Tharisa Intiates 60-Year Underground Mining Plan

Why It Matters

By unlocking a 60‑year underground life and boosting PGM and chrome output, Tharisa strengthens supply security for critical metals, enhancing its strategic value to investors and downstream industries.

Key Takeaways

• Underground blast marks transition from open-pit to mechanized mining.
• New portals will unlock 60‑year mine life and higher grades.
• Expected capacity rise to 255,000 t/month by 2029.
• PGM market tight; demand driven by hydrogen, AI, auto catalysts.
• $45 million trade finance expands chrome sales across Asian stainless‑steel market.

Summary

Tharisa announced the first underground blast at its South African mine, signalling a strategic shift from open‑pit to mechanized board‑and‑pillar underground operations. The company plans three portals to access the MG2 and MG4 reef horizons, aiming to extend the mine’s life by 60 years and reach a name‑plate throughput of 255,000 tonnes per month by 2029, with full underground production expected by 2033. The transition promises higher feed grades, reduced dilution and waste, and an increase in annual output to roughly 2 million tonnes of chrome concentrate and 160,000 ounces of PGMs. Tharisa is also expanding processing capacity beyond its current 5.6‑6 million‑tonne run‑of‑mine level, positioning the asset for sustained multigenerational profitability. CEO Fivas Peruis highlighted the tight global PGM supply, noting limited new projects and growing demand from hydrogen‑economy applications, AI‑driven data storage, and automotive catalysts. He also emphasized the $45 million trade‑finance facility that gives Tharisa flexibility to market its chrome and other bulk commodities across the Asian stainless‑steel complex. The move secures Tharisa’s long‑term resource base, strengthens its role in critical mineral supply chains, and offers investors exposure to a commodity portfolio poised for price upside amid constrained PGM markets and rising global chrome consumption.

Original Description

Tharisa has begun underground operations at its South African platinum group metals and chrome mine. The first underground blast took place this week, and development is now underway. The company already has a well established track record of production from its open pit operations and these will continue for some time yet. But the move underground is designed to secure Tharisa's long-term future, and the company is talking about continuing to mine the reef for 60 years. Phoevos Pourolis, Tharisa's chief executive, joins us to tell us more about the underground development, as well as to talk about sentiment around PGMs and chrome, and the new chrome trading facilities that the company has recently put in place.