Ivanhoe Mines announces President of South Africa, Cyril Ramaphosa, officially opens the Platreef platinum- palladium-nickel-rhodium-gold-copper mine
November 19, 2025
Ivanhoe Mines announces President of South Africa,
Cyril Ramaphosa, officially opens the Platreef platinum-
palladium-nickel-rhodium-gold-copper mine
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Opening ceremony attended by a distinguished delegation of
national, provincial, and local dignitaries
■
First concentrate from Phase 1 concentrator produced on
November 18, 2025
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Masodi Wastewater Treatment Works officially opened, an
industry-leading, public-private partnership to sustainably
source water for the Platreef Mine
MOKOPANE, SOUTH AFRICA – Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF)
Executive Co-Chair Robert Friedland and President and Chief Executive Officer
Marna Cloete are delighted to announce that on November 18, 2025, the President
of the Republic of South Africa, Cyril Ramaphosa, officially opened the Platreef
platinum-palladium-nickel-rhodium-gold-copper mine. The opening ceremony
took place ahead of the 2025 G20 Summit in Johannesburg, South Africa,
scheduled from November 22 to 23, 2025.
A delegation of national, provincial, and local dignitaries attended the opening
ceremony, led by the President, and including former President and Ivanhoe
Mines board member, Kgalema Motlanthe, as well as Dr. Phophi Ramathuba,
Premier of Limpopo Province.
The delegation was greeted by board members and senior management from
Ivanhoe Mines and Ivanplats, representatives from Ivanplats’ historically
disadvantaged, broad-based, black economic empowerment (B-BBEE) partners,
and representatives from the Japanese partnership consortium, consisting of
ITOCHU Corporation, Japan Oil, Gas and Metals National Corporation (JOGMEC),
and Japan Gas Corporation.
President Ramaphosa first unveiled a commemorative plaque and conducted a
ribbon-cutting at the concentrator, marking the official opening of the Platreef
Mine, before pressing the button to start the concentrator’s operations. This was
followed by a ceremony attended by over 2,000 people, including Platreef’s
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workforce, of which 70% are from local communities and nearly 30% are female.
Watch a video on the presidential visit:
https://vimeo.com/1138434572/391a46636b?fl=pl&fe=sh
Ivanhoe Mines’ Founder and Executive Co-Chairman Robert Friedland spoke as
follows (quoted verbatim):
“We are all bubbles in a stream ... when we first came here in the 1980s, this was
the Lebowa Homeland Administration, and we made an agreement with [the
administration] … there was a company here that controlled all of the mineral
rights called JCI, a division of the Anglo American corporation … we were
threatened and we were told that nothing would ever be mined here, and we were
told that it would be impossible to develop a mine … but if we ever did, Mr.
Davison [then CEO of JCI] said we would develop this mine over his dead body …
I learned that he passed away in June … I'm not sure whether he's going to
heaven or the other place … maybe that's yet to be decided … but I want to say
that when I met President Ramaphosa as a much younger man … I'm 75 years of
age now … I'm a grandfather … when I met him, he was also much younger …
and he inspired me and all of us in the vision of Nelson Mandela to change the
face of South Africa.
“This will be the largest mine in the African continent for precious metals …
today we just have Phase 1, the baby mine … the first little bubble … in two years,
the giant shaft will begin, the largest shaft in Africa … all of this is because of the
vision we received from President Ramaphosa in the early days.
“150,000 historically disadvantaged, local black people are actually equity owners
in this mine ... 26% of this mine is operated by independent trusts on behalf of
local people and over 60% of our workers are from this community ... and all of
our miners are proud South Africans ... I thank God for your efforts ... I thank all
of you and a humbly say I want to thank our Japanese partners who invested,
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brought capital into this country ... I want to thank the leadership of first
President Kgalema Motlanthe and then President Cyril Ramaphosa ... thank you
very much ... God bless all of you who will make this mine live for another 200
years.”
Cyril Ramaphosa, President of the Republic of South Africa, also spoke at length
during the opening ceremony:
“The commencement of production at Platreef is in many ways a culmination of a
long journey that began with the initial exploration more than 27 years ago.
Robert said this as a baby step [for Ivanplats], but I see a giant step for the
community of Mokopane and a gigantic step for our country, South Africa, and
we should give a big round of applause for this progress. Today, having finally
reached the production phase, is a testament to decades of hard work, resilience,
and persistence. This is an important moment for Ivanplats, for the mining
industry, and for our country as a whole.
“This mine begins its life opening a new page in our country. This is the first mine
that is really opening with the full involvement of the community, not only as
workers but as equity owners, as owners of this wonderful resource that is going
to be mined here … so this mine is breaking new ground, it is breaking history,
and it is opening up a new chapter of how mining should really be done in our
country.”
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(L-R, foreground) Ivanhoe Mines’ Founder and Executive Co-Chairman,
Robert Friedland, and President of the Republic of South Africa, Cyril
Ramaphosa, sharing a pair of scissors; Premier of Limpopo Province, Dr.
Phophi Ramathuba, and Ivanhoe Mines’ President and Chief Executive
Officer, Marna Cloete, cutting a ribbon marking the formal opening of the
Platreef Mine. (L-R background) Former President of South Africa, Kgalema
Motlanthe, and Bill Hayden, former Ivanhoe Mines director. Mr. Hayden was
the geologist who originally conceived the idea of mineral exploration in
the Lebowa Homeland Administration, and he was instrumental in the
initial discovery of the Flatreef orebody.
Over 2,000 people attended the opening ceremony, including members of
Ivanplats’ workforce, of which 70% are from local communities and nearly
30% are female.
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(L-R) Premier of Limpopo Province, Dr. Phophi Ramathuba, President of
the Republic of South Africa, Cyril Ramaphosa, Ivanhoe Mines’ Founder
and Executive Co-Chairman, Robert Friedland, and former Ivanhoe Mines
director Bill Hayden.
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(L-R) The delegation of national, provincial, and local dignitaries, including
President of the Republic of South Africa, Cyril Ramaphosa, former
President Kgalema Motlanthe, and Premier of Limpopo Province, Dr.
Phophi Ramathuba, was guided around the newly commissioned Platreef
Phase 1 operations by Ivanhoe Mines’ Founder and Executive Co-
Chairman, Robert Friedland, President and Chief Executive Officer, Marna
Cloete, and Chairperson of Ivanplats, Dr. Patricia Makhesha.
During the ceremony, first concentrate was produced from the
Platreef Mine’s Phase 1 concentrator
The Platreef Mine’s Phase 1 concentrator commenced the final stages of hot
commissioning on October 29, 2025, with the first feed of platinum-palladium-
nickel-rhodium-gold-copper ore. The first production of concentrate took place
during the ceremony on November 18, 2025.
As announced on May 8, 2025, underground development of the thick, high-grade
Flatreef platinum-palladium-nickel-rhodium-gold-copper orebody on the 850-
metre level commenced on April 30, 2025. Since then, to October 30, 2025, a total
of 391 metres of reef development in ore has been completed, and of the total
21,702 tonnes of ore blasted, 15,369 tonnes have been hoisted to surface. Reef
development on the 750-metre level has also recently commenced. Development
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ore continues to be hoisted to surface via Shaft #1 and stored in surface
stockpiles. The lower-grade development ore stockpiles will be used to feed the
0.8-million-tonnes-per-annum (Mtpa) Phase 1 concentrator during the initial
stages of ramp-up.
Equipping of Shaft #3, which will more than quadruple available hoisting capacity
to up to 5 Mtpa, continues to progress well and is on schedule for completion and
commissioning in March 2026. Long hole stoping (production mining) is expected
to commence in early Q2 2026, once Shaft #3 is operational.
The underground delineation drilling program, which commenced last year ahead
of developing the first long-hole ore blocks, has progressed very well, with a total
of 16,110 metres drilled to date. All assays reconcile well with Ivanplats’
geological models and mine plan.
Recruitment continues ahead of the ramp-up of Phase 1, with the Ivanplats
workforce now over 2,200 employees and contractors, including more than 70%
locally based and 26% female. The workforce will continue to grow as the project
team has recently started development work on Phase 2.
Aerial view of the Platreef mine site, with Phase 1 concentrator in the
foreground and the Shafts #1, #2, and #3, and associated surface
infrastructure in the background. Once operational, the combined hoisting
capacity of all three shafts will be up to 13 Mtpa, enough to produce over 1
million ounces per year of platinum, palladium, rhodium, and gold, plus
significant additional nickel and copper.
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Masodi Wastewater Treatment Works officially opened, an industry-
leading, public-private partnership to sustainably source water for the
Platreef Mine
On November 11th, 2025, the Masodi Wastewater Treatment Works, in Mokopane,
Limpopo Province, was officially opened. The opening ceremony was attended by
senior government officials, key private-sector leaders, and senior management
from Ivanplats. The state-of-the-art wastewater treatment works have significantly
improved sanitation and public health in Mokopane and surrounding
communities since its completion in 2024. Municipal wastewater is recycled at the
facility, enabling the water to be reused for industrial purposes. The wastewater
facility will also significantly benefit Mokopane’s local economy, enabling the
start-up and future expansions of the Platreef Mine, which otherwise would not be
possible in the water-scarce region. The Masodi Wastewater Treatment Works
was developed through a pioneering public–private partnership formed between
the Mogalakwena Local Municipality and Ivanplats.
Project development on Phase 2 expansion is already underway,
targeting completion in Q4 2027, to increase production to
approximately 450,000 ounces of platinum, palladium, rhodium, and
gold
The Ivanplats’ project team has commenced work on Phase 2 development, with
the concentrator expansion targeted for completion in Q4 2027. DRA Global of
Perth, Australia, was recently appointed as the engineering, procurement, and
construction management (EPCM) contractor for the mine and the 3.3-million-
tonne-per-annum Phase 2 concentrator. DRA Global was the EPCM contractor
that delivered the construction of the Phase 1 concentrator on schedule in June
2024. Earthworks on the Phase 2 concentrator site, located adjacent to the Phase
1 concentrator, are scheduled to commence in Q1 2026.
In addition, Shaft #2’s concrete headgear is now completed, and the expansion of
the shaft to a diameter of 10 metres will commence following the appointment of
the contractor in Q4 2025. Raise boring of Shaft #2 to its initial diameter of 3.1
metres was completed in Q4 2024.
Negotiations for Platreef’s Phase 2 project finance are advancing well
In December 2023, Ivanplats concluded a senior debt facility with Société
Générale and Nedbank Limited to fund the construction of Phase 1. An initial $70
million was drawn, with a further $30 million drawn in the second quarter of 2025.
Following the completion of the 4.1 Mtpa feasibility study, Ivanhoe Mines has
been focused on arranging an enlarged project finance package for the majority
of the expansion capital requirements for Phase 2.