Friedland’s Plan for $1.6 Billion Platinum Mine at Impasse
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Construction of the biggest platinum mine planned since 1993 is being delayed because of an impasse between billionaire Robert Friedland’s Ivanhoe Mines Ltd. and South Africa’s mines ministry over the extent to which local communities will benefit.
South Africa’s Department of Mineral Resources delayed authorization to start building the $1.6 billion Platreef mine by 12 weeks to a target date of Nov. 26, saying some elements of the company’s plan to benefit the surrounding community were “sketchy” and did “not offer much,” according to an Oct. 2 letter sent to Ivanhoe and seen by Bloomberg. The department said its demands were “not exhaustive” and it may request “further clarification” before it gives the go-ahead.