- Ivanhoe secures $700 million financing to expand Platreef mine, boosting South Africa platinum and nickel output.
- Funding supports Phase 2 expansion, targeting higher platinum group metals, nickel and copper production by 2027.
- Global banks back Ivanhoe as it scales Southern Africa mining assets tied to clean energy metals.
Ivanhoe Mines, a Canadian mining company, said Monday it has secured firm commitments for a $700 million financing package to expand its Platreef polymetallic mine in South Africa. The company expects the transaction to close in the coming weeks.
Platreef began production in November 2025 and is currently in its first phase, targeting annual output of 100,000 ounces of platinum, palladium, rhodium, and gold (3PE+Au), alongside 2,000 tonnes of nickel and 1,000 tonnes of copper. The new funding will support a second phase of development.
Banks backing the expansion
Ivanhoe said Société Générale, Nedbank Limited, and Absa Bank are supporting the project. The new financing, combined with the initial $100 million provided for Phase 1, will give the company the capital needed to expand operations.
About $600 million of the funds will go toward upgrading the processing plant, with the goal of lifting annual production to 460,000 ounces of 3PE+Au, plus roughly 9,000 tonnes of nickel and 6,000 tonnes of copper. Development is expected to begin soon, aiming for commissioning by 2027.
Meanwhile, Platreef continues its Phase 1 ramp-up. Ivanhoe projects the mine will reach 80% of its nominal capacity by mid-2026 and plans to release updated production forecasts once the concentrator ramp-up is further along.
A growing presence in Southern Africa
Ivanhoe Mines, a diversified mining company with operations in Southern Africa, producing key metals such as copper, nickel, zinc, platinum, palladium, and rhodium, which are critical for the clean energy transition.
The company operates the Kamoa-Kakula Copper Complex and Kipushi mine in the Democratic Republic of Congo, alongside Platreef in South Africa.
Platreef, located on the Northern Limb of South Africa’s Bushveld Igneous Complex, is considered the world’s largest undeveloped precious metals project. It features significant deposits of platinum-group metals, nickel, copper, and gold.
Recently, Ivanhoe reached a significant milestone at Kamoa-Kakula, producing its first copper anodes, signaling the complex’s progress toward full-scale operations.
