Tharisa has outlined ambitious growth plans for its Platinum Group Metals (PGM) production at a time when platinum prices have climbed to their highest levels in over a decade, Mining Zimbabwe reports.
By Ryan Chigoche
In its fourth-quarter and full-year production update released Tuesday, CEO Phoevos Pouroulis announced that Tharisa is targeting between 145,000 and 165,000 ounces of PGMs in 2026, up from 138,300 ounces produced this year (2024: 145,100 ounces).
The company last achieved similar levels in the 2022 financial year, with platinum accounting for roughly 49.8% of total PGM output.
Production in 2025 was hampered by pit remediation activities, but performance improved toward year-end.
Fourth-quarter PGM output rose 19.7% to 41,300 ounces, compared to 34,500 ounces in the previous quarter — a sign that mining conditions are stabilising.
The recovery coincided with a dramatic rally in platinum prices, which have surged 85% year-to-date. Tharisa reported an 18.6% increase in its average annual PGM basket price, reaching $1,615 per ounce, with a 24.1% rise recorded in the final quarter.
“The PGM market, and platinum in particular, has been one of the standout performers in 2025,” Tharisa said. “Persistent supply deficits, constrained output, and tightening inventories continue to provide strong support.”
Currently, platinum is trading around $1,639.90/oz, its highest level since 2013. Analysts expect further upside.
René Hochreiter of Noah Capital forecast a potential climb to $2,000/oz, citing a 17% supply deficit and sustained demand across the jewellery, industrial, and investment sectors.
While rising PGM prices offer strong support, Tharisa’s chrome division faces headwinds.
The company projects chrome concentrate output of between 1.5 and 1.65 million tonnes in 2026, compared to 1.56Mt this year, but prices dropped 11% to an average of $266 per tonne (2024: $299/t).
Peel Hunt, Tharisa’s nominated adviser, noted that FY2026 chrome guidance is 17% below its forecasts but said “the impact of higher PGM prices should more than compensate for the weaker chrome market.”
Earlier this month, Tharisa announced a $547 million, 10-year capital investment plan to transition its North West Province operations from open-pit to underground mining. Once both targeted reefs are operational, platinum’s share of Tharisa’s total production is expected to rise to 55%.
Tharisa’s stock has gained 47% year-to-date, valuing the company at just over R7 billion.
