The Tharisa open pit mine produces PGM and chromite concentrate. It is transitioning to underground mining.
Image: Supplied
Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London stock exchanges, said Thursday it has secured a new R750 million asset revolving finance facility from Nedbank as its underground mining begins to ramp up.
The facility has a built-in option facility, termed an accordion, that enables Tharisa to increase the amount to R1.25 billion. The facility ensures that Tharisa's underground fleet, comprising the specialised equipment necessary to support safe, efficient, and high-capacity underground extraction, is fully funded, a statement from the mining company said Thursday.
"This facility with Nedbank is a testament to the strength of Tharisa's balance sheet, our operational track record, and the confidence our financial partners place in the long-term value of this business,” said Tharisa chief financial officer Michael Jones in a statement.
Cementation Africa has been engaged as the mining contractor. On March 31, 2026, Tharisa initiated the first underground blast on the Apollo portal, marking the official start of the underground development.
Ramp-up was progressing as planned, with the first ore in the mill expected early in the second half of the current calendar year.
The asset finance facility was structured with Nedbank and reflects the continued appetite of institutional lenders to support well-governed, sustainable mining operations in South Africa, Jones said.
The facility is in addition to the $56.2m asset finance facilities currently available to Tharisa for funding its open-pit mining fleet.
“Securing full funding for our underground fleet is a critical enabler of our transition strategy, and we look forward to progressing this next chapter of Tharisa's growth with the certainty and conviction our shareholders expect," said Jones.
The fleet selection process incorporates equipment with improved energy efficiency, lower emissions profiles, and enhanced safety systems.
The new facility is also complementary to Tharisa’s existing banking facilities and is aligned with the group’s capital allocation programs.
To fund the capital works program for the underground mine transition, Tharisa last year concluded a $130m debt facility with Absa Bank through its Corporate & Investment division, and the Standard Bank of South Africa through its Corporate & Investment Banking division, comprising a term loan of $80m and a R900m revolving credit facility.
In March 2026, Tharisa negotiated improved unsecured, revolving trade finance facilities, with The Hongkong and Shanghai Banking Corporation Limited (HSBC) providing $30m and Absa Bank providing $15m, with an accordion of $15m. These facilities provide for both pre- and post-shipment commodity finance, the mining group said.
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