Tokyo-based ITOCHU Corporation has announced an undisclosed additional capital investment into ITC Platinum Development (IPTD) – a Japanese consortium established by ITOCHU, Japan Organization for Metals and Energy Security and others.
ITOCHU and IPTD combined hold a 10% interest in the Platreef mine, located in the northern limb of the Bushveld Igneous Complex in South Africa.
TSX-listed Ivanhoe Mines owns the majority interest in the Platreef mine, which produces platinum group metals, nickel, gold and copper.
ITOCHU says this significant and unique resource base enables long-term, safe and efficient large-scale mechanised mining operations.
The mine celebrated the start of its Phase 1 operations in November 1. The ramp-up of the Phase 1 concentrator to full capacity is under way while development works on the Phase 2 expansion are set for completion by the end of the fourth quarter of 2027.
ITOCHU says it holds the right to offtake products from the mine pro rata to its participation interest.