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Be the first with the news that moves the market- Ivanhoe Mines’ (IVN) South African subsidiary, Ivanplats, has completed a 996-metre-level station at its Platreef Project ahead of schedule
- As a result, the first shaft is now ready to be equipped as the project’s initial production shaft
- The project is a tier one poly-metallic project, covering an expanse of palladium, platinum, nickel, copper, rhodium, and gold mineralisations
- An updated definitive feasibility study for the project is expected this quarter and the company is concurrently developing the site’s preliminary economic assessment
- Ivanhoe Mines (IVN) is up 3.65 per cent and is trading at C$4.26 per share
Ivanhoe Mines’ (IVN) South African subsidiary, Ivanplats, has completed a 996-metre-level station at its Platreef Project ahead of schedule.
The station was completed at the bottom of site’s first shaft, which is now ready to be equipped as Platreef’s initial production shaft.
The project is a tier one poly-metallic project, covering an expanse of palladium, platinum, nickel, copper, rhodium, and gold mineralisations.
The site’s current indicated mineral resource estimates 26.8 million ounces of palladium, 25.6 million ounces of platinum, 4.5 million ounces of gold, and 1.8 million ounces of rhodium, as well as large swarths of nickel and copper.
With certain metal prices improving substantially in recent years, Co-Chairmen of Ivanhoe Robert Friedland believes rapidly advancing the project has become even more pressing.
“Given the flurry of recent transactions in precious metals markets, we are actively exploring a number of options that can help us unlock Platreef’s extraordinary value for the benefit of all Ivanhoe stakeholders.
“I am confident that the pending studies will showcase the exceptional economics that one would expect from such a thick, high-grade and flat-lying deposit,” he said.
As a result of the increases in the price of palladium, rhodium, gold and nickel, the site’s logistics have significantly improved since the originally definitive feasibility study was first completed in 2017.
Accordingly, an updated definitive feasibility study, which will take these price hikes into account, is expected this quarter and the company is concurrently developing the site’s preliminary economic assessment.
Ivanhoe Mines currently owns a 64 per cent stake in Ivanplats, which in turn wholly-owns the Platreef Project. The remaining interest is split between local communities and a consortium of Japanese companies at 24 per cent and 10 per cent, respectively.
Ivanhoe Mines’ (IVN) is up 3.65 per cent and is trading at C$4.26 per share at 2:40pm EDT.
