Ivanhoe Mines Announces President of South Africa, Cyril Ramaphosa, Officially Opens the Platreef Platinum-Palladium-Nickel-Rhodium-Gold-Copper Mine

Core Points - Ivanhoe Mines officially opened the Platreef platinum-palladium-nickel-rhodium-gold-copper mine on November 18, 2025, with President Cyril Ramaphosa in attendance, marking a significant milestone for the company and the mining industry in South Africa [1][4][8] - The first concentrate from the Phase 1 concentrator was produced during the opening ceremony, indicating the commencement of production at the mine [20][19] - The Masodi Wastewater Treatment Works, a public-private partnership, was also inaugurated to sustainably source water for the Platreef Mine, enhancing local sanitation and public health [27][28] Company Developments - The Platreef Mine is projected to be one of the largest and lowest-cost producers of platinum-group metals globally, with a life-of-mine total cash cost estimated at $599 per ounce for Phase 2, expected to decrease to $511 per ounce after Phase 3 expansion [34][35] - The mine's annualized production is expected to increase significantly, reaching over 460,000 ounces of platinum-group metals and substantial by-products of nickel and copper following the Phase 2 expansion [36] - The company is advancing negotiations for a $700 million senior project finance facility to support the Phase 2 expansion, with expectations for financing to be in place by Q1 2026 [32][31] Community Involvement - Approximately 150,000 historically disadvantaged local black people are equity owners in the mine, with 70% of the workforce sourced from local communities and nearly 30% being female [8][4] - The opening of the Platreef Mine is seen as a new chapter in mining practices in South Africa, emphasizing community involvement not only as workers but also as equity owners [9][8] Future Prospects - The Phase 2 expansion is targeted for completion in Q4 2027, aiming to increase production capacity to approximately 450,000 ounces of platinum-group metals [29] - The company anticipates that cash flow generated from the operations of Phases 1 and 2 will underpin financing for the future Phase 3 expansion [33][32] - Significant increases in platinum and palladium prices have boosted the project's value, with the net present value of the feasibility study projected to be 52% higher at current spot prices [38]