S.Africa grants Ivanhoe mining rights after delay
Ivanhoe Mines have been formally granted a licence to develop a large platinum group metals mine in South Africa's northern region for a renewable 30-year period, the company announced Wednesday.
The rights allow the Canadian firm to mine in Limpopo province at its much delayed Platreef Project, which is worth around $1.
The project had been stalled in May while questions were raised about social, economic and black empowerment commitments.
In a statement, chief executive Robert Friedman said the company is committed to working closely with mining authorities to ensure compliance with community upliftment.
According to the firm, the development of Platreef would allow it to become Africa’s lowest-cost producer of platinum-group metals.
The firm already has copper and copper-zinc interests in the Democratic Republic of Congo, and owns gold mines in Gabon.
The Minister of Mineral Resources, Ngoako Ramatlhodi, said the Platreef Project will “create much needed jobs and contribute significantly to socio-economic development in areas surrounding the project.
“South Africa is world’s leading producer of platinum group metals, but the sector has been beset by violent strikes.