Tharisa (LSE:THS), the integrated platinum group metals (PGM) and chrome producer, has secured a ZAR750 million asset finance facility from Nedbank to fund the specialist underground mining fleet required for its transition from open-pit to underground operations at the Tharisa Mine in South Africa.
The facility covers the full cost of the underground fleet, with Cementation Africa engaged as mining contractor.
Underground development is already under way: Tharisa fired the first blast at the Apollo portal on 31 March, and first ore through the mill is expected early in the second half of the current calendar year.
The new facility sits alongside approximately USD56.2 million in existing Nedbank asset finance lines used for the open-pit fleet, and is separate from the USD130 million debt facility Tharisa agreed with Absa and Standard Bank last year to fund the broader underground capital programme.
In March, Tharisa also refinanced its trade finance lines, with HSBC providing USD30 million and Absa USD15 million, including a USD15 million accordion, covering both pre- and post-shipment commodity finance.
"The facility ensures that Tharisa's underground fleet is fully funded," the company said, noting the equipment incorporates lower emissions profiles and enhanced safety systems in line with its net carbon neutrality target for 2050.
