Tharisa, a South Africa-based company, has unveiled plans to invest a substantial $547 million in an underground platinum group metals (PGM) mining project over the next decade. The initiative aims to transition the existing open-pit Tharisa mine, which produces PGM and chrome, to underground operations on the Bushveld complex.
Tharisa’s CEO, Phoevos Pouroulis, highlighted that the move towards underground mining is a strategic step to tap into the extensive mineral resources available, improve operational efficiencies, and uphold high standards of safety and environmental responsibility. Pouroulis emphasized the importance of PGMs in the global transition to cleaner technologies, despite concerns over their demand due to the increasing adoption of electric vehicles.
With the new mechanized underground operations, Tharisa anticipates increased efficiencies, cost reduction, and enhanced output. The company expects to commence ore delivery from the first of two shafts by the second quarter of 2026, with a projected annual production of a minimum of 200,000 ounces of PGMs and over two million tonnes of chrome concentrate under normal operating conditions.
Tharisa’s forecast for the 2025 financial year includes production estimates of 140,000–160,000 ounces of PGMs and between 1.65 million and 1.8 million tonnes of chrome concentrates. In addition to the underground project in South Africa, Tharisa is also advancing the development of the Karo platinum mine in Zimbabwe, aiming for an annual output of 226,000 ounces.
The Karo project, alongside Tharisa’s underground initiative, represents one of the few greenfield mine developments in the platinum sector. The growing focus on such projects underscores the industry’s commitment to expanding mineral resources and meeting the demand for PGMs and chrome in various applications, including fuel cells and hydrogen technologies.
Industry experts suggest that despite the shift towards electric vehicles, PGMs remain crucial for their use in autocatalysts and other emerging technologies, indicating a sustained demand for these metals. Tharisa’s strategic investments align with the broader industry trends towards sustainable mining practices and resource development to meet evolving market needs.
Through these initiatives, Tharisa aims not only to extend the lifespan of its operations but also to contribute to the long-term value creation and economic growth in the regions where it operates. The company’s commitment to responsible mining practices and technological advancements underscores its vision for a sustainable and competitive future in the global mining landscape.
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