Canada-based Ivanhoe Mines said on Tuesday its South African unit has agreed to finance up to $240 million to start mining work on the company’s Platreef palladium and platinum project.
The subsidiary, Ivanplats, is in talks with Orion Mine Finance for another $300 million, while it has appointed Societe Generale and Nedbank to arrange for the loans, Ivanhoe said.
The agreements will be used to advance the project in South Africa’s Limpopo province to production.
“The production of key ‘green metals’ needed to reduce greenhouse gas emissions is at a critical inflection point as businesses are pressed to secure long-term supplies,” Ivanhoe co-chairman Robert Friedland said in a statement.
The project is also assessing mining of rhodium, nickel, copper and gold, the company said.
(By Pushkala Aripaka; Editing by Ramakrishnan M.)