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CORRECTED-Ivanhoe's S.African unit to fund up to $420 mln for palladium, platinum mine

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(Corrects to say $420 mln, not $240 mln, in headline, paragraph1; corrects details on financing break-up in paragraph 2)

Feb 16 (Reuters) - Canada-based Ivanhoe Mines saidon Tuesday its South African unit has agreed to finance up to$420 million to start mining work on the company's Platreefpalladium and platinum project.

The subsidiary, Ivanplats, has signed with Orion MineFinance for $300 million, while it has appointed SocieteGenerale and Nedbank to arrange for up to $120 million in loans,Ivanhoe said.

The agreements will be used to advance the project in SouthAfrica's Limpopo province to production.

"The production of key 'green metals' needed to reducegreenhouse gas emissions is at a critical inflection point asbusinesses are pressed to secure long-term supplies," Ivanhoeco-chairman Robert Friedland said in a statement.

The project is also assessing mining of rhodium, nickel,copper and gold, the company said.(Reporting by Pushkala Aripaka in Bengaluru; Editing byRamakrishnan M.)