Ivanhoe Mines (TSX: IVN)(OTCQX: IVPAF) said on Wednesday it had secure $300 million in stream financing for its platinum group and gold Platreef mine in the South African province of Limpopo.
The Canadian miner said its subsidiary, Ivanplats, closed a $200 million gold stream financing agreement with Orion Mine Finance and Nomad Royalty Company, as well as a $100 million palladium and platinum streaming facility for Platreef.
Ivanhoe said the proceeds will be used to advance the first phase of Platreef’s mine development, which is expected to begin commercial production in 2024.
As part of the gold deal, Ivanplats will deliver a total of 80% of contained gold in concentrate until 350,000 ounces have been delivered, at which point the stream is reduced to 64% of contained gold in concentrate for the remaining life of the facility (until 685,280 ounces of gold have been delivered).
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