Ivanhoe stated the proceeds will likely be used to advance the primary section of Platreef’s mine growth, which is anticipated to start industrial manufacturing in 2024.
The definitive feasibility examine for Platreef’s phased growth plan, which can present up to date manufacturing forecasts for the preliminary mine and subsequent growth, is nearing completion, the corporate stated, with launch anticipated within the first quarter of 2022.
Ivanplats has additionally signed paperwork regarding offtake preparations for 100% of Platreef’s Part 1 platinum-group metals (PGMs) focus manufacturing, which is anticipated to exceed 40 000 t/y containing six payable metals – palladium, rhodium, platinum, nickel, copper and gold.
The offtake preparations are with Northam Platinum and Heron Metals, in a three way partnership through which commodity dealer Trafigura has a majority shareholding.
A 3-phase undertaking
Ivanhoe is creating the multi-billion greenback platinum undertaking in three scalable phases. “The phased growth strategy has labored extraordinarily effectively at Kamoa-Kakula and we contemplate it to be the optimum technique to speed up our progress and diversification throughout commodities,” the corporate’s president, Marna Cloete, stated in the statement.
The corporate stated it sees the first-phase, 700,000-tonne-per-annum operation as its “starter mine”, one that may set up a strategic manufacturing foothold on South Africa’s Bushveld PGM Complicated, and help potential future expansions.
“Future expansions to 12 million tonnes every year and past, as demonstrated in earlier research, would place Platreef among the many world’s largest and lowest-cost nickel and PGM mines, producing greater than 24,000 tonnes of nickel and 1.1 million ounces of palladium, rhodium, platinum, and gold per yr,” Ivanhoe stated.
The Canadian miner not directly owns 64% of the Platreef undertaking via Ivanplats, and is directing all mine growth work.
The operation will trial emissions-free machines throughout its preliminary growth section, throughout which it’ll produce palladium, rhodium, platinum, nickel, copper and gold.