Nedbank CIB said the $700 million phase 2 financing it arranged and underwrote for for Ivanhoe Mines' Platreef Mine required a specially tailored project finance structure, reflecting the scale and technical complexity of the development.
Image: : Karen Sandison/Independent Newspapers
Nedbank Corporate and Investment Banking (Nedbank CIB) has arranged and underwritten a $700 million (R11.54 billion) phase 2 project financing for Ivanhoe Mines' Platreef Mine, one of the biggest mining project finance deals in South Africa in a decade.
The financing also represented the largest investment by Nedbank in the South African mining sector in the past 10 years, a statement from the bank said Tuesday. Ivanhoe Mines is a Toronto Stock Exchange-listed global mining group with a strong track record of developing world-class mining assets across Africa, including Platreef in South Africa and the Kamoa-Kakula and Kipushi Mines, both in the Democratic Republic of Congo.
The phase 2 financing required a specially tailored project finance structure reflecting the scale and technical complexity of the development. The financing demonstrated the bank’s long-term commitment to the Platreef project and confidence in South Africa's mining sector, said Cathy Nader, Principal of Mining and Critical Minerals at Nedbank CIB.
Platreef is a platinum group metal asset located in the northern limb of the Bushveld Igneous Complex in South Africa. The mine has exposure to platinum group metals, nickel, copper, and gold.
An exceptional ore grade, thickness, and flat geometry support low-cost mechanised mining, positioning it among the most globally competitive mining assets, the bank said.
The mine is located near Mokopane in Limpopo and is expected to contribute to long-term regional economic development, including employment creation and investment in infrastructure such as roads, Nader stated.
Platreef celebrated the start of its 0.,8 million tons per annum (MTPA) phase 1 platinum group metal operations with an opening ceremony in November 2025.
The ramp-up of the phase 1 concentrator to full capacity is progressing, and development works on the phase 2 expansion have recently begun, with completion targeted for the end of the fourth quarter 2027.
Construction of the mine's 3,3 MTPA phase 2 concentrator began in April 2026.
"This transaction reflects Nedbank CIB's expertise in structuring and executing complex, large-scale mining finance solutions. It also underscores our long-standing partnership with Ivanhoe Mines and our belief in the quality of the Platreef asset," said Nader.
In addition to the underwriting and bookrunning roles, Nedbank CIB also acted as facility and intercreditor agent, account bank, and authorised dealer on the transaction.
Nader said this transaction highlighted continued international capital support for high-quality South African mining assets and reinforced South Africa's position as a destination for large-scale, long-term mining investment.
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