Ivanhoe Mines (TSX:IVN)(OTCQX:IVPAF) today announced its financial results for the first quarter ended March 31, 2017. All figures are in U.S. dollars unless otherwise stated. Ivanhoe Mines is a Canadian mining company focused on advancing its three mine-development projects in Sub-Saharan Africa: the Platreef platinum-palladium-gold-nickel-copper discovery in South Africa; and the Kamoa-Kakula copper discovery and the Kipushi zinc-copper-lead-germanium mine in the Democratic Republic of Congo (DRC).
As quoted in the press release:
On April 12, 2017, Ivanhoe announced the start of early-works construction for Shaft 2 at the Platreef platinum-group metals, nickel, copper and gold mine now being developed in South Africa. Shaft 2, which will be the main production shaft, will be sunk to a planned, final depth of more than 1,100 metres below surface. It will be equipped with two 40-tonne rock-hoisting skips capable of hoisting a total of six million tonnes of ore per year – which will be the single largest hoisting capacity at any mine in Africa.
Sinking of Platreef’s Shaft 1 is proceeding at an average rate of approximately 45 metres per month and is expected to reach the Flatreef Deposit, at a depth of 777 metres below surface, in the first half of 2018. Sinking will continue to a planned final depth of 980 metres below surface. Development work will include four shaft stations at depths of 450, 750, 850 and 950 metres below surface. Shaft 1 will provide development access into the Flatreef Deposit while Shaft 2 is being developed.
On April 25, 2017, Ivanhoe announced the appointment of three leading mine-financing institutions — Export Development Canada, Nedbank Limited (acting through its Corporate and Investment Banking division) and Societe Generale Corporate & Investment Banking — as Initial Mandated Lead Arrangers to arrange debt financing for the development of the Platreef Mine.