Ivanhoe Mines (TSX:IVN), announced that the South African government’s Department of Mineral Resources has approved Ivanhoe’s application for a long-term mining right relating to the development of Ivanhoe’s Platreef project on the Bushveld Complex in South Africa. Ivanhoe anticipates that the initial mining right will be executed for a period of 30 years with the potential for subsequent renewal periods lasting 30 years each.
As quoted in the press release:
The Department of Mineral Resources notified Ivanhoe Mines on Friday, May 30, that Platreef’s mining right had been granted. Ivanhoe now has the right to mine and process all platinum group metals, nickel, copper, gold and certain associated metals and minerals from the Platreef Project mining area, subject to the company complying with the terms on which the mining right was granted — including the requisite environmental management program becoming effective, which is expected in due course. It also is expected that the mining right, when executed, will be for an initial period of up to 30 years and will be renewable for an unlimited number of consecutive periods each of up to 30 years.
Ivanhoe CEO, Robert Friedland, said:
Ivanhoe now has the green light from the South African government to build a pre-eminent mine that will create thousands of new direct and indirect jobs and contribute to socio-economic development in the Mokopane region and beyond. We are looking forward to building and bringing our Platreef mine into production in partnership with local communities, entrepreneurs, employees and the government — stakeholders that share our commitment to responsible and responsive mining.