Key Points
- Feasibility study highlights progress on underground mining at Tharisa mine.
- Renewable energy projects aim to cut the carbon footprint by 30%.
- FY25 production guidance targets up to 160,000 oz PGMs and 1.8 Mt chrome.
In its most recent quarterly production report, Tharisa Minerals, a producer of chrome and platinum group metals (PGMs) listed in Johannesburg and London, reported on the status of its underground definitive feasibility study and early capital deployment at the Tharisa mine.
Tharisa advances underground mining feasibility study at South African mine
The business also gave updates on its Karo Platinum project in Zimbabwe, where work packages are moving forward in accordance with available funds and value engineering options are being evaluated. Plans to start shallow underground automated operations in the west pit of the Tharisa mine near Rustenburg, South Africa, were announced by Tharisa in 2023.
The first quarter of Tharisa’s 2025 fiscal year (Q1 FY25) saw a decrease in PGM production from 37,100 ounces to 29,900 ounces. Production of chrome also decreased, coming in at 374,400 tons as opposed to 426,800 tons in Q4 of FY24.
For Q1, the average price of metallurgical-grade chrome concentrate was $271 per ton, while the average price of PGMs was $1,381 per ounce. With debt down to $86.1 million and group cash-on-hand down to $175.1 million, the group’s net cash position was $89 million.
Phoevos Pouroulis, CEO of Tharisa, called the quarter a “tough start to the new year,” pointing to difficulties in obtaining drilling equipment that resulted in the mining of less-than-ideal oxidized reef layers. Run-of-mine grades and recoveries were impacted by this.
In a statement released by the Stock Exchange News Service (SENS), Pouroulis stated, “Since then, drilling rates and equipment availability have improved, and this quarter we will be concentrating on optimizing feed grades and improving recoveries to previous levels.”
Tharisa strengthens renewable energy initiatives for sustainable operations
Tharisa keeps working toward its environmental objectives. It is anticipated that the Etana project will use wheeled wind and solar power from the Western and Northern Cape to provide up to 44% of the mine’s electrical demands by 2026. This is in addition to a 40 MW solar power facility that Chariot and TotalEnergies Renewables South Africa are developing.
These initiatives support Tharisa’s goal of a 30% carbon footprint reduction by 2030. For the Karo project in Zimbabwe, similar renewable energy projects are being built in partnership with Chariot.
According to Mining weekly, Tharisa also announced advancements in downstream beneficiation, such as the creation of an energy-storage redox flow battery system using on-site chrome concentrate and the sale of its first commercial chrome alloy to a nearby industrial customer.
Tharisa anticipates chrome concentrate production to be between 1.65 million and 1.8 million tons for FY25, and PGM production to be between 140,000 and 160,000 ounces (six-element basis).
