Ivanhoe Mines, owned by billionaire Robert Friedland, saw its stock rise on approval of work in one of the biggest platinum mines in South Africa, according to Bloomberg. Ivanhoe was given permission by the South African government to produce at the $1.6 billion Platreef project on a renewable 30 year contract.
Minister Ngoako Ramatholdi said, “The Platreef project will attract foreign capital, create much needed jobs, and contribute significantly to socio-economic development in the areas surrounding the project.” With the deal, Ivanhoe no longer needs to carry out its plan to cut its workforce. When the Platreef starts production in 2020, it is projected to be the lowest cost platinum producer.
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