A plan to build Zimbabwe’s biggest platinum mine at a cost of about $4 billion is floundering because a military stake in the project has deterred potential backers.
Ivanhoe can now finance Kakula and Kipushi mine to commercial production, and significantly advance, or achieve, production at the company’s Platreef Project in South Africa.
Moves gives Aussie miner access to the Moose River gold complex in Nova Scotia, Canada, which comprises one producing open-pit and three other development projects.
The company recorded net income of $3.3m on $36m in revenue during the past quarter, compared with a net loss of $3.5m on $37m in revenue during the year-ago quarter.