ITOCHU Announcement in Relation to the Platreef Platinum-Palladium-Nickel-Rhodium-Gold-Copper Mine in South Africa
March 23, 2026
ITOCHU Corporation (Headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter "ITOCHU") announces an additional capital investment into ITC Platinum Development Ltd. (hereinafter “IPTD”). IPTD is a Japanese consortium established by ITOCHU, Japan Organization for Metals and Energy Security (Head Office in Minato-ku, Tokyo; Ichiro Takahara, Chairman & CEO; hereinafter "JOGMEC") and others.
ITOCHU and IPTD combined, hold a 10% interest in the Platreef Mine (hereinafter the “Mine"), located in the northern limb of the Bushveld Igneous Complex in South Africa. The Mine is one of the world's largest precious metals projects under development, with plans over future phases of expansion to become one of the world’s largest primary platinum group metals (*1) producers. This significant and unique resource base enables long-term, safe, and efficient large-scale mechanized mining operations.
The Mine celebrated the start of its Phase 1 operations with an opening ceremony on November 18, 2025. Ramp-up of Phase 1 concentrator to full capacity is progressing, and in parallel, development works on the Phase 2 expansion have recently commenced, with completion targeted by the end of Q4 2027.
The Platinum Group Metals , nickel, gold and copper produced from the Mine are essential metals for various industries. ITOCHU holds the right to off-take products from the mine pro rata to its participation interest. and aims to contribute to the stable supply of critical metals to Japan.
Project Overview
| Name | Platreef Mine | ||
|---|---|---|---|
| Location | Limpopo Province, Republic of South Africa (Approx. 280km northeast of Johannesburg) |
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| Interest Holdings | Ivanhoe Mines: 64%, B-BBEE Partner (*2): 26%, IPTD and ITOCHU(combined): 10% | ||
| Produced Metal | Platinum, Palladium, Nickel, Rhodium, Gold & Copper | ||
| Resources | 852 million tonnes | ||
| Production Phases | Phase 1 (in operation) | Phase 2 (under expansion) | Phase 3 (planned) |
| Ore Processing | 0.8 million t/year | 4.1 million t/year | 10.7 million t/year |
| PGM Production | Approx. 2.6 t/year | Approx. 13.6 t/year | Approx. 29.8 t/year |
| Nickel Production | 2 thousand t/year | 9 thousand t/year | 22 thousand t/year |
| Copper Production | 1 thousand t/year | 6 thousand t/year | 13 thousand t/year |
Project Map
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- *1Platinum Group Metals: A collective term being used for platinum, palladium and rhodium.
- *2B-BBEE Partner: Broad-Based Black Equity Empowerment group, which is majority owned by a trust representing the community surrounding the Platreef Mine and is aimed at promoting equal business opportunities for historically disadvantaged South Africans and realizing a diverse economy.