Ivanhoe Mines has announced substantial progress in the development of its Platreef Mine in Limpopo Province, South Africa, as preparations continue for increased production.
Following the official opening of the mine and the start of concentrate production on 18 November 2025, the phase one concentrator has initiated operations, producing a blend of copper, gold, palladium, platinum, nickel and rhodium concentrates.
The concentrator is initially processing lower-grade development ore but is set to transition to higher-grade production ore early in the second quarter of 2026 (Q2 2026) with the completion of shaft #3.
By mid-2026, the concentrator is expected to operate at 80% capacity.
Underground development continues to advance at the 750m and 850m levels.
Production mining through long-hole stoping on the 850m level is expected shortly, although ore hoisting will only commence in early Q2 2026 once shaft #3 is operational. This new shaft is projected to be ready by April 2026, significantly increasing hoisting capacity and enabling the transport of ore and waste to the surface.
In late Q4 2025, Ivanhoe Mines completed its first sale of concentrate from the phase one concentrator to Northam Platinum.
Concurrently, work on the phase two expansion is under way, with a target completion date in Q4 2027. This phase aims to boost annual production to approximately 450,000oz of platinum group metals.
DRA Global has been appointed as the engineering contractor for this phase, with expansion work on shaft #2 set to begin in early Q2 2026.
Ivanhoe Mines founder and executive co-chairman Robert Friedland said: “The world is waking up to a new metals super-cycle, where precious and base metals are no longer optional, they are essential. Prices are rising because scarcity is real and demand is relentless… This comes at a time when platinum, palladium, rhodium, copper and nickel are identified by countries all around the globe as strategic minerals.”
The Platreef project had secured a $700m (C$971.85m) financing package for phase two from Société Générale and Nedbank. This follows an updated feasibility study released in February 2025 and enhances a previous financing arrangement established in December 2023.
Future expansions are expected to be funded by cash flow generated from phases one and two.
Earlier this month, Ivanhoe Mines announced the start of copper anode production at its Kamoa-Kakula smelter in Africa. Known as Africa’s largest copper smelter, this direct-to-blister facility has a capacity of 500,000 tonnes per year.
