Tharisa to Invest $547M in Underground Platinum Group Metals Project

Tharisa Advances $547M Underground Platinum Group Metals Project in South Africa

Tharisa, a South Africa-based mining company, will invest $547 million (R9.46 billion) in an underground platinum group metals (PGM) project over the next decade. This investment marks a strategic shift from its open-pit PGM and chrome operations at the Tharisa Mine on the Bushveld Complex</strong>. The Bushveld Complex is one of the richest PGM-bearing regions globally.

CEO Phoevos Pouroulis described the move as a “natural progression.” He highlighted improved operational efficiency, extended mine life, and access to deeper multi-generational mineral resources. The underground development will support Tharisa’s long-term growth. The company will maintain high standards of safety, environmental care, and economic value creation.

Tharisa plans to begin ore delivery from the first of two mechanised shafts by Q2 2026. Once fully operational, the underground mine should produce at least 200,000 ounces of PGMs and more than 2 million tonnes of chrome concentrate annually. This transition aligns with Tharisa’s sustainability goals. PGMs remain essential for fuel cell technologies and clean hydrogen applications, despite pressure from electric vehicle growth.

Mechanised Operations to Drive Efficiency and Long-Term Growth

The underground mining system will use modern mechanised technology to lower production costs and boost overall efficiency. Tharisa expects 2025 production to range between 140,000 and 160,000 ounces of PGMs and 1.65 to 1.8 million tonnes of chrome concentrate, even before the underground shafts reach full output.

This ambitious project complements Tharisa’s development of the Karo Platinum Mine in Zimbabwe, an open-pit operation targeting 226,000 ounces per year. Karo and Ivanhoe Mines’ Platreef represent the only two greenfield platinum developments currently underway in the region, underlining Tharisa’s role as a leader in next-generation PGM mining.

Despite global concerns about PGMs’ future amid rising EV adoption, these metals remain vital. They support cleaner transport through autocatalysts and enable hydrogen-based energy solutions. Tharisa’s strategy clearly positions it to adapt to evolving market demand while staying competitive in the global PGM sector.

SuperMetalPrice Commentary:

Tharisa’s $547M underground expansion is a calculated bet on the long-term relevance of PGMs in a transitioning global energy economy. As EVs reshape automotive demand, fuel cells and hydrogen open new frontiers for platinum and palladium. By modernising its mining infrastructure and tapping deeper reserves, Tharisa secures a strategic position in a tightening global supply chain. Its parallel investment in Zimbabwe’s Karo project further reflects a bold, dual-growth strategy—balancing operational maturity with greenfield ambition. Investors and industry watchers should keep a close eye on Tharisa’s execution timeline as PGM markets evolve.