Nedbank backs Tharisa with $45.6 million for underground mining shift

Tharisa, the dual-listed mining and metals producer on the Johannesburg and London stock exchanges, said it has secured a R750 million ($45.64 million) revolving asset finance facility from Nedbank to support the expansion of its underground mining operations. The agreement includes an accordion feature that allows the facility to increase to R1.25 billion ($76 million) as development advances. 

The company said the funding will be used to support its underground fleet, including specialised equipment required for deeper mining, as production shifts away from open-pit operations. The structure is designed to ensure equipment availability as output scales up over time. 

“This facility with Nedbank reflects the strength of our balance sheet, our operating record, and the confidence our financial partners place in the long-term outlook of the business,” said Michael Jones, chief financial officer of Tharisa. 

The new arrangement sits alongside $56.2 million in existing asset finance facilities already in place for Tharisa’s open-pit fleet. It adds to a broader funding base that the company is using to manage its transition into underground extraction.

Underground development moves into early phase 

Tharisa has begun early-stage underground development at its Apollo portal, where the first blast was carried out on March 31, 2026. The company said development work is progressing in line with plan, with first ore expected to reach the processing plant in the first half of the next financial year. 

Cementation Africa has been appointed as the underground mining contractor and is overseeing development and construction work at the site near Rustenburg in South Africa’s North West province. 

The fleet being deployed for underground operations includes newer equipment designed to improve energy efficiency, reduce emissions, and strengthen safety performance in deeper mining conditions. 

Tharisa said the Nedbank facility ensures full funding for this equipment program as underground output ramps up.

Nedbank facility expands funding base

The Nedbank facility adds to a wider set of financing arrangements supporting Tharisa’s capital programme. In 2025, the company secured a $130 million debt package from Absa and Standard Bank, consisting of an $80 million term loan and a R900 million ($54.75 million) revolving credit facility, to support its underground transition.

 In March 2026, it also expanded its trade finance capacity, with $30 million provided by HSBC and $15 million from Absa, along with a $15 million accordion option. The facilities cover both pre- and post-shipment commodity financing. 

The company said the combined funding structure provides flexibility as it balances underground development costs with ongoing production across its open-pit operations. 

Tharisa plc operations Bushveld Complex

Tharisa plc, headquartered in Cyprus, operates primarily in South Africa’s Bushveld Complex and produces platinum group metals and chrome concentrates. Its co-production model allows it to spread mining costs across two revenue streams. 

The group has positioned itself as a supplier of metals linked to industrial demand and energy transition supply chains. It is also advancing its Karo Platinum Project in Zimbabwe as part of its broader expansion strategy. 

Founded in 2006, Tharisa began a phased move toward underground mining in 2025 and has continued to invest in fleet upgrades and long-term infrastructure. It also initiated a share buyback programme of up to $5 million aimed at supporting shareholder returns. 

Nedbank, one of South Africa’s largest financial institutions, serves millions of retail and corporate clients and has been expanding its focus on sustainable finance. The lender has increasingly supported mining and infrastructure projects aligned with long-term environmental and energy transition goals.