What's Happening?
Tharisa, a mining company listed on JSE, LSE, and A2X, has commenced underground development at its South African mine, marking a significant step in its long-term strategy. The development began with the first blast at the Apollo portal on March 31.
This move is part of Tharisa's plan to sustain optimal output of over 200,000 ounces per year of platinum group metals (PGMs) and two million tonnes of chrome concentrate. Despite geopolitical challenges affecting fuel supply, Tharisa has implemented measures to ensure operational efficiency. The company reported a stable PGM recovery rate of 77.5% and increased chrome production in the second quarter of 2026, reflecting resilience and operational discipline.
Why It's Important?
The underground development at Tharisa mine is crucial for the company's long-term sustainability and growth. By investing over $500 million in the next decade, Tharisa aims to secure its position in the global mining industry. The development is expected to enhance the mine's life span, providing over 60 years of underground mining potential. This strategic move is significant amid rising global fuel prices and geopolitical tensions, which have increased operational costs. Tharisa's focus on efficiency and resilience in the face of these challenges underscores its commitment to maintaining strong production levels and financial stability.
What's Next?
Tharisa plans to continue its investment in the underground development, with a focus on maintaining high production levels of PGMs and chrome. The company is also working on derisking its Karo platinum project in Zimbabwe, with infrastructure development and funding discussions underway. Tharisa's production guidance for the full year is set between 145,000 and 165,000 ounces of PGMs and 1.5 to 1.65 million tonnes of chrome concentrates. The company will likely continue to navigate geopolitical challenges while seeking opportunities for growth and expansion in the mining sector.
