Mining billionaire Robert Friedland has launched the first phase of a long-awaited US$2-billion platinum-group metals project in South Africa, realising a vision that has been 37 years in the making through decades of exploration, planning, and development.
A Landmark African Mining Project
Friedland, founder and executive co-chairman of Vancouver-based Ivanhoe Mines Ltd., inaugurated the Platreef mine on Tuesday alongside President Cyril Ramaphosa.
The project is one of the most significant new mining developments on the continent and a rare large-scale investment in South Africa’s struggling mining industry.
World-Class Deposit
Describing Platreef as “the world’s largest undeveloped precious-metals mine,” Friedland said the operation is poised to become one of the lowest-cost global sources of platinum, palladium, rhodium, nickel, copper and gold.
“It gives us a glimpse of the bright future of South Africa’s mining industry,” Ramaphosa said at the ceremony. “We maintain that mining is a sunrise industry that must continue to play a critical enabling role in our nation’s development.”
He added that Platreef’s modern concentrator plant reflects how South Africa is “positioning itself as a strategic partner in the global energy transition and the next wave of green industrialization.”
Investment and Expansion Plans
Robert Friedland, the Canadian-American mining entrepreneur and billionaire, has built a global reputation by developing major mining projects across Africa, North America, and Asia.
He first gained international attention in the early 1990s after discovering the Voisey’s Bay nickel-copper deposit in Canada, which was later sold to Inco for $4.3 billion.
Friedland was also the driving force behind the development of the Oyu Tolgoi copper-gold project in Mongolia and has increasingly focused on Africa, including the Kamoa-Kakula copper project in the Democratic Republic of the Congo.
A Strategic Investment
Ivanhoe Mines is committing $1.2 billion to the first two phases of the Platreef project, with Phase 2 expected to come online in late 2027. If approved, a potential Phase 3 could add an additional $800 million, further expanding the mine’s capacity.
“The Phase 1 mine is just a baby first step to an operation that we’ll be making 10 times larger, over two further phases of expansion,” Friedland said, highlighting the long-term vision for the project.
Platreef also marks Friedland’s first major venture in South Africa. Ivanhoe Mines holds 64% of the project, while 26% is owned by Black economic empowerment partners, including 20 local communities representing roughly 150,000 residents.
The mine has already become a significant source of employment, with over 2,000 people working on-site, most drawn from nearby communities, underscoring the project’s local economic impact.
Delays and Development Challenges
The Platreef deposit was first identified in the 1980s, but earlier production timelines were delayed due to capital allocation and fluctuations in commodity prices.
“The rescheduling was mainly based around capital expenditure plans related to other projects,” Ivanhoe spokesman Matthew Keevil explained, providing context for the long development period.
He added, “We have been spending quite a bit of time and money at Kamoa-Kakula over the past five to six years and it is not typical to build two tier-one mines at the same time. PGM prices also relatively bottomed over that period, while copper obviously has had a moment in the sun.”
With Platreef now entering production, South Africa is positioning the mine as a flagship of modern, high-tech, Africa-based mining, capable of supplying global green-energy markets while simultaneously supporting local economic growth.
BY
Olamilekan is a business journalist covering markets, technology, and changing landscape of African economies for Business Insider Africa. He writes with a focus on how innovation, policy, and entrepreneurship are shaping opportunities across the continent

Published Date:2025-11-20