South Africa
Platreef PGM-Nickel Mine
Ownership: Ivanhoe Mines 64%
B-BBEE Partners 26% | Japanese Consortium led by ITOCHU Corporation 10%
Platreef is the world's largest undeveloped precious metals project. It is a tier-one discovery of platinum-group metals, nickel, copper and gold by Ivanhoe Mines’ geologists on the Northern Limb of South Africa’s Bushveld Igneous Complex, the world’s premier platinum producing region. Platreef is distinguished from other Bushveld projects by its remarkable combination of grade, thickness, geometry, scale and potential for significant nickel and copper by-product credits.
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770kt
Platreef's Phase 1 concentrator milling capacity
4.1mtpa
Total combined processing capacity of Phase 1 and 2 concentrators
460koz
Average annual production in ounces of 3PE+Au in Phase 2
93moz
Mineral Resource Base 3PE+AU
2.7mt
Mineral Resource Base of Nickel
10.7mtpa
Phase 3 expansion processing capacity as covered in 2025 Preliminary Economic Assessment
Construction of Phase 1 concentrator was completed early in the third quarter of 2024. Cold commissioning started in July 2024, and the Phase 1 concentrator produced the first batch of platinum-palladium-nickel-rhodium-gold-copper concentrate on November 18, 2025, during the official opening ceremony.
Shaft #3 is set to be operational by April 2026, boosting Platreef Mine’s hoisting capacity to 5 million tonnes per annum (Mtpa) – five times its current level. This new shaft will streamline the movement of both ore and waste to the surface, bringing greater efficiency and flexibility to Platreef’s operations.
Project development on Phase 2 expansion is underway, targeting completion in Q4 2027, to increase production to approximately 450,000 ounces of platinum, palladium, rhodium and gold (3PE + Au) plus over 30 million pounds of nickel and copper.
The future Phase 3 expansion will further double annualized production to over 1 million ounces of 3PE + Au, making Platreef the world’s largest primary PGM producers.
Two independent technical studies were completed in early 2025 on the Phase 2 and Phase 3 expansions at Platreef. This includes an updated Feasibility Study on the Phase 2 expansion to 4.1 Mtpa of processing capacity (4.1 Mtpa FS), followed by a Preliminary Economic Assessment covering a new Phase 3 expansion to 10.7 Mtpa of processing capacity (10.7 Mtpa PEA). See news Feb 18,2025, news release.
Construction of Platreef’s 5-MW solar power facility was completed in early Q1 2025. The power generated by the plant will support development activities and operations, together with other renewable energy sources that are expected to be introduced over time.
The Platreef Project is projected to become one of the world’s largest and lowest-cost producers of palladium, platinum, rhodium, nickel, copper and gold.
Phase 1 & 2 Feasibility Study
The study outlines Phase 1 production from Q4 2025, followed by the Phase 2 expansion 2 years later in Q4 2027. Phase 2 delivers, as outlined in the 4.1 Mtpa FS, a near five-fold increase in platinum, palladium, nickel, rhodium, and gold production to over 460,000 oz. of 3PE+Au, plus approximately 9,000 tonnes of nickel and 6,000 tonnes of copper. The 4.1 Mtpa FS generates a net present value (NPV8%) of $1.4 billion and an internal rate of return (IRR) of 20%, at consensus long-term metal prices.
2025 Preliminary Economic Assessment (PEA)
The 10.7 Mtpa PEA considers the Phase 3 expansion once the major Shaft #2 is available for hoisting in 2029. This expansion further doubles the annualized platinum, palladium, rhodium, and gold production to over 1 million ounces of 3PE+Au, plus approximately 22,000 tonnes of nickel and 13,000 tonnes of copper. The 10.7 Mtpa PEA is expected to rank Platreef as one of the world’s largest primary platinum group metal producers on a platinum-equivalent basis.
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