What is the story about?
What's Happening?
Tharisa, a company listed on the Johannesburg and London Stock Exchanges, has announced a strategic shift to underground mining to extend the life of its platinum group metals mine in South Africa. The transition from open-pit to underground mining is set to begin with the Apollo shaft, expected to deliver first ore by 2026. This move aims to sustain annual output, reduce costs, and minimize environmental impact. The project involves a $547 million investment and is expected to secure the mine's future well beyond 2034.
Why It's Important?
The shift to underground mining represents a significant investment in the future of Tharisa's operations, ensuring long-term resource availability and economic stability. By reducing reliance on open-pit resources, the company aims to lower environmental impact and improve efficiency. This transition could set a precedent for other mining operations facing similar resource depletion challenges. The project also highlights the importance of innovation and sustainable practices in the mining industry.
What's Next?
Tharisa plans to proceed with the phased development of the Apollo and Orion complexes, with Apollo expected to reach steady-state production by 2029. The company will continue to focus on optimizing resource extraction and minimizing environmental impact. Stakeholders, including investors and local communities, will be closely monitoring the project's progress and its impact on the region's economy and environment.
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