Itochu, JOGMEC invest to support expansion of South African platinum mine

Itochu

23/03/2026 12:03

TOKYO, March 23 (Reuters) - Itochu 8001.T and the Japan Organization for Metals and Energy Security increased their investment in a Japanese consortium that holds a stake in South Africa's Platreef platinum-group metals mine to support its expansion, they said on Monday.

JOGMEC invested $89.4 million in ITC Platinum Development, a consortium owned by Itochu, JOGMEC and JGC Holdings 1963.T, which holds 8% stake in the Platreef mine. Itochu separately owns a 2% stake in the mine.

In 2011, JOGMEC invested about 4.2 billion yen ($26.3 million) in IPTD at Itochu's request. With funding needs rising as phase 2 development gathers pace, JOGMEC decided to make an additional investment, it said.

Itochu did not disclose the amount of the new investment, but a company spokesperson said total capital expenditure for phase 2 is $1.2 billion.

The Platreef project is 64% owned by Canada-based Ivanhoe Mines and 26% by B-BBEE Partner. It started producing concentrates containing platinum, palladium, nickel, rhodium, gold and copper last November.

Phase 2 development is targeted for completion in the fourth quarter of 2027.

Ore processing capacity is expected to rise to 4.1 million metric tons a year from 0.8 million tons after phase 2. A phase 3 expansion planned for 2032 would lift capacity to 10.7 million tons.

Platinum-group metals, nickel, gold and copper from the mine are essential materials for various industries. Itochu holds pro-rata offtake rights from the project and aims to help ensure a stable supply of critical metals to Japan.

($1 = 159.5700 yen)

(Reporting by Yuka Obayashi; editing by Barbara Lewis)

((Yuka.Obayashi@thomsonreuters.com; +813-4520-1265;))