Construction Delays Reported at Robert Friedland’s South Africa Platinum Mine
Ivanhoe Mines (TSX:IVN), lead by billionaire Robert Friedland, has run into delays in construction of its $1.6 billion Platreef mine, according to Bloomberg. The news outlet reported that the roadblock is due to a disagreement between the miner and South Africa’s mines ministry regarding benefits of the mine to local communities.
Ivanhoe Mines (TSX:IVN), lead by billionaire Robert Friedland, has run into delays in construction of its $1.6 billion Platreef mine, according to Bloomberg. The news outlet reported that the roadblock is due to a disagreement between the miner and South Africa’s mines ministry regarding benefits of the mine to local communities.
As quoted in the publication:
South Africa’s Department of Mineral Resources delayed authorization to start building the $1.6 billion Platreef mine by 12 weeks to a target date of Nov. 26, saying some elements of the company’s plan to benefit the surrounding community were “sketchy” and did “not offer much,” according to an Oct. 2 letter sent to Ivanhoe and seen by Bloomberg. The department said its demands were “not exhaustive” and it may request “further clarification” before it gives the go-ahead.
Ivanhoe CEO Lars-Eric Johansson said on October 9:
We believe that each and every formal request by your department to date has been accommodated.
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1812.80 | +2.53 | |
Silver | 21.11 | +0.03 | |
Copper | 4.16 | +0.06 | |
Palladium | 1946.01 | +11.99 | |
Platinum | 943.12 | +2.88 | |
Oil | 110.16 | +4.03 | |
Heating Oil | 3.76 | +0.03 | |
Natural Gas | 7.62 | -0.12 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.