Tharisa mine to transition to underground operations by 2031

PAPHOS, Cyprus - Tharisa plc (JSE:THA)(LSE:THS) announced Friday its plans to transition from open-pit to underground mining at its Tharisa Mine, with the development of two underground complexes scheduled to begin producing ore by 2031.

According to a company press release, the phased transition will extend the mine’s operational life beyond 50 years, with the current open-pit operations expected to be depleted by 2035. The underground expansion will involve the development of two mining areas - the Apollo Complex in the west and the Orion Complex in the east.

The company stated that the underground mines will be designed to produce a combined 510,000 tonnes per month at steady state, maintaining the current processing capacity of 5.6 million tonnes per year of run of mine material. This will allow Tharisa to sustain its current production levels of platinum group metals (PGMs) and chrome concentrates.

The transition will require capital investment of $547 million over a ten-year period, with peak funding of $173 million. Tharisa indicated this would be financed through a combination of internal cash flows and external funding.

"The underground project is the natural progression for our operations and has been established to increase the life-of-mine development to access the multigenerational mineral resource base," said Phoevos Pouroulis, CEO of Tharisa.

The company plans to deploy a mining contractor model for the underground operations. Tharisa highlighted that the shallow ore body will enable on-reef mechanized development, which it claims will deliver cleaner run of mine material while reducing waste, capital intensity, and environmental impact.

Tharisa is dual-listed on the Johannesburg and London stock exchanges and describes itself as an integrated resource group focused on PGMs and chrome concentrates production.

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