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December 9, 2021updated 07 Jan 2022 6:47am

Ivanhoe secures $300m in streaming financing for Platreef project

The Platreef Project is a PGM and base metals underground mine in Limpopo, South Africa.

Canadian miner Ivanhoe’s subsidiary Ivanplats has concluded stream-financing agreements worth $300m to support the development of the Platreef project in South Africa.

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According to a company statement, Ivanplats signed the agreements with Orion Mine Finance and Nomad Royalty Company for a $200m gold-streaming facility and a $100m palladium and platinum-streaming facility.

Expected to commence production in 2024, the Platreef Project is a platinum-group-metals (PGM) and base metals underground mine in Limpopo, South Africa, around 280km north-east of Johannesburg.

The resources will include palladium, rhodium, platinum, nickel, copper and gold.

Ivanplats will use the new proceeds to move ahead with the first phase of the project’s mine development. A definitive feasibility study for Platreef’s phased development plan is expected to be released in the first quarter of next year.

Ivanplats has also signed offtake arrangements with Northam Platinum and Heron Metals for 100% of Platreef’s Phase I PGMs concentrate production.

The total production is expected to amount to more than 40,000tpa.

However, the proposed offtake arrangements are subject to further negotiation and signing of definitive documentation for a concentrate sales agreement.

Ivanhoe Mines president Marna Cloete said: “The stream financing agreements, which represent a small fraction of Platreef’s incredible resource base and accompanying offtake arrangements are critical milestones in the progression to commercial production for Ivanplats.

“They provide funding for a significant portion of the mine’s initial phase of development, as well as a long-term home for our PGM, nickel and copper concentrates.”

Earlier this year, Ivanhoe Mines started copper production from the Kamoa-Kakula mine in the Democratic Republic of Congo (DRC).

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
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  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
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