The Platreef platinum mine in Limpopo Province, South Africa, on Tuesday. Ivanhoe Mines is investing US$1.2-billion in the first two phases of the project.

Mining tycoon Robert Friedland has opened the first phase of a US$2-billion platinum mining project in South Africa, marking the beginning of production from a mine that was 37 years in the making.

Mr. Friedland, the founder and executive co-chairman of Vancouver-based Ivanhoe Mines Ltd. IVN-T , was accompanied by South African President Cyril Ramaphosa as they cut the ribbon on Tuesday at the Platreef mine.

The billionaire mogul described the project as “the world’s largest undeveloped precious-metals mine” and one of the lowest-cost sources of platinum, palladium, rhodium, nickel, copper and gold.

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