Nedbank’s Corporate and Investment Banking (CIB) unit has announced the completion of $700 million (R11.5 billion) in financing for Ivanhoe Mines’ Platreef Mine.
This investment is the largest investment that Nedbank has been involved in over the past 10 years, and one of the biggest in a sector whose output has been steadily declining since the mid-2000s.
Nedbank CIB acted as mandated lead arranger, bookrunner, and underwriter of the $700 million (R11.5 billion) phase 2 project financing for the Platreef Mine. This follows on from the unit’s financing of the Platreef phase 1 project.
Platreef is a tier 1 polymetallic platinum group metal asset located in the northern stretch of the Bushveld Igneous Complex in South Africa.
This complex, located in the North-West Province, is the largest of its kind in the world and holds around 70% to 80% of total global platinum reserves alongside large chrome and vanadium deposits.
Invanhoe’s mine has exposure to platinum group metals, nickel, copper and gold, with it having particularly high ore grade and thickness.
This is coupled with relatively flat geometry, which supports low-cost mechanised mining, positioning it among the most globally competitive mining assets.
The mine is located near Mokopane in Limpopo and is expected to contribute to long-term regional economic development, including employment creation and investment in infrastructure.
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa, which include Platreef and copper-zinc mines in the Democratic Republic of the Congo.
The company is exploring for new copper discoveries on its wholly owned Western Foreland exploration licences in the DRC, near its existing copper projects.
Its South African operations have ramped up substanitally since the start of its 0.8 MTPA phase 1 operations with an opening ceremony on 18 November 2025.
The ramp-up of the phase 1 concentrator to full capacity is progressing, and development works on the phase 2 expansion have recently begun, with completion targeted for the end of 2027.
Construction of the mine’s 3.3 MTPA phase 2 concentrator began in April 2026.
In addition to its underwriting and bookrunning roles, Nedbank CIB also acted as facility and intercreditor agent, account bank, and authorised dealer on the transaction.
It said that this deal highlights continued international capital support for high-quality South African mining assets and reinforces the country’s position as a destination for large-scale, long-term mining investment