Investment proposition

What makes us different?


Mining all 5 MG chromitite layers – access to both PGMs and chrome resource


One of the PGM and chrome industry’s lowest cost producers


Allows the processing of both PGMs and chrome – with expansion opportunities


Organic growth opportunities through pit extension and future underground mining – with potential acquisitive growth when the market allows


Direct access to the only JSE listed PGM and chrome concentrate co-producer


Tharisa is uniquely positioned through its:

  • commitment to health, safety and environmental management
  • shallow and large scale PGM and chrome resource, one of the world’s single largest chrome resources, enabling Tharisa to be a large scale producer for several decades
  • mining of all six MG chromitite layers allowing for the co-production of PGM and chrome concentrates
  • independent processing plants providing operational flexibility
  • capacity to produce metallurgical and higher value chemical and foundry grade concentrates for different markets
  • position in the lowest cost quartile of the PGM and chrome concentrate cost curves underpinned by low risk mining and beneficiation processes
  • stable labour and community relations
  • mechanised operations and skilled labour force
  • direct relationships with South African and international customers
  • integrated marketing, sales and logistics platforms
  • extensive industry and management experience with a successful track record of identifying, developing and operating open pit and underground mining operations
  • pioneering, innovative and unique approach to viable mineral extraction and beneficiation.


Tharisa is an integrated mining company that uses a unique approach through innovation and technology to co-produce PGM and chrome concentrates in South Africa. It offers direct access to the only JSE- and LSE-listed co-producer with an integrated marketing, sales and logistics platform.

The Group’s key differentiators are that it has a large-scale open pit resource that allows for the extraction of five MG Chromitite Layers. The Tharisa Mine, located in the South African Bushveld Complex, which is the world’s largest PGM deposit, taps into one of the world’s largest single chrome resources at 867.5 Mt.

The Tharisa Mine has a 17-year life of mine and the ability to extend operations underground by a further 40 years. The open pit is planned with a strike length of 5 km and a highwall height of approximately 200 m. The mine produced 143.6 koz of PGMs and 1.3 Mt of chrome concentrates in FY2017 and has provided FY2018 production guidance of 150.0 koz PGMs and 1.4 Mt chrome concentrates, of which 350.0 kt will be specialty grade chrome concentrates. The Group is targeting production of 200.0 koz of PGMs and 2.0 Mt of chrome concentrates by 2020.

The mechanised nature of the open pit operation has ensured that the operations remain within the lower cost quartile of PGM and chrome producers.

Tharisa Minerals has a skilled labour force comprising of approximately 1 700 employees including mining contract labour. This number includes approximately 900 employees who, subsequent to the financial year end, were transferred from MCC, the contractor previously deployed at the Tharisa Mine until 30 September 2017.

The use of a mining contractor was optimal during the development of the operations, but after reaching steady state mining and production in FY2016, Tharisa Minerals believed it would be beneficial to switch operating models so that it could have more direct control over its mining operations.
The transition involved the acquisition of drill rigs, excavators and a mining fleet from MCC supplemented by the purchase of additional equipment. The purchase of this fleet, as well as the cession and assignment of certain equipment leases was effective as of 1 October 2017.

Tharisa Minerals has two independent processing plants with a combined 4.8 Mtpa capacity. The integrated process involves primary extraction of chrome followed by PGM flotation, then secondary chrome extraction from the tailings.

The Group has a marketing platform for the sale of its metallurgical chrome concentrates to end-users, stainless steel producers and global commodity traders. Metallurgical chrome concentrate is mainly shipped to China where it is consumed primarily by the stainless steel industry. Specialty chrome concentrates, which include chemical and foundry grades, are sold into European and Asian markets via Rand York Minerals. Production of specialty grade chrome concentrate made up 24.3% of the year’s total chrome production.

In FY2017, metallurgical chrome exports represented 10.9% of South Africa’s chrome exports to China and 7.8% of Chinese global chrome imports.

In FY2017 the Group grew its business by taking over the operation and management of a third plant and secured the marketing and sales agencies for third party products. In addition, the Group continues to maximise the revenue from its products and is currently commissioning a 1 MW furnace for the production of a PGM-rich alloy. These approaches both tap into Tharisa’s technological expertise, providing scalability and efficiencies across the Group’s value chain.
The Group is committed to further organic growth through innovation and it continues to assess value-accretive opportunities.

Tharisa’s vision is to become a leading natural resources company, generating value by becoming a globally significant low cost producer of strategic commodities