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MODERN MINING
April 2016
COVER STORY
Aerial view of the Platreef
site. It has been entirely
fenced with an inner
concrete wall surrounding
the shaft area.
of production of platinum equivalent ounces.
Remarkably (given that it is an underground
mine), it is expected to have costs of produc-
tion that are not significantly different to those
of Mogalakwena.
Ivanplats, which is 64 % owned by Ivanhoe
and 10 % owned by a Japanese consortium of
Itochu Corp, ITC Platinum (an Itochu affili-
ate) and Japan Oil, Gas and Metals National
Corporation (JOGMEC) with the balance of the
shareholding being in the hands of Ivanhoe’s
B-BBEE partners, is responsible for executing
the project. It is planning to do this in three
phases, with the initial phase being a 4 Mt/a
operation to establish an operating platform to
support phases two and three, which will see
production increasing to 8 Mt/a and 12 Mt/a
respectively. The concentrator plant for
phase 1 will consist of two modules, each of
2 Mt/a capacity. The final product of the proj-
ect will be concentrate although smelting and
refining options are not ruled out for the later
phases of development.
“The timeline on phases two and three is
still uncertain but we should be producing ore
from phase one in 2019,” says Mouton. “This
will be stockpiled as the first 2 Mt/a concentra-
tor plant module will only be commissioned in
late 2019. We would anticipate ramping up to
full first phase steady-state production by 2022.
A development decision on phase two, which
doubles the size of the project, will probably
be made in 2020 with the full 8 Mt/a capac-
ity being achieved by 2024/25. A decision on
phase three – taking the mine to 12 Mt/a – is
much further out and is unlikely to be made
before 2028.”
Mouton emphasises that all dates are tenta-
tive at this stage, given that Ivanhoe still has
money to raise and given the vagaries of the
PGMmarket. “We believe strongly in the future
of PGMs but clearly we will need to develop the
project at a pace that is consistent with market
demand,” he says.
Ivanplats released the results of a Pre-
Feasibility Study (PFS) – an incredibly detailed
Photo taken during the
erection of the headgear.
A 600-ton capacity Demag
crawler crane from Sarens
was used to lift the heavy
components.