Ivanhoe transfers 26% of S. Africa’s platinum project to locals
Africa-focused Ivanhoe Mines (TSX:IVN) said Thursday it has completed an empowerment deal on its Platreef project in South Africa, which leaves 26% of the venture in hands of local communities.
The Canadian miner said it has transferred 20% to 20 local groups, 3% to black entrepreneurs and managerial employees, and another 3% to historically disadvantaged South African staff.
The Vancouver-based company is planning a multi-phased development of a large, mechanized, underground mine on its Platreef discovery of platinum, palladium, nickel, copper, gold and rhodium on the Northern Limb of the Bushveld Complex in South Africa.
Based on a preliminary economic assessment, the Platreef project could mine eight million tonnes a year yielding 785,000 ounces of platinum, palladium, rhodium and gold per year. According to the company, this would make it Africa’s lowest-cost producer of platinum-group metals.