(3 Minutes Read)
Tharisa Plc has approved a ZAR9.4 billion (around USD 507 million) investment to shift its main Tharisa Mine in South Africa’s Marikana district from open-pit to underground operations. This strategic move aims to extend the mine’s life by over 20 years, providing a long-term supply of ore for its processing facilities and aligning with the company’s integrated growth model across Africa.
Listed in both Johannesburg (JSE: THA) and London (LSE: THS), Tharisa will begin underground development in 2026, starting with shaft construction and orebody access. CEO Phoevos Pouroulis stated the transition would improve operational efficiency and tap into the mine’s multi-generational resource potential, ensuring resilience and value creation.
The mine currently produces 180,000 ounces of platinum group metals (PGMs) and 1.6 million tonnes of chrome concentrates annually. With surface ore depleting, the underground phase is expected to enhance recovery rates and lower long-term costs.
This investment follows the successful commissioning of the US$391 million Karo Platinum Project in Zimbabwe, further balancing the company’s production between South Africa and the broader region.
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Financially, Tharisa maintains a strong balance sheet, trading below industry valuation metrics but showing disciplined capital management and solid returns. The company will reveal specific funding mechanisms in a future update, likely involving a mix of debt, internal resources, and project financing.
Beyond business strategy, the project signals a broader trend of African mining maturity — where long-term resource development aligns with growing local expertise, infrastructure, and sustainable economic impact.
