Friedland’s Platreef Project Gets Final Approval for Development

After nearly a month of controversy surrounding protests by some community members against Ivanhoe Mines’s (TSX:IVN) Platreef Project in South Africa, Ivanhoe announced today that the Department of Mineral Resources has given final approval for the mining right for the project. Site work has been idled at the project since May 26 pending final approval of the mining right. The company is now working quickly to continue construction at Platreef.

As quoted in the press release:

The DMR notified Ivanhoe Mines yesterday that the mining right had received the required notarial execution, dated November 4, signifying formal activation of the right. While the DMR originally granted Ivanhoe Mines its Platreef mining right on May 30, formal activation of the right remained subject to the satisfaction of a number of conditions intended to ensure that the mining operation can meaningfully contribute toward the socio-economic development of the area in an environmentally sustainable manner.

Minister Ramatlhodi said the final approval of the Platreef mining right was indicative of the DMR’s drive to ensure compliance with South Africa’s mining regulatory framework while simultaneously attracting investment and growing the economy.

Ivanhoe chairman, Robert Friedland, said:

With the shared, ongoing commitments of the Department of Mineral Resources, our Broad-Based, Black Economic Empowerment partners and our supportive co-investors from the Japanese trade and industry consortium, Ivanhoe Mines’ Platreef Project is going to become a sustaining foundation of jobs and support serving the common interests of our host communities in Limpopo province.

Click here to read the Ivanhoe Mines (TSX:IVN) press release