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Be the first with the news that moves the market- Ivanhoe Mines (TSX:IVN) subsidiary, Ivanplats, has sunk its first shaft to a depth of 996 metres at the Platreef project in South Africa
- The company’s next step is constructing the shaft’s level station, which is due to be completed at the end of July 2020
- The company has also brought in a widerner to expand the shaft’s diameter to 7.5 metres
- Initial production will begin by utilising first shaft, with further expansions planned as the site continues to develop
- Ivanhoe Mines (IVN) is up two per cent and is trading at C$3.68 per share
Ivanhoe Mines (TSX:IVN) subsidiary, Ivanplats, has sunk its first shaft to a depth of 996 metres at the Platreef project in South Africa.
Now the shaft is complete, the next step is to construct the level station, which is due to be completed at the end of July 2020. The company is also brining in a widerner to expand the shafts diameter.
The new winder for the drill is 7.25 metres in diameter and will be used to widen the drill hole. Once Ivanhoe has widened the drill hole, it can begin equipping the shaft for mining logistics.
The shaft is located 350 metres away from the project’s orebody, and the company plans to mine the deposit through a bulk-scale mechanised process.
Production is expected to begin using this first shaft and further expansions will be rolled out across the site as it continues to develop.
The Co-Chairman of Ivanhoe Mines Robert Friedland said the project had been recognised as one of the world’s largest deposits of high-grade platinum group metals.
He went on to say that the company was now ready move towards production.
“With the sinking of shaft one now complete, we are exploring near-term development pathways at Platreef that all allow us to expedite production at the next world-class mine on the Northern Limb.
“We are confident that the project will, in time, become one of the world’s largest and lowest-cost primary producers of platinum group metals and provide long-lasting and meaningful benefits to all of our stakeholders,” he said.
Ivanhoe Mines (IVN) is up two per cent and is trading at C$3.68 per share at 9:55 pm EDT.
