Ivanhoe Mines announced on January 12, 2026, that its Platreef mine in South Africa has achieved critical milestones in its Phase 1 operations and is advancing its Phase 2 expansion. The company detailed the production of its first concentrate on November 18, 2025, with the concentrator ramp-up proceeding as planned, and outlined funding and construction advancements for future phases of the project.
The Platreef project’s Phase 1 concentrator successfully produced its initial concentrate on November 18, 2025, with the subsequent ramp-up progressing according to schedule [ivanhoemines.com]. This initial production phase is utilizing lower-grade development ore, a strategy that will continue as the project advances. Once Shaft #3 is fully operational, it will substantially increase hoisting capacity to approximately 5.0 million tonnes per annum, facilitating a transition to production-grade ore and enhancing operational flexibility. The first sale of concentrate from Platreef occurred in late Q4 2025 to Northam Platinum [ivanhoemines.com].
Development of Phase 2 of the Platreef project is actively underway [ivanhoemines.com]. This expansion aims to increase the mine’s annual production of platinum, palladium, rhodium, and gold (3PE+Au) to approximately 450,000 ounces [ivanhoemines.com]. DRA Global has been appointed as the engineering, procurement, and construction management (EPCM) contractor for Phase 2, which includes the underground infrastructure and a new 3.3 Mtpa concentrator [ivanhoemines.com]. Ivanhoe Mines also reported that underwriting engagements for project finance to fund Phase 2 expansion were progressing with major South African financial institutions [ivanhoemines.com].
Construction of Shaft #3 is advancing to support the mine’s expansion [ivanhoemines.com]. This new shaft is a crucial component for increasing the mine’s overall hoisting capacity. Upon its completion, the total hoisting capacity will rise significantly from its current 0.8 million tonnes per annum to approximately 5.0 million tonnes per annum. This substantial increase will allow for the concurrent hoisting of waste material generated from Shaft #2 widening operations and Phase 2 development activities, providing greater operational efficiency and supporting the project’s expansion timeline.
The Platreef mineral resources are substantial. The orebody’s characteristics, including its flat-lying geometry and considerable thickness, are advantageous for large-scale mechanized mining, supporting efficient and cost-effective extraction.
Ivanhoe Mines, a Canadian mining company, is also developing other significant projects in Southern Africa, including the Kamoa-Kakula Copper Complex and the Kipushi zinc-copper-germanium-silver mine, both situated in the Democratic Republic of Congo. The company’s strategic development at Platreef positions it as a major player in the global precious and base metals market.
Sources
- https://www.ivanhoemines.com/news-stories/news-release/ivanhoe-mines-announces-update-on-platreef-the-worlds-largest-precious-metals-mine-under-development/
