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    Ivanhoe’s Platreef expansion: throughput, hoisting and cost lens for mine planners

    April 23, 2026|

    Reviewed by Joe Ashwell

    Ivanhoe’s Platreef expansion: throughput, hoisting and cost lens for mine planners

    First reported on MINING.com

    30 Second Briefing

    Ivanhoe Mines’ Platreef project in Limpopo has completed construction of the 4‑Mtpa Shaft #3, broken ground on a 3.3‑Mtpa Phase 2 concentrator and started widening Shaft #2, keeping its Phase 2 expansion on schedule for end‑2027. Hoisting capacity is set to rise five‑fold to about 5 Mtpa, lifting output from roughly 100,000 oz to over 450,000 oz of PGMs plus gold, with a projected Phase 2 life‑of‑mine cash cost of $599/oz net of byproduct credits. A future Phase 3 could take throughput to 10.7 Mtpa and extend mine life by 29 years.

    Technical Brief

    • Shaft #3 is designed for 4 Mtpa hoisting, relieving current ore and waste constraints on Shaft #1.
    • Widening of Shaft #2 has commenced; once complete it will be Africa’s largest hoisting shaft.
    • Shaft #2 is scheduled to hoist labour and materials by end‑2028, and ore by end‑2029.
    • Phase 2 concentrator earthworks are underway, targeting completion of the 3.3‑Mtpa plant by end‑next‑year.
    • Ownership structure includes 26% held by a B‑BBEE group and 10% by the JOGMEC‑ITOCHU consortium.
    • The orebody averages 26 m of continuous, flat‑lying mineralisation, around 25 times thicker than incumbents.
    • Thick, flat geometry enables high mechanisation, directly supporting lower unit mining costs and improved safety conditions.
    • Preliminary economic assessment forecasts >1 Moz PGMs+Au per year plus ~22 kt Ni and 13 kt Cu after all expansions.

    Our Take

    Ivanhoe Mines features repeatedly in our recent coverage, from the Platreef Phase 2 concentrator HPGR contract with Weir (March 2026) to revised Kamoa-Kakula copper guidance (April 2026), signalling that Platreef’s platinum-group, nickel and copper output is being advanced in parallel with a broader portfolio reset.

    With a 35-year mine life post-Phase 2 and a further 29 years contemplated in Phase 3, Platreef in South Africa stands out in our database as one of the longer-life polymetallic assets, which typically underpins more aggressive downstream and offtake negotiations for platinum, palladium, rhodium and nickel than shorter-life PGM mines.

    The 26% B-BBEE and 10% JOGMEC-ITOCHU ownership stakes at Platreef give both domestic empowerment interests and Japanese buyers structural leverage over a low-cost, multi-decade PGM–nickel–copper supply source, which is strategically relevant given Ivanhoe’s concurrent critical-minerals positioning in projects like Kipushi under US-linked initiatives.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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