Tharisa plans $547 million investment in underground mining expansion

THARISA, the JSE and London stock exchange listed mining and metals company, said transitional capital for its dual underground development project over 10 terms would likely come to $547 million (R9.42 billion).

- EDWARD WEST

The company said on Friday in an update of its underground mining expansion plans for its flagship Tharisa open-pit mine near Rustenburg, that this capital was expected to be financed by internal cash and external funding lines, utilising balance sheet flexibility.

The update was provided as the basis for a presentation to investors on the day.

“The phased approach to portal development enables early access to reef, with the bord and pillar design supporting safe, cost-effective ramp-up and long-term operational efficiency. As we continue to innovate with purpose, we are setting the benchmark for multiple generations to come,” said the CEO Phoevos Pouroulis in a statement.

The underground expansion offers “a high confidence, low geological risk opportunity to sustain Tharisa Mine for in excess of 50 years,” he said.