Business
Ivanhoe Mines Announces Completion of Three Major Project Milestones at the Platreef Platinum-Palladium-Nickel-Rhodium-Gold-Copper Mine
Construction of Shaft #3 completed on schedule, enabling a five-fold increase in hoisting capacity to support Phase 1 ramp-up and Phase 2 expansion Earthworks
About this update from Ivanhoe Mines Ltd. Class A
[{"type":"text","content":" Construction of Shaft #3 completed on schedule, enabling a five-fold increase in hoisting capacity to support Phase 1 ramp-up and Phase 2 expansion Earthworks commenced on Phase 2 concentrator site Phase 2 expansion on track, increasing production to over 450,000 ounces of platinum, palladium, rhodium and gold by end of 2027 Widening Shaft #2 commenced; shaft set to become largest hoisting shaft on African continent by end of 2028 Shaft #2 to deliver an additional eight million tonnes per annum of hoisting capacity, enabling Phase 3 expansion Platreef metals basket price exceeds $2,000 per ounce of platinum, palladium, rhodium and gold, plus by-product credits from copper and nickel Mokopane, South Africa--(Newsfile Corp. - April 23, 2026) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President and Chief Executive Officer Marna Cloete announced today that a project ceremony was held at the Platreef Mine, in Limpopo Province, South Africa, marking the achievement of three major development milestones. The milestones include the completion of construction of the 4-million-tonne-per-annum (Mtpa) Shaft #3; the breaking of ground for the Phase 2 concentrator site; and the commencement of widening of Shaft #2. The project milestones are a major advancement for the Phase 2 expansion and the future Phase 3 expansion. The on-site ceremony was attended by Ivanhoe Mines' President and CEO Marna Cloete, senior management from Ivanhoe Mines and Ivanplats, as well as representatives from Ivanplats' shareholders Japan Organization for Metals and Energy Security (JOGMEC), ITOCHU Corporation and the broad-based black equity empowerment (B-BBEE) group. Ivanhoe Mines Founder and Co-Chairman Robert Friedland commented: \"The Platreef Mine is not a typical South African precious metals mine scratching at narrow, one-metre-thick seams. The Platreef Mine is a once-in-a-generation geological wonder… a discovery so vast that it will be producing precious metals for generations to come. The flat-lying orebody is approximately twenty-five times thicker than our industry incumbents, averaging 26 meters of continuous mineralization… thickness means scale, which means mechanization, and mechanization means lower costs and safer operations. \"Years ago, our Japanese partners had the foresight to recognize this potenti...