New Platinum Mines in South Africa to Boost Jobs and Exports Amid Rising Demand

New mines in South Africa are projected to create jobs and generate revenue, driven by demand for critical minerals and high precious metal prices. The World Platinum Investment Council noted a significant platinum deficit, expected to reach over 1 million ounces in 2025, indicating supply constraints. New projects include Ivanhoe Mines' Platreef Mine, set to produce 100,000 ounces annually, and Tharisa's $547 million expansion plan, extending production past 2035. Southern Palladium will begin operations in June 2026, with production ramping over three years.

Published Mar 21, 2026

South Africa's new mines are anticipated to create jobs and revenue due to the increasing demand for critical minerals and high precious metal prices. The World Platinum Investment Council reported a platinum deficit of over 1 million ounces in 2025, reflecting supply constraints that new mines will help alleviate.

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Ivanhoe Mines inaugurated the Platreef Mine in Limpopo on November 20, 2025, aiming for phased production growth from 100,000 ounces to 1 million ounces annually. Tharisa announced a $547 million expansion plan for its platinum mine, extending production beyond 2035. Southern Palladium is set to begin operations in June 2026, with production increasing over three years.