Japanese Firms Fund South African Platinum Mine Expansion

ITOCHU Corporation and the Japan Organization for Metals and Energy Security (JOGMEC) have increased their investment in a consortium that holds a stake in the Platreef mine in South Africa. This move is intended to support the expansion of the facility, which produces critical minerals such as Platinum and Palladium. JOGMEC has committed $89.4 million to ITC Platinum Development (IPTD), a consortium owned by Itochu, JOGMEC, and JGC Holdings Corporation. IPTD currently holds an 8% stake in the Platreef mine, while Itochu separately maintains a 2% interest. The additional funding follows an initial investment by JOGMEC in 2011 and addresses growing capital needs as Phase 2 development accelerates. The Platreef project is 64% owned by Canada-based Ivanhoe Mines Ltd. and 26% by local B-BBEE partners. The mine began producing concentrates containing nickel, rhodium, Gold, and Copper last November. Phase 2 development is targeted for completion in the fourth quarter of 2027, with total capital expenditure for this stage estimated at $1.2 billion. Once operational, ore processing capacity is expected to rise to 4.1 million metric tons per year, up from the current 0.8 million tons. A further Phase 3 expansion planned for 2032 is projected to lift capacity to 10.7 million tons. By securing offtake rights from the project, Itochu aims to help ensure a stable supply of these critical metals to Japan.