Business
Platreef Mine Secures US$200 Million Gold Stream Financing and Additional US$100 Million Palladium and Platinum Stream
Offtake arrangements announced for 100% of Platreef's first phase production Platreef sche...
About this update from Ivanhoe Mines Ltd. Class A
[{"type":"text","content":"Platreef Mine Secures US$200 Million Gold Stream Financing and Additional US$100 Million Palladium and Platinum StreamOfftake arrangements announced for 100% of Platreef's first phase productionPlatreef scheduled to commence production in 2024Definitive feasibility study for Platreef's phased development plan expected to be issued in Q1 2022 Emissions-free, battery-electric equipment purchased for underground mine developmentPlatreef signs three-year collective agreement with workforceMokopane, South Africa--(Newsfile Corp. - December 8, 2021) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President Marna Cloete are pleased to announce that the company's South African subsidiary, Ivanplats, has concluded stream-financing agreements with Orion Mine Finance and Nomad Royalty Company for a US$200 million gold-streaming facility and a US$100 million palladium- and platinum-streaming facility for its world-scale Platreef palladium-rhodium-platinum-nickel-copper-gold project in Limpopo Province, South Africa. The proceeds will be used to advance the first phase of Platreef's mine development, with commercial production expected in 2024. The definitive feasibility study for Platreef's phased development plan, which will provide updated production forecasts for the initial mine and subsequent expansion, is nearing completion with release expected in Q1 2022.Ivanplats also has signed documents relating to offtake arrangements for 100% of Platreef's Phase 1 platinum-group-metals (PGMs) concentrate production, which is expected to be more than 40,000 tonnes per year containing six payable metals, including palladium, rhodium, platinum, nickel, copper and gold.Watch a new video showcasing Platreef: https://vimeo.com/653933836/681b732b3eThe offtake arrangements are with Northam Platinum Limited and Heron Metals Pty Ltd., a joint venture in which Trafigura Pte. Ltd. (\"Trafigura\"), a Singaporean registered company, has a majority shareholding. Northam Platinum is an independent, fully empowered, integrated PGM producer, with primary operations in South Africa including the wholly owned Zondereinde Mine and metallurgical complex, and Booysendal Mine. The Trafigura Group is one of the world's leading independent commodity trading and logistics houses. The terms of the proposed offtake with Heron Metals / Traf...