Tharisa mine shifts to underground for long-term sustainability

Tharisa plc announced a phased transition of its Tharisa Mine to underground operations, aiming for long-term sustainability and enhanced operational efficiency. This move will access multi-generational mineral resources, with existing open pit operations expected to deplete by fiscal year 2035. The underground expansion, comprising the West Mine (Apollo Complex) and East Mine (Orion Complex), is projected to extend the mine's life beyond 50 years, ensuring the processing facilities' 5.6 Mtpa capacity is met and exceeded from 2031.

The Apollo and Orion complexes are designed for sequential development, each targeting 255 ktpm at steady state, resulting in a combined production rate of 510 ktpm. This will maintain current PGM and chrome concentrate output while offering growth opportunities through smarter mining and reduced dilution. The transition will also deploy a mining contractor model.

The dual project development over a ten-year period carries a transitional capital cost of $547m, with peak funding anticipated at $173m. Tharisa plans to finance this through internal cash generation and existing external funding lines, leveraging its balance sheet flexibility.