Key Points
- Tharisa sold its first commercial chrome alloy to a South African industrial user.
- The company is advancing its proprietary Redox flow battery technology.
- Tharisa plans a 30% reduction in its carbon footprint by 2030.
Tharisa CEO Phoevos Pouroulis highlighted the growing success of the company’s downstream beneficiation efforts, which are now showing promising commercial returns.
Pouroulis shared that the company had sold its first commercial chrome alloy to an industrial user in South Africa, marking a significant milestone.
“This is just the first step in our journey to diversify our product mix and beneficiate our product in a unique, proprietary way. It opens up new markets for our chrome business,” he said.
In addition to this, Tharisa is also making strides in the energy sector. The company has tested its Redox flow battery system, a chrome-iron proprietary technology developed from the chrome concentrate produced at Tharisa’s mine.
This battery technology is seen as a key player in providing a much-needed long-duration, long-life, and efficient energy storage solution.
“We’ve had a very strong operational cash flow year, and this speaks to our co-production business model. It has shown resilience and robustness despite commodity cyclicality and volatility,” Pouroulis added.
“The current PGM (platinum group metals) market may not be as strong as it once was, but now is the time to invest. We are committed to our vision and confident in our strategy to navigate through the commodity cycle.”
Tharisa’s commitment to sustainability and carbon reduction
On the environmental front, Tharisa has set ambitious goals to reduce its carbon footprint by 30% by 2030. As part of this initiative, the company has signed a 15-year, 40 MW renewable wind and solar energy wheeling agreement with Etana, a move that will cover around 40% of the company’s energy needs.
Additionally, Tharisa is progressing with its own solar power project, which aims to generate 30 MW of green energy for its site operations.
According to a report by Mining Weekly, Tharisa Chief Operating Officer Michelle Taylor emphasized the importance of the company’s co-product business model, which has served the company well for over 15 years.
“This strategy has been a key driver of our steady profitability over time,” she said.
However, Taylor acknowledged the challenges in the platinum group metals market, with PGM prices dropping 28% year-on-year to $1,362 per ounce, down from $1,894 the previous year.
Despite the decline, she remains optimistic about the long-term outlook for PGMs, especially as primary supply reductions in South Africa are expected to drive price increases in the coming years.
Tharisa reports improved production and operating profits
Tharisa has also reported improvements in its production for the financial year ending September 30, which led to a rise in operating profit.
The company produced 145,100 ounces of PGMs during the 2024 financial year, slightly up from 144,700 ounces in the previous year. Chrome concentrate production increased to 1.7 million tonnes, compared to 1.5 million tonnes in 2023, marking the highest output in the company’s history.
Operating profit for the year rose by 26.3%, reaching $119 million, compared to $94.7 million in the previous year.
Tharisa’s flagship asset is the Tharisa mine, located in the Bushveld Complex of South Africa. The company is also developing the Karo platinum project in Zimbabwe, holding a 76% stake in Karo Mining, which owns 85% of the project. Once Tharisa fulfills its capital commitments, it will have a 68% interest in the Karo project.
