History

The Group has completed a phased and low risk development at the Tharisa Mine.

The Group owns the Tharisa Mine through Tharisa Minerals, a subsidiary of the Company. The majority of the prospecting rights relating to the Tharisa Mine were originally granted to Thari Resources in February 2006 and March 2007 and subsequently transferred to Tharisa Minerals (at that time a wholly-owned subsidiary of Thari Resources). The Company acquired 74% of the equity capital of Tharisa Minerals in March 2009. The remaining 26% of Tharisa Minerals is held by BEE partners.

Key milestones in the development of the Group are as follows:

  • November

    Record financial and operational year

    Increases dividend to a minimum of 15% of NPAT and announces plans to introduce interim dividend from 2018

    September/October

    Begins commissioning of a 1 MW DC furnace to produce PGM-rich alloys on a pilot scale

    August

    Secured first third-party trading agreement

  • June

    Tharisa pays distribution to shareholders.

    May

    Acquisition of mining fleet and transfer of employees from existing mining contractor.

    April

    Tharisa announces plans to transition to owner mining model.

  • November

    Maiden distribution to shareholders of US$ 1 cent per share proposed.

    November

    Project completion achieved for project finance facility.

    September

    Record milling, PGM production of 39.1 koz (5PGE+Au) and PGM recoveries of 80.6% achieved for the quarter.

    June

    Tharisa lists on the main baord of the LSE, trading as THS.

    March

    Tharisa Minerals achieved annualised steady state production levels of reef mining, mill through put and PGM production.

  • March

    Record production of PGMs.

  • September

    Commissioning of high energy PGM flotation circuit.

    April

    Tharisa listed on the JSE raising US$ 7.9 million, trading as THA.

  • July

    Challenger Plant is commissioned for the production of specialty chrome concentrates,which includes chemical and foundry grade concentrates.

  • December

    The 300ktpm Voyager Plant is commissioned.

    July

    Revised PGM off-take agreement entered into with Impala Platinum (first agreement dated September 2011).

    Tharisa Minerals Water Use Licence is granted.

    May

    First bulk rail shipment to Richards Bay Dry Bulk Terminal.

    February

    The Group enters into the ZAR1 billion project finance debt facility.

  • December

    The PGM concentrator at the Genesis Plant is commissioned.

    November

    The Community Trust acquires 6% of Tharisa Minerals from Thari Resources.

    August

    The Community Trust is registered.

    The processing capacity of the Genesis Plant is increased to 100ktpm.

    April

    Capital raising of US$150 million from investors is completed.

    January

    US$95 million raised from issue of shares to Fujian Wuhang and HeYi Mining.

  • November

    The pilot-scale Genesis Plant with a capacity of 38ktpm ROM is commissioned and production of chrome concentrate commences on a pilot basis.

    The Company acquires a 74% stake in Tharisa Minerals.

  • December

    Seed Capital raising of US$65million.

    October

    Trial mining commences at the Tharisa Mine.

    September

    A mining right for certain minerals, including PGM and chrome ore, over various portions of 342 JQ and the whole of Rooikoppies 297 JQ is granted to Tharisa Minerals by the DMR.

    April

    Consent for the Company to acquire a 74% stake in Tharisa Minerals is obtained from the DMR.

    March

    A Mining Right for chrome ore over portions 96 and 183 of 342 JQ is purchased by Tharisa Minerals from South African Producers and Beneficiators of Chrome Ore (Pty) Limited.

    February

    The Company is incorporated.

  • November

    Thari Resources sells its prospecting rights to Tharisa Minerals.

    March

    Coffey Mining commences a drilling and exploration study for the Tharisa Mine.

  • March

    Tharisa Minerals is incorporated as a wholly owned subsidiary of Thari Resources.

    February 2006 and March 2007

    Prospecting rights for minerals, including PGM and chrome ore, over various portions of 342 JQ and the whole of Rooikoppies 297 JQ are granted to Thari Resources by the DMR.