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South Africa
Platreef Project

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 Location:
10 N from Mokopane, South Africa

  Project Contacts:
82 on Maude, Second Floor 82 Maude Street
Sandton
South Africa
2146
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Overview

StageConstruction
Mine TypeUnderground
Commodities
  • Platinum
  • Palladium
  • Gold
  • Rhodium
  • Copper
  • Nickel
Mining Method
  • Drift & Fill
  • Longhole stoping
  • Transverse stoping
  • Longitudinal stoping
  • Cemented backfill
Production Start...
Mine Life29 years (as of Jan 1, 2022)
Platreef is the world’s greatest precious metals deposit under development, with a peerless endowment of palladium, rhodium, platinum, and gold; as well as highly significant quantities of strategic ‘electric’ metals in nickel and copper.


Owners

Source: p. 37
CompanyInterestOwnership
Itochu Corporation 10 % Indirect
Black Economic Empowerment(B-BBEE Commission) 26 % Indirect
Ivanhoe Mines Ltd. 64 % Indirect
Ivanhoe holds a 64% interest in Mining Right LP30/5/2/2/1/10067MR, while a Japanese consortium, comprising Itochu Corporation; Japan Oil, Gas and Metals National Corporation; and Japan Gas Corporation, holds a 10% interest, and local communities, local entrepreneurs, and staff hold the remaining 26% as a result of the Broad-Based Black Economic Empowerment transaction, implemented on 26 June 2014.

Contractors

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Deposit Type

  • Intrusion related


Summary:

Deposit Types
Two main PGE deposit types occur within the Bushveld Complex:
• Relatively narrow (maximum 1 m wide) stratiform layers (reefs) that occur towards the top of the Upper Critical Zone typically 2 km above the base of the intrusion (Merensky reef-style), mainly found in the Western and Eastern Limbs. These narrow zones have been the principal targets for mining in the past; however, more recently wider zones with more irregular footwall contacts have been mined (termed potholes).
• Contact-style mineralisation at the base of the intrusion (Platreef-type) occurs mainly in the Northern Limb.

In general, within the Northern Limb, the Platreef comprises a variably layered, composite norite–pyroxenite–harzburgite intrusion that lies at the base of the Bushveld Complex, in contact with metasedimentary and granitic floor rocks. McDonald and Holwell (2011) reviewed the major literature on the Platreef and Northern Limb, and have concluded:
• The Platreef remains a complex and enigmatic deposit.
• Stratigraphic relationships with other stratiform deposits such as the Merensky and UG2 reefs have been suggested.
• The extent to which the Northern Limb was connected to the rest of the complex across the Thabazimbi–Murchison Lineament remains to be established.
• The Platreef represents a complex of sills intruded into basement granite-gneiss, Transvaal Supergroup sediments or pre-Platreef Lower Zone intrusions.
• Intrusive rela ........


Mining Methods

  • Drift & Fill
  • Longhole stoping
  • Transverse stoping
  • Longitudinal stoping
  • Cemented backfill


Summary:

The Platreef Project is designed based on highly mechanised Longhole Stoping and Drift-andFill mining methods.

Primary access to the mine will be by a 1,100 m deep, 10 m diameter production shaft (Shaft 2). Secondary access to the mine will be via a 996 m deep, 7.25 m diameter ventilation shaft (Shaft 1). During mine production, both shafts will also serve as ventilation intakes. Three additional ventilation exhaust raises (Ventilation Raise 1, 2, and 3) are planned. Ventilation Raise 1 will be a 950 m deep, 6 m diameter raise located near the centre of the mining area and adjacent to the two intake shafts. Ventilation Raise 2 will be an 800 m deep, 6 m diameter raise located near the northern edge of the mining area. Ventilation Raise 3 will be a 725 m deep, 6 m diameter raise located near the southern edge of the mining area.

Three main access levels will be established as primary haulage levels. These are the 750 m, 850 m, and 950 m Haulage Levels. Mining access ramps will connect the haulage levels with the mining sublevels and other infrastructure. The mining sublevels will be developed from the ramps at regular vertical intervals in the production areas. Drilling and extraction levels for stopes will be driven from the sublevels. Ventilation raises and ore passes will also connect the sublevels with the main haulage levels.

The main mining methods will be Longhole Stoping and Drift-and-Fill mining. These methods provide a safe, mechan ........


Crushing and Grinding
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Processing

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Summary:

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Projected Production:

CommodityProductUnitsAvg. AnnualLOM
4E (Pt, Pd, Rh, Au) Concentrate kt 1915,545
4E (Pt, Pd, Rh, Au) Metal in concentrate koz 52215,149
Platinum Metal in concentrate koz  ......  Subscription required  ......  Subscription required
Palladium Metal in concentrate koz  ......  Subscription required  ......  Subscription required
Gold Metal in concentrate koz  ......  Subscription required  ......  Subscription required
Rhodium Metal in concentrate koz  ......  Subscription required  ......  Subscription required
Copper Metal in concentrate M lbs  ......  Subscription required  ......  Subscription required
Nickel Metal in concentrate M lbs  ......  Subscription required  ......  Subscription required

Operational Metrics:

Metrics
Daily ore mining rate  ......  Subscription required
Annual mining capacity  ......  Subscription required
Waste tonnes, LOM  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual processing rate  ......  Subscription required
Annual processing capacity  ......  Subscription required
Annual mining rate  ......  Subscription required
* According to 2022 study.
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Reserves at January 28, 2022:
A declining NSR cut-off of $155/t–$80/t was used for the Mineral Reserve estimates.
Mineral Resources: 2 g/t 3PE+Au cut-off is considered the base case estimate.

CategoryTonnage CommodityGradeContained Metal
Probable 125.2 Mt 4E (Pt, Pd, Rh, Au) 4.37 g/t 17.6 M oz
Probable 125.2 Mt Platinum 1.94 g/t 7.8 M oz
Probable 125.2 Mt Palladium 1.99 g/t 8 M oz
Probable 125.2 Mt Gold 0.3 g/t 1.2 M oz
Probable 125.2 Mt Rhodium 0.13 g/t 0.54 M oz
Probable 125.2 Mt Copper 0.16 % 455 M lbs
Probable 125.2 Mt Nickel 0.34 % 929 M lbs
Indicated 346 Mt 4E (Pt, Pd, Rh, Au) 3.77 g/t 41.9 M oz
Indicated 346 Mt Platinum 1.68 g/t 18.7 M oz
Indicated 346 Mt Palladium 1.7 g/t 18.9 M oz
Indicated 346 Mt Gold 0.28 g/t 3.1 M oz
Indicated 346 Mt Rhodium 0.11 g/t 1.2 M oz
Indicated 346 Mt Copper 0.16 % 1,226 M lbs
Indicated 346 Mt Nickel 0.32 % 2,438 M lbs
Inferred 506 Mt 4E (Pt, Pd, Rh, Au) 3.24 g/t 52.8 M oz
Inferred 506 Mt Platinum 1.42 g/t 23.2 M oz
Inferred 506 Mt Palladium 1.46 g/t 23.8 M oz
Inferred 506 Mt Gold 0.26 g/t 4.3 M oz
Inferred 506 Mt Rhodium 0.1 g/t 1.6 M oz
Inferred 506 Mt Copper 0.16 % 1,775 M lbs
Inferred 506 Mt Nickel 0.31 % 3,440 M lbs

Commodity Production Costs:

CommodityUnitsAverage
Credits (by-product) 4E (Pt, Pd, Rh, Au) USD  ......  Subscription required&nbs
Site cash costs (produced) 4E (Pt, Pd, Rh, Au) USD  ......  Subscription required&nbs
Total cash costs 4E (Pt, Pd, Rh, Au) USD  ......  Subscription required&nbs
Total cash costs 4E (Pt, Pd, Rh, Au) USD  ......  Subscription required *†
All-in sustaining costs (AISC) 4E (Pt, Pd, Rh, Au) USD  ......  Subscription required *†
Assumed price Rhodium USD  ......  Subscription required&nbs
Assumed price Palladium USD  ......  Subscription required&nbs
Assumed price Platinum USD  ......  Subscription required&nbs
Assumed price Nickel USD  ......  Subscription required&nbs
Assumed price Copper USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2022 study / presentation.
† Net of By-Product.
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Operating Costs:

Units2022
UG mining costs ($/t mined) USD 32 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2022 study.
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2022 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Pre-Production capital costs $M USD  ......  Subscription required
Expansion CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
UG OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 1,593
Site services costs $M USD 160
Transportation (haulage) costs $M USD 195
G&A costs $M USD 447
Total OpEx $M USD  ......  Subscription required
Income Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net revenue (LOM) $M USD  ......  Subscription required
Operating margin, %  ......  Subscription required
Operating margin (LOM) $M USD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 5% $M USD  ......  Subscription required
Pre-tax NPV @ 10% $M USD  ......  Subscription required
Pre-tax NPV @ 8% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Proposed Heavy Mobile Equipment as of February 28, 2022:
HME TypeModelSizeQuantity
Backhoe ....................... Subscription required ....................... Subscription required
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Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required May 28, 2022
....................... Subscription required ....................... Subscription required Subscription required Feb 28, 2022
....................... Subscription required ....................... Subscription required Subscription required Feb 28, 2022
....................... Subscription required ....................... Subscription required Subscription required May 28, 2022
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Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2023
Corporate Presentation 2022
Corporate Presentation 2022
Feasibility Study Report 2022
................................... Subscription required 2020
................................... Subscription required 2019
Feasibility Study Report 2017
Technical Report 2016
Subscription required - Subscription is required.

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