Tharisa to invest $547m in underground platinum project in South Africa

Core Viewpoint - Tharisa plans to invest $547 million in an underground platinum group metals mining project over the next decade, transitioning from open-pit mining to underground operations to enhance efficiency and extend the life of the mine [1][2]. Group 1: Investment and Project Details - The investment of $547 million (R9.46 billion) will be allocated to an underground platinum group metals mining project [1]. - The transition from open-pit to underground mining is expected to occur within the next ten years [1]. - The underground operations are projected to produce a minimum of 200,000 ounces of PGMs and over two million tonnes of chrome concentrate annually [4]. Group 2: Production Projections - For the financial year 2025, Tharisa anticipates production of 140,000 to 160,000 ounces of PGMs and between 1.65 million and 1.8 million tonnes of chrome concentrates [4]. - Ore delivery from the first of two shafts is expected to commence by the second quarter of 2026 [3]. Group 3: Industry Context and Future Outlook - PGMs are considered critical for the transition to a future world, despite concerns regarding their demand due to the rise of electric vehicles [2][3]. - The new mechanized underground operations aim to enhance efficiencies, lower costs, and boost output [3]. - Tharisa is also developing the Karo platinum mine in Zimbabwe, which is expected to produce 226,000 ounces per year [4].