and his team to pursue the project. Calling Platreef “the baby mine,” Friedland emphasized that the giant production shaft—set to become Africa’s largest—will be operational within two years.
With Phase 1 now producing concentrate, development is accelerating underground. By late October, Ivanplats had completed 391 metres of high-grade ore development on the 850-metre level and hoisted more than 15,000 tonnes of ore to the surface. Shaft #3, which will expand hoisting capacity to 5 million tonnes per annum, remains on track for commissioning in March 2026, enabling long-hole stoping and full production ramp-up in early Q2 2026. Meanwhile, drilling, development on the 750-metre level, and stockpiling of ore are all progressing in line with the mine plan.
The project’s long-term sustainability is reinforced by recent infrastructure achievements, including the opening of the Masodi Wastewater Treatment Works on November 11. Developed through a public-private partnership between Ivanplats and the Mogalakwena Local Municipality, the plant recycles municipal wastewater and ensures a secure industrial water supply for Platreef in a water-scarce region—while also improving public health and sanitation for surrounding communities.
Looking ahead, Ivanplats has begun work on the Phase 2 expansion, which will lift production to approximately 450,000 ounces of 3PE+Au annually by 2027. Engineering firm DRA Global has been appointed as the EPCM contractor, with major construction to begin in early 2026. Negotiations for a $700 million project finance facility are advancing well and are expected to conclude in the first quarter of 2026.
Independent studies completed earlier this year confirm Platreef’s status as a multi-generational, world-leading asset, with life-of-mine costs projected at $599 per ounce for Phase 2 and just $511 per ounce after Phase 3—far below current PGM basket prices. Rising platinum and palladium prices have further strengthened the project’s economics, increasing its net present value by more than 50%.
The event drew a strong delegation of leaders from across government and industry. Among them were former President and Ivanhoe Mines board member Kgalema Motlanthe and Limpopo Premier Dr. Phophi Ramathuba. Senior management from Ivanhoe Mines and Ivanplats, representatives of the mine’s B-BBEE partners, and members of Japan’s ITOCHU, JOGMEC, and Japan Gas Corporation also attended.
For Ramaphosa, the opening signaled more than the start of a mine—it symbolised a new era of inclusive, community-anchored, globally competitive mining in South Africa.
