MOKOPANE, SOUTH AFRICA – Ivanhoe Mines’ (TSX: IVN; OTCQX: IVPAF) Co-Chairmen Robert Friedland and Yufeng “Miles” Sun announced today that the company’s South African subsidiary, Ivanplats, has completed construction of the 996-metre-level station at the bottom of the project’s Shaft 1 – well ahead of the contractual schedule.

Shaft 1 now is positioned to be equipped as Platreef’s initial production shaft, if Ivanhoe chooses to proceed with phased development to expedite production at the tier-one palladium-platinum-nickel-copper-rhodium-gold project on the Northern Limb of South Africa’s Bushveld Complex.

Given the flurry of recent transactions in precious metals markets, we are actively exploring a number of options that can help us unlock Platreef's extraordinary value for the benefit of all Ivanhoe stakeholders,” said Mr. Friedland. “After all, Platreef is among this planet’s largest precious metals deposits.”

“Platreef now has a completed shaft within a few hundred metres of the initial high-grade mining zone. We have a mining licence, we have water, and we have a team of highly-skilled employees. The deposit has enormous quantities of palladium, platinum, rhodium, nickel and copper; and it has more ounces of gold than many leading gold mines,” Mr. Friedland added. “Given the current precious metals environment, I am confident that the pending studies will showcase the exceptional economics that one would expect from such a thick, high-grade and flat-lying deposit.”

Platreef’s current Indicated Mineral Resources are 346 million tonnes grading 3.77 grams per tonne (g/t) 3PE+gold (1.68 g/t platinum, 1.70 g/t palladium, 0.11 g/t rhodium, 0.28 g/t gold), 0.32% nickel and 0.16% copper at a 2.0 g/t 3PE+gold cut-off.

Platreef’s current Indicated Mineral Resources contain an estimated 26.8 million ounces of palladium, 25.6 million ounces of platinum, 4.5 million ounces of gold, and 1.8 million ounces of rhodium (a combined 58.8 million ounces of PGMs plus gold), plus 4.1 billion pounds of nickel and 2.1 billion pounds of copper, at a cut-off grade of 1 gram per tonne.

Platreef’s current Inferred Mineral Resources are 506 million tonnes at a grade of 3.24 g/t 3PE+gold (1.42 g/t platinum, 1.46 g/t palladium, 0.10 g/t rhodium, 0.26 g/t gold), 0.31% nickel and 0.16% copper.

Platreef’s current Inferred Mineral Resources contain an additional 43.0 million ounces of palladium, 40.4 million ounces of platinum, 7.8 million ounces of gold, and 3.1 million ounces of rhodium (a combined 94.3 million ounces PGMs plus gold), plus 7.7 billion pounds of nickel and 4.1 billion pounds of copper, also at a cut-off grade of 1 gram per tonne.

Current prices for the metals contained in the Platreef Mineral Resources, in US dollars, are approximately: palladium $2160/oz., platinum $910/oz., gold $1867/oz., rhodium $8,900/oz., nickel $5.96/lb. and copper $2.96/lb.

Information on the Platreef Project’s geology and mineralization, including a full tabulation of the Mineral Resource estimate at various cut-offs, is contained in the Platreef Project National Instrument (NI) 43-101 Technical Report dated September 4, 2017, available on SEDAR at and on the Ivanhoe Mines website at

Platreef’s Mineral Resources are reported on a 100%-ownership basis and have an effective date of April 22, 2016. The Qualified Persons for the Mineral Resource estimate are Dr. Harry Parker, RM SME, and Mr Timothy Kuhl, RM SME. Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resources have been estimated using core drill data and conform to the requirements of the CIM Definition Standards, 2014. The 2 g/t 3PE+gold cut-off is considered the base case (3PE+Au = (platinum+ palladium + rhodium) + gold). Mineral Resources are stated from a depth of approximately 500 metres to 1,350 metres below surface. Indicated Mineral Resources are drilled on approximately 100 x 100-metre spacing; Inferred Mineral Resources are drilled on 400 x 400-metre (locally to 400 x 200-metre and 200 x 200-metre) spacing.

Reasonable prospects for eventual economic extraction were determined using the following assumptions. Assumed commodity prices for the Mineral Resource estimate are platinum: $1,600/oz., palladium: $815/oz., gold: $1,300/oz., rhodium: $1,500/oz., copper: $3.00/lb and nickel: $8.90/lb. It was assumed that payable metals would be 82% from smelter/refinery and that mining costs (average $34.27/t) and process, G&A, and concentrate transport costs (average $15.83/t of mill feed for a 4 Mtpa operation) would be covered. The processing recoveries vary with block grade, but typically would be 80%–90% f or platinum, palladium and rhodium; 70-90% for gold, 60-90% for copper, and 65-75% for nickel.

Updated DFS is due this quarter, which will include a PEA on the phased-development production plan for the Platreef Project

Ivanhoe is updating the Platreef Project’s 2017 definitive feasibility study (DFS) to take into account development schedule advancement since 2017 when the DFS was completed, as well as updated costs and refreshed metal prices and foreign exchange assumptions.

Concurrently, Ivanhoe is finalizing a Preliminary Economic Assessment (PEA) for the phased-development production plan for the Platreef Project. The plan targets significantly lower initial capital, to accelerate first production by using Shaft 1 as the mine’s initial production shaft, followed by expansions to the production rate as outlined in the 2017 DFS.

The re-evaluation is being done in parallel with the ongoing mine development work to access the thick, high-grade, flat-lying Flatreef deposit that was discovered in 2010 and outlined in the Platreef 2017 Feasibility Study.

The new auxiliary winder for the 7.25-metre diameter Shaft 1, which is scheduled to be delivered to Platreef later this year, will be used to assist in equipping the shaft; and thereafter for logistics, shaft examination and auxiliary functions. The auxiliary winder will provide a second means of ingress and egress from the shaft after removal of the stage winder. Shaft 1 is located approximately 350 metres away from a high-grade area of the Flatreef orebody, planned for bulk-scale, mechanized mining.

The Platreef Project remains ‘Fall-of-Ground’ incident free since shaft-sinking operations began in July 2016, which is a tribute to the excellent work by the Platreef Project team and its South African sinking contractor, Moolmans. In June, 2020, the team achieved South African shaft-sinking industry leader status in terms of safety performance.

Revenue per tonne of ore at the Platreef Project in South African Rand near all-time highs

Significant increases in the price of palladium, rhodium, gold and nickel over the last three years has resulted in the weighted price of the ‘basket’ of metals contained in the ore at the Platreef palladium-platinum-rhodium-nickel-copper-gold project to rise to levels that are significantly higher than when the 2017 DFS was completed. In addition, the South African Rand has depreciated significantly against the US dollar in recent years, resulting in the weighted price of Platreef’s ‘basket’ of metals in South African Rand trading near all-time highs.

Figure 1. Revenue per tonne of ore at the Platreef Project since 2016 (shown in US dollars)

Figure 2. Revenue per tonne of ore at the Platreef Project has risen significantly since 2016 (shown in South African rand).

Source for figures 1 & 2: Bloomberg. Based on historical weekly commodity prices at the end of each week.

Notes for Figures 1 and 2:

  1. Based on Platreef Mineral Reserves with an effective date of May 24, 2017.
  2. Probable Mineral Reserve of 124.7 million tonnes at a grade of 1.95 grams per tonne (g/t) platinum, 2.01 g/t palladium, 0.30 g/t gold, 0.14 g/t rhodium, 0.34% nickel and 0.17% copper.
  3. A declining NSR cut-off of $155 per tonne (t) to $80/t was used for the Mineral Reserve estimates.
  4. The NSR cut-off is an elevated cut-off above the marginal economic cut-off.
  5. Metal prices used in the Mineral Reserve estimate: US$1,600 per ounce (oz) platinum, US$815/oz palladium, US$1,300/oz gold, US$1,500/oz rhodium, US$8.90 per pound (lb) nickel and US$3.00/lb copper.
  6. Tonnage and grade estimates include dilution and mining recovery allowances.
  7. Applies life-of-mine average recoveries of 87.4% for platinum, 86.9% for palladium, 78.6% for gold, 80.5% for rhodium, 87.9% for copper and 71.9% for nickel.
  8. Total cash cost includes mine site costs, plus realization costs such as treatment and refining charges, royalties and transportation.

On July 15, 2020, members of the Platreef team celebrated the completion of shaft sinking and the 996-metre-level station development work in Shaft 1.

Rigger Lawrence Mokoena, a member of Platreef’s shaft-sinking team, with his new jacket awarded in recognition of the team’s outstanding safety performance.

Figure 3: Schematic section of the Platreef Mine, showing Flatreef’s T1 and T2 thick, high-grade mineralized zones (red and dark orange), underground development work completed to date in shafts 1 and 2 (white) and planned development work (gray).

About the Platreef Project

The Platreef Project is owned by Ivanplats (Pty) Ltd, which is 64%-owned by Ivanhoe Mines. A 26% interest is held by Ivanplats’ historically-disadvantaged, broad-based, black economic empowerment (B-BBEE) partners, which include 20 local host communities with approximately 150,000 people, project employees and local entrepreneurs. A Japanese consortium of ITOCHU Corporation, Japan Oil, Gas and Metals National Corporation and Japan Gas Corporation owns a 10% interest in Ivanplats, which it acquired in two tranches for a total investment of $290 million.

Qualified Person

Disclosures of a scientific or technical nature in this news release have been reviewed and approved by Stephen Torr, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Torr is not considered independent under NI 43-101 as he is the Vice President, Project Geology and Evaluation. Mr. Torr has verified the technical data disclosed in this news release.

Ivanhoe has prepared a current, independent, NI 43-101-compliant technical report for the Platreef Project, titled The Platreef 2017 Feasibility Study Technical Report dated September 4, 2017, prepared by DRA Global, OreWin Pty. Ltd., Amec Foster Wheeler, Stantec Consulting, Murray & Roberts Cementation, SRK Consulting, Golder Associates, and Digby Wells Environmental. This technical report include relevant information regarding the effective dates and the assumptions, parameters and methods of the mineral resource estimates on the Platreef Project cited in this news release, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this news release in respect of the Platreef Project.

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the development of new mines at the Kamoa-Kakula copper discoveries in the Democratic Republic of Congo (DRC) and the Platreef palladium-platinum-nickel-copper-rhodium-gold discovery in South Africa; and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-silver mine, also in the DRC. Ivanhoe also is exploring for new copper discoveries on its wholly-owned Western Foreland exploration licences in the DRC, near the Kamoa-Kakula Project.

Information contacts

Bill Trenaman +1.604.331.9834

Matthew Keevil +1.604. 558.1034


Cautionary statement on forward-looking information

Certain statements in this news release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”,  “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

Forward-looking statements in this release include, but are not limited to: (1) statements regarding the updated Platreef Definitive Feasibility Study (DFS) is due this quarter, which will include a preliminary economic assessment (PEA) on the phased-development production plan; (2) statements regarding the new auxiliary winder for Shaft 1 is scheduled to be delivered to Platreef later this year.  

Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed under “Risk Factors” and elsewhere in the company’s MD&A, as well as the inability to obtain regulatory approvals in a timely manner; the potential for unknown or unexpected events to cause contractual conditions to not be satisfied; unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.

This news release also contains references to estimates of Mineral Resources. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. Mineral Resource estimates may have to be re-estimated based on, among other things: (i) fluctuations in platinum, palladium, gold, rhodium, copper, nickel or other mineral prices; (ii) results of drilling; (iii) results of metallurgical testing and other studies; (iv) changes to proposed mining operations, including dilution; (v) the evaluation of mine plans subsequent to the date of any estimates; and (vi) the possible failure to receive required permits, approvals and licences.

Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.

The company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors set forth in the “Risk Factors” section and elsewhere in the company’s MD&A for the quarter ended March 31, 2020 and its current Annual Information Form.

南非莫科帕内 — 艾芬豪矿业 (TSX: IVN; OTCQX: IVPAF) 联席主席罗伯特 • 弗里兰德先生(Robert Friedland) 和孙玉峰先生 (Miles Sun) 今天宣布,南非子公司Ivanplats的普拉特瑞夫(Platreef)项目已经顺利完成其位于1号竖井底部、地表以下996米水平工作站的建设工程,远超施工合同进度。







普拉特瑞夫当前的推断资源含有额外的4,300万盎司钯金属、4,040万盎司铂金、780万盎司黄金及310万盎司铑金属(合共9,430万盎司铂族金属和黄金),以及77亿磅镍金属和41亿磅铜金属(同样以边界品位1 克/吨计算)。


关于普拉特瑞夫项目的地质和矿化体信息(包括以不同边界品位计算的矿产资源估算值的完整列表),已上传SEDAR ( 及艾芬豪矿业官方网站 ( 内的“普拉特瑞夫项目NI 43-101 技术报告” (于2017年9月4日编撰)。

普拉特瑞夫项目的矿产资源按100%拥有权为基础报告,并且自2016年4月22日起生效。矿产资源估算报告的合资格人士是采矿、冶金与勘探学会 (SME) 的会员Harry Parker博士和Timothy Kuhl先生。报告的矿产资源已包括矿产储量在内。矿产资源并非矿产储量,并不表明其具有经济性。矿产资源根据岩心钻探的数据进行估算,并且符合2014年CIM定义标准的规定。铂族金属 (铂、钯和铑) 和黄金的综合边界品位2克/吨用作估算的假设基础。矿产资源由地表以下约500米至1,350米记录。控制矿产资源以大约100 x 100米的间隔进行钻探,而推断矿产资源则以400 x 400米的间隔 (局部 400 x 200米及200 x 200米距离) 进行钻探。

合符最终经济效益的开采前景的资源根据以下的假设确定﹕矿产资源估算的假设商品价格为每盎司铂金1,600美元、每盎司钯815美元、每盎司黄金1,300美元、每盎司铑1,500美元、每磅铜3.00美元,以及每磅镍8.90美元。假设来自冶炼厂/精炼厂的计价系数将为82%,并将包括开采成本(平均每吨34.27美元) 和选矿费、一般行政开支和精矿运输成本 (按400万吨的年处理矿量估算,预计每吨入选矿石的平均成本为15.83美元)。选矿回收率视乎矿块品位而变化,但一般为80-90% (铂金、钯和铑)、70-90% (黄金)、60-90% (铜)及65-75% (镍)。







普拉特瑞夫项目的每吨矿石价值 (以南非兰特计) 创下历史新高

钯、铑、黄金和镍金属于过去三年的价格大幅上升,提高了普拉特瑞夫钯-铂-铑-镍-铜-金矿项目矿石中含有的“一篮子”金属加权价值,使其跳升至远高于2017年最终可行性研究完成时的水平。另外,近年来南非兰特兑美元汇率大幅贬值,推动普拉特瑞夫以南非兰特测算的 “一篮子”金属加权价值创下历史新高。

图 1﹕普拉特瑞夫项目自 2016 年以来的每吨矿石价值 (以美元计)

图2﹕普拉特瑞夫项目的每吨矿石价值自 2016 年以来大幅上升 (以南非兰特计)

1和图2的来源:Bloomberg (基于每周末的当周大宗商品价格)。

图1和图2 的注释:

  1. 基于普拉特瑞夫的矿产储量信息 (2017年5月24日生效)。
  2. 可信矿产储量为 1.247亿吨 (铂金品位1.95 克/吨、钯品位2.01克/吨、黄金品位0.30克/吨、铑品位0.14克/吨、镍品位0.34%及铜品位0.17%)。
  3. 矿产储量估算中使用的精矿净回报 (NSR) 边界值从每吨 155美元下调至每吨 80美元。
  4. NSR 边界值用于圈定边际经济临界值之上的储量。
  5. 矿产储量估算中使用的金属价格为﹕每盎司铂金1,600 美元、每盎司钯815 美元、每盎司黄金1,300 美元、每盎司铑1,500 美元、每磅镍8.90 美元以及每磅铜3.00 美元。
  6. 矿石量和品位估算值已考虑贫化和采矿回收率。
  7. 矿山全寿命的平均回收率为﹕铂金87.4%,钯86.9%,黄金78.6%,铑80.5%,铜87.9%及镍71.9%。
  8. 总现金成本包括矿区成本加上变现成本 (例如粗炼及精炼费、权益金及运输费)。


普拉特瑞夫项目的竖井凿井团队成员之一Rigger Lawrence Mokoena获赠新外套,以表扬团队在安全作业方面的出色表现。

图3:普拉特瑞夫矿山的示意图,显示Flatreef的T1和T2厚大的高品位矿化带(红色和深橙色) 、1号竖井和2号竖井至今已完成的地下开发工程(白色)和规划的掘进工程(灰色) 。


普拉特瑞夫项目由 Ivanplats (Pty) Ltd.(简称 “Ivanplats”)持有,该公司的 64% 权益归属于艾芬豪矿业。普拉特瑞夫项目的 26% 权益由 Ivanplats 的《全面提高黑人经济实力法案》(B-BBEE) 的南非受益人持有。这些受益人包括 20 个当地社区,约150,000 位居民、项目雇员和当地企业主。由伊藤忠商事株式会社、日本石油天然气和金属国家公司和日本天然气公司组成的日本财团通过 2 轮投资 (共 2.9 亿美元) 获取了 Ivanplats 的 10% 权益。


本新闻稿中的科学或技术性披露已经过 Stephen Torr 的审查和批准,他凭借其教育、经验和专业协会会籍被认为是符合NI 43-101 要求的合资格人士。然而,由于 Torr 先生是项目地质和评估副总裁,因此他并非符合 NI 43-101标准的独立人士。 Torr 先生已核实本新闻稿所披露的技术数据。

艾芬豪已经为普拉特瑞夫项目编制了一份符合NI 43-101 标准的最新独立技术报告,即于2017年9月4日发布的《2017 年普拉特瑞夫可行性研究技术报告》,由DRA Global 、OreWin PtyLtd.、Amec Foster Wheeler、Stantec Consulting、Murray & Roberts Cementation、SRK Consulting、Golder Associates 和Digby Wells Environmental编制。该技术报告包括本新闻稿中引用的普拉特瑞夫项目的矿产资源估算的生效日期、假设、参数和方法等相关信息,以及本新闻稿中关于普拉特瑞夫项目的科学和技术性披露的数据验证、勘探程序和其他事项的信息。


艾芬豪矿业是一家加拿大的矿业公司,目前正推进旗下位于南部非洲的三大项目﹕位于刚果民主共和国 (简称“刚果”) 的卡莫阿-卡库拉 (Kamoa-Kakula) 铜矿和位于南非的普拉特瑞夫钯-铂-镍-铜-铑-金矿的新矿山开发工作;以及同样位于刚果、久负盛名的基普什 (Kipushi) 锌-铜-锗-银矿的大型重建和改善工程。同时,艾芬豪正在刚果境内其全资拥有、毗邻卡莫阿-卡库拉项目的西部前沿勘探许可范围内寻找新的铜矿资源。


Bill Trenaman +1.604.331.9834

Matthew Keevil +1.604. 558.1034



本新闻稿载有的某些陈述可能构成适用于证券法所定义的“前瞻性陈述”或“前瞻性信息”。该等陈述及信息涉及已知和未知的风险、不明朗因素和其他因素,可能导致本公司的实际业绩、表现或成就、其项目或行业的业绩,与前瞻性陈述或信息所表达或暗示的任何未来业绩、表现或成就产生重大差异。该等陈述可通过文中使用“可能”、“将会”、“会”、“将要”、“打算”、“预期”、“相信”、“计划”、“预计”、“估计”、 “安排”、“预测”、“预言”及其他类似用语,或者声明“可能”、“会”、“将会”、“可能会”或“将要” 采取、发生或实现某些行动、事件或结果进行识别。

本新闻稿载有的前瞻性陈述包括但不限于: (1) 关于普拉特瑞夫的最终可行性研究更新版将于本季度完成,将会包括分阶段开发生产方案的初步经济评价的陈述;以及 (2) 关于1号竖井的全新辅助卷扬机计划于今年晚些时候运抵普拉特瑞夫项目现场的陈述。

前瞻性陈述及信息涉及重大风险和不确定性,故不应被视为对未来表现或业绩的保证,并且不能准确地指示能否达到该等业绩。许多因素可能导致实际业绩与前瞻性陈述或信息所讨论的业绩有重大差异,包括但不限于 “风险因素” 以及公司《管理层讨论与分析》(MD&A) 报告里其他部分所指的因素,以及无法及时获得监管审批;未知或无法预计的事件导致未能符合合约条件的可能性;有关部门实施的法律、法规或规章或其不可预见的变化;与本公司签订合约的各方没有根据协议履行合约;社会或劳资纠纷;商品价格的变动;以及勘探计划或研究未能达到预期结果或未能产生足以证明和支持继续勘探、研究、开发或运营的结果。

本新闻稿亦载有矿产资源估算的参考信息。矿产资源的估算具有内在的不确定性,并涉及对许多相关因素的主观判断。矿产资源并非矿产储量,并不显示其具有经济潜力。任何该等估算的准确性是可用数据的数量和质量的函数,并根据工程和地质诠释的假设和判断而作出,可能被证明是不可靠的,在一定程度上取决于钻孔结果和统计推论的分析,而最终可能证明是不准确的。矿产资源估算可能需要根据以下因素重新估算:(i) 铂金、钯、黄金、铑、铜、镍或其他矿物价格的波动;(ii) 钻孔工程的结果;(iii)冶金测试和其他研究的结果;(iv) 更改建议开采作业,包括贫化;(v) 在任何估算日期之后作出的矿山计划评估;以及(vi) 未能取得所需准许、批准和许可证的可能性。


基于本公司截至2020年3月30日止季度的《管理层讨论与分析》(MD&A) 报告里的“风险因素”部分和其他部分所指的因素,本公司的实际业绩可能与这些前瞻性陈述所预计的业绩产生重大差异。

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