Ivanhoe says Platreef expansion on track for next year

Ivanhoe Mines reports three Phase 2 milestones at its Platreef mine — completion of Shaft #3 (4 Mtpa), ground-breaking for a 3.3 Mtpa Phase 2 concentrator and widening of Shaft #2 — putting the expansion on track for completion by end-2027. The upgrades are set to boost annual precious-metals (PGMs + gold) output from an initial ~100,000 oz to over 450,000 oz, with full expansion scenarios pushing output to more than 1 million oz and significant nickel and copper volumes. Management highlights low unit costs (Phase 2 cash cost about $599/oz net of byproduct credits) and a five-fold increase in hoisting capacity to ~5 Mtpa. The project’s scale and low-cost profile could add meaningful long-term supply of PGMs and gold, which may weigh on near-term PGM/gold price upside but supports longer-term production visibility for markets and investors. Ivanhoe’s stock was modestly weaker (down ~1% midday) despite the positive project update.