Tharisa Mine advances phased underground mining transition

Tharisa, dual-listed on the Johannesburg and London stock exchanges, is transitioning the Tharisa Mine from a large-scale open pit to underground mining

This natural progression will sustainably access the mine’s multigenerational mineral resource base while enhancing operational efficiency, environmental stewardship, and long-term value creation.

The mine’s mineral reserves extend beyond the open pit shell, presenting a high-confidence, low-geological-risk opportunity to sustain operations for over 50 years. Existing processing facilities have a capacity of 5.6 Mtpa of run-of-mine (ROM), ensuring both production scalability and operational flexibility. Open pit operations are scheduled to be depleted by FY2035.

From 2031, underground ore from the West Mine (Apollo Complex) and East Mine (Orion Complex) will supplement production. Both complexes, developed sequentially, are designed to mine 255 ktpm each at steady state, combining for 510 ktpm, capped by plant feed capacity.

This underground expansion will maintain current PGM and chrome concentrate output, with opportunities for growth through smarter mining and reduced dilution. The project will operate under a mining contractor model, with transitional capital of US$547 million over ten years and peak funding of US$173 million, financed via internal cash and external funding lines.

Phoevos Pouroulis, CEO of Tharisa, said: “The underground project is the natural progression for our operations and has been established to increase life-of-mine development, enhance operational efficiencies, while maintaining our world-class standards of health, safety, environmental stewardship, and further enhancing our track record of long-term value creation.”

He added: “Our shallow ore body enables on-reef mechanised development, delivering cleaner ROM and significantly reducing waste, capital intensity, and environmental impact. The phased approach to portal development enables early access to reef with the bord-and-pillar design supporting safe, cost-effective ramp-up and long-term operational efficiency. As we continue to innovate with purpose, we are setting the benchmark for multiple generations to come.”