Tharisa Plc increased platinum group metal production by 11% in its 2026 financial year as stronger output and higher commodity prices supported performance, while construction of its Karo project in Zimbabwe progressed towards a planned late-2027 start-up. Mining Zimbabwe can report.
By Ryan Chigoche
The Johannesburg- and London-listed miner produced 153,700 ounces of platinum group metals in the year ended September, while chrome concentrate output reached 1.56 million tonnes. Both were within the company’s guidance.
Fourth-quarter PGM production rose 3.5% from the previous three months to 41,000 ounces, while chrome concentrate output increased 5.8% to 416,700 tonnes.
Tharisa’s average PGM basket price climbed 61% during the year to US$2,607 an ounce, while the average metallurgical-grade chrome price advanced 9% to US$290 a tonne. The gains provided a stronger pricing backdrop for the production performance, although prices weakened in the final quarter.
The PGM basket price fell 5.4% quarter-on-quarter to US$2,535 an ounce in the three months to September, while chrome declined 6.9% to US$285 a tonne.
The production update comes as Tharisa develops Karo Platinum, its Zimbabwean project designed to add between 220,000 and 230,000 ounces of annual PGM production once operating at steady state.
Construction has moved from bulk earthworks into fabrication and structural steel installation, with first ore still targeted for the fourth quarter of 2027. Commissioning is scheduled for July to October next year, with steady-state output expected about six months after ore first reaches the mill.
Tharisa has invested US$240 million in the project, which has an estimated total capital cost of US$516 million. The remaining construction programme is supported by a US$300 million Nordic bond, while a US$75 million Zimbabwean working-capital facility is being finalised.
At its South African mine, reef mined rose 8.5% quarter-on-quarter to 1.34 million tonnes, while reef milled increased 7.3% to 1.43 million tonnes. Underground development advanced by 450 metres during the quarter, with 52,000 tonnes mined.
Chief Executive Officer Phoevos Pouroulis said the year marked a transition from planning to construction for the company’s growth projects.
Investment bank Peel Hunt said Tharisa’s production was broadly in line with its expectations, citing stronger-than-forecast PGM recoveries and a metal mix that favoured higher-value rhodium and iridium. The bank estimates that Karo and the South African underground expansion could increase earnings before interest, tax, depreciation and amortisation by about 80% over the next two years.
Tharisa ended September with net debt of US$51 million, compared with net cash of US$10.7 million at the end of June.
For the 2027 financial year, the company expects to produce between 150,000 and 170,000 ounces of PGMs and 1.5 million to 1.65 million tonnes of chrome concentrate from its South African operation.
