Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF) is pushing ahead with the development of its Platreef project in South Africa, announcing the site’s first sale of concentrate as the project remains on schedule after its official opening last year.
The Phase 1 concentrator produced its first batch of platinum, palladium, nickel, rhodium, gold, and copper concentrate in November 2025 during the mine’s opening ceremony.
Since then, ramp-up has continued broadly with lower-grade development ore being processed during the early stages. Ivanhoe said higher-grade production ore will increasingly replace that feed once Shaft #3 becomes operational in early second quarter 2026.
Shaft 3 is a central piece of the project’s near-term growth. Once fully operational in April 2026, it will lift the total hoisting capacity to about 5 million tons per year from the current 0.8 million tons.
The increase will support both Phase 1 steady-state operations and preparations for the Phase 2 expansion, allowing ore and waste to be hoisted simultaneously for the first time.
The company also confirmed the completion of its first commercial sale of concentrate last year to Northam Platinum. Production guidance for 2026 has not yet been issued and will be provided once the concentrator ramp-up is further advanced.
For now, development attention is now turning to Phase 2, which is designed to lift production to roughly 450,000 ounces a year of platinum, palladium, rhodium, and gold, alongside meaningful nickel and copper by-products.
Ivanhoe said early development work is already underway, with completion targeted for the fourth quarter of 2027.
The company also said the Platreef metals basket price exceeded US$2,500 per ounce as of January 12, 2026, supported by platinum group metals and strong copper and nickel prices.
Further, independent studies completed in 2025 project Platreef to be the lowest-cost primary platinum group metals producer globally, with life-of-mine cash costs well below prevailing market prices once Phase 2 and Phase 3 are developed.
“The world is waking up to a new metals super-cycle, where precious and base metals are no longer optional, they are essential,” said Ivanhoe Executive Co-Chair Robert Friedland.
Beyond current development, Platreef’s future expansion is anchored by the Flatreef orebody, which the company says hosts tens of millions of ounces of precious metals across indicated and inferred resource categories.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.