Financial services firm Nedbank Corporate and Investment Banking (Nedbank CIB) has provided $700-million debt financing for Phase 2 of TSX-listed diversified mining company Ivanhoe Mines' Platreef mine.

This financing represents the largest investment by Nedbank in the South African mining sector in the past ten years and is also one of the largest mining project finance deals concluded in South Africa in more than a decade.

Nedbank CIB also finances the Platreef Phase 1 project, the bank says.

Platreef, near Mokopane, in Limpopo, started its 800 000 t/y Phase 1 operations on November 18, 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 2027.

Construction of the mine's 3.3-million-tonne-a-year Phase 2 concentrator began in April.

“This transaction reflects our long-standing partnership with Ivanhoe Mines and our belief in the quality of the Platreef asset,” says Nedbank CIB mining and critical minerals principal Cathy Nader.

This deal highlights continued international capital support for high-quality South African mining assets and reinforces South Africa's position as a destination for large-scale, long-term mining investment, she adds.

“This transaction demonstrates our long-term commitment to the Platreef project and confidence in South Africa's mining sector.”

Platreef is a Tier 1 polymetallic platinum group metal (PGM) asset located in the northern limb of the Bushveld Igneous Complex in South Africa.

The mine has exposure to PGMs, nickel, copper and gold. Its exceptional ore grade, thickness and flat geometry support low-cost mechanised mining, positioning it among the most globally competitive mining assets, Nedbank CIB says.

The mine is expected to contribute to long-term regional economic development, including employment creation and investment in infrastructure such as roads.

Ivanhoe Mines has a strong record of developing world-class mining assets across Africa, including Platreef, as well as its Kamoa-Kakula and Kipushi projects in the Democratic Republic of Congo.