Tharisa (THS ) has secured a new ZAR750.0 million (US$45.5 million) asset revolving finance facility from Nedbank Limited. The facility incorporates an accordion enabling Tharisa to increase the facility to ZAR1.25 billion (US$75.8 million).
The facility ensures that Tharisa's underground mining fleet at its South African platinum and chrome operations is fully funded.
Cementation Africa has been engaged as mining contractor.
On 31 March 2026 Tharisa initiated the first underground blast on the Apollo portal, marking the official start of the underground development.
Ramp up is progressing as planned with first ore in mill expected early in the second half of the current calendar year.
The asset finance facility with Nedbank, one of South Africa's leading financial services groups, reflects the continued appetite of institutional lenders to support well-governed, sustainable mining operations in South Africa.
This facility is in addition to the US$56.2 million asset finance facilities currently available to Tharisa for funding its open pit mining fleet.
"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 Michael Jones, chief financial officer of Tharisa.
“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."
The fleet selection process incorporates equipment with improved energy efficiency, lower emissions profiles, and enhanced safety systems. This supports Tharisa's sustainability commitments, including its roadmap to carbon neutrality by 2050.
To fund the capital works programme for the underground mine transition, Tharisa last year concluded a US$130.0 million debt facility with Absa Bank and Standard Bank, comprising a term loan of US$80.0 million and a revolving ZAR900.0 million (US$50 million) credit facility.
In March 2026, Tharisa negotiated improved unsecured, revolving trade finance facilities with HSBC providing USD30.0 million and Absa Bank providing USD15 million, with an accordion of US$15 million. These facilities provide for both pre- and post-shipment commodity finance.
View from Vox
Underground operations at the Tharisa mine will secure the company’s future for several decades, and that visibility is one reason why major institutions like Nedbank, Absa and HSBC are willing to come on board to provide finance. Another is that Tharisa already has a long track record of operations in South Africa and has generated lots of cash along the way. It’s good to see these financial institutions providing the company with the flexibility that it needs, and good, too, to see that the underground development work is continuing apace.