Ivanhoe Mines has achieved a major breakthrough at its Platreef project in South Africa, with underground mining crews successfully accessing the high-grade Flatreef orebody for the first time.
This milestone comes more than 30 years after Ivanplats, a subsidiary of Ivanhoe Mines, secured the initial exploration license, and 15 years after the orebody’s discovery.
Located on the Northern Limb of the Bushveld Complex, the Platreef mine hosts a rich polymetallic deposit containing nickel, copper, gold, platinum, palladium, and rhodium within a 30-kilometre mineralized corridor.
Based on current indicated mineral resources, the project boasts a projected 35-year mine life, and is positioned to become one of the largest and lowest-cost producers of platinum group metals (PGMs) globally.
As of May 7, 2025, Ivanhoe’s teams completed the first blast of high-grade ore from the Flatreef orebody at the 850-metre level, with development also planned at the 750m and 950m levels.
So far, the company has constructed 5.5 kilometres of underground tunnels across three levels as part of its phased development strategy.
The ore extracted from Flatreef will be stockpiled on the surface in preparation for processing at the Phase One concentrator, scheduled to begin operations in Q4 2025.
Construction continues on Shaft 2, which is set to become Africa’s largest hoisting shaft. Once completed, it will increase the mine’s hoisting capacity to over 12 million tonnes per annum (Mtpa).
Meanwhile, the production changeover for Shaft 1 was finalized in May 2022, enabling early-stage underground development.
Vision for Global Leadership in Polymetallic Mining
Ivanhoe Mines founder and Executive Co-Chairman Robert Friedland celebrated the achievement, stating:
“Contrary to predictions that the Platreef Mine might not be built, the mine is now a reality…
This colossal mine will grow through rapid phased expansions, positioning it as one of the world’s lowest-cost and largest primary producers of platinum group metals.”
He highlighted the project’s precious metals endowment, which exceeds 50 million ounces of gold-equivalent, and its enormous upside potential, with exploration still open in multiple directions. Friedland added that the Platreef system contains over two billion tonnes of high-grade ore, making it one of the richest polymetallic discoveries on the planet.
Ownership Structure
The Platreef project is 64% owned by Ivanhoe Mines through its subsidiary Ivanplats. A 10% stake is held by a Japanese consortium led by ITOCHU Corporation and ITC Platinum Development, while a 26% share has been allocated to a Broad-Based Black Economic Empowerment (BBBEE) structure to align with South African mining legislation and fulfill the Mining Right obligations.
With commercial production targeted later this year, the Platreef project stands at the forefront of South Africa’s mining future—anchored in scale, innovation, and sustainable development.
