Itochu and JOGMEC boost investment in South African platinum mine expansion

Monday 23 March 2026 - 13:00

Japanese trading house Itochu and the Japan Organization for Metals and Energy Security (JOGMEC) have strengthened their investment in a consortium linked to the Platreef platinum-group metals mine in South Africa, aiming to support its expansion and secure access to critical resources.

JOGMEC recently injected additional funding into ITC Platinum Development, a consortium co-owned by Itochu, JOGMEC, and JGC Holdings, which holds an 8% stake in the Platreef project. Itochu also maintains a separate 2% direct interest in the mine. The move comes as development costs increase during the second phase of the project, which is expected to significantly boost production capacity.

The Platreef mine, majority-owned by Canada-based Ivanhoe Mines, began producing mineral concentrates containing platinum, palladium, nickel, rhodium, gold, and copper in late 2025. With phase two scheduled for completion by the end of 2027, annual ore processing capacity is projected to rise from 0.8 million to 4.1 million metric tons. A third phase, planned for 2032, could further expand capacity to more than 10 million tons annually.

These metals are essential for a wide range of industries, including automotive manufacturing, electronics, and clean energy technologies. By increasing its investment, Itochu aims to secure stable supplies of strategic materials for Japan’s industrial needs amid growing global competition for resources.