TIDMTHS
RNS Number : 9550N
Tharisa PLC
05 October 2021
Tharisa plc
(Incorporated in the Republic of Cyprus with limited
liability)
(Registration number HE223412)
JSE share code: THA
LSE share code: THS
A2X share code: THA
ISIN: CY0103562118
LEI: 213800WW4YWMVVZIJM90
('Tharisa' or the 'Company')
COLD COMMISSIONING OF VULCAN FINE CHROME BENEFICIATION PLANT
COMMENCES
Arxo Metals commercialises ultra-fine chrome recovery
technology
Tharisa, the platinum group metals (PGMs) and chrome co-producer
dual-listed on the Johannesburg and London stock exchanges, today
announces that cold commissioning of its Vulcan utra-fine chrome
recovery and beneficiation plant ("Vulcan") has commenced.
The timetable to completion of the new US$55 million (ZAR1
billion) plant remains firmly on track with initial saleable
production due before calendar year end.
Once fully commissioned, Tharisa Mine is expected to materially
increase its chrome recoveries from 62% to 82% resulting in
increased chrome production of approximately 20% at low incremental
unit operating costs and driving Tharisa further down the cost
curve. The plant, which will process live tailings produced by the
independent Voyager and Genesis plants, will ensure further
beneficiation of the Company's chrome production at the Tharisa
Mine, while reducing unit output of carbon emissions, aligned with
Tharisa's recently announced decarbonisation plan.
Whilst some final elements of the construction process remain to
be completed, Tharisa's engineering team has commenced cold
commissioning, with comprehensive testing of the entire circuit, to
be completed prior to chrome tailings material entering the plant.
Of the total capex, over 90% was procured locally in South Africa,
with up to 1 000 contractors locally sourced and over 100 new
permanent jobs created.
Vulcan is the first large scale plant to produce chrome
concentrates from chrome ultra-fines, consolidating Tharisa's
position as a key participant in the beneficiation of chrome
production. The concept of Vulcan was developed entirely by Arxo
Metals Proprietary Limited, a wholly owned subsidiary of the
Company and housing Tharisa's in-house R&D team, to extract the
ultra-fine chrome from tailings.
With Tharisa Mine near Rustenburg having a 14-year remaining
open pit life and a further 40 years underground, Vulcan will
ensure maximum value extraction and beneficiation of the chrome
ore. The Tharisa Mine has 860 Mt in mineral resource containing 172
Mt in contained Cr(2) O(3) and 42.8m oz PGMs*.
Internally funded by Tharisa, Vulcan recommenced construction in
October 2020, after the lifting of restrictions by the South
African government during the height of wave 1 of the COVID-19
pandemic.
Phoevos Pouroulis, CEO of Tharisa, commented:
"Commissioning of the Vulcan plant perfectly exemplifies two
Tharisa philosophies: challenging convention through innovation and
delivering on our promise of maximising value through beneficiation
of every cube mined. Vulcan provides the Company with the ability
to further beneficiate our product whilst staying on track to meet
our decarbonisation targets , thanks to the dedicated work from
Arxo Metals, that has not only delivered the Vulcan process but has
also delivered further beneficiation opportunities, including metal
alloys and PGM products using non-conventional methodologies. I am
particularly proud of the team having achieved this milestone,
safely, despite South Africa going through a second and even more
hard hitting third wave which saw hundreds of man-hours lost due to
COVID-19 infections. Vulcan is an important part of our sustainable
growth strategy and ensures that Tharisa continues to drive
sustainable returns for all of our stakeholders, while
simultaneously pushing us even lower on the cost curve."
Paphos, Cyprus
5 October 2021
* Mineral Resource and Mineral Reserve Statement in 2020 annual
report pages 50-55
JSE Sponsor
Investec Bank Limited
Connect with us on LinkedIn and Twitter to get further news and updates about our business.
Investor relations contacts:
Ilja Graulich (Head of Investor Relations and
Communications)
+27 11 996 3500
+27 83 604 0820
igraulich@tharisa.com
Financial PR contacts:
Bobby Morse / Augustine Chipungu / James Husband
+44 207 466 5000
tharisa@buchanan.uk.com
Broker contacts:
Peel Hunt LLP (UK Joint Broker)
Ross Allister / David McKeown / Alexander Allen
+44 207 7418 8900
BMO Capital Markets Limited (UK Joint Broker)
Thomas Rider / Pascal Lussier Duquette / Nick Macann
+44 207 236 1010
Berenberg (UK Joint Broker)
Matthew Armitt / Jennifer Wyllie / Varun Talwar / Detlir
Elezi
+44 203 207 7800
Nedbank Limited (acting through its Corporate and Investment
Banking division) (RSA Broker)
Carlyle Whittaker
+27 11 294 0061
About Tharisa
Tharisa is an integrated resource group critical to the energy
transition and decarbonisation of economies. It incorporates
mining, processing, exploration and the beneficiation, marketing,
sales and logistics of PGMs and chrome concentrates, using
innovation and technology as enablers. Its principal asset is the
Tharisa Mine located in the South-Western Limb of the Bushveld
Complex, South Africa. The mechanised mine has a 14-year open pit
life and the ability to extend operations underground by at least
an additional 40 years. Tharisa also owns Salene Chrome, a
development stage, low cost, open pit asset, located adjacent to
the Great Dyke in Zimbabwe. Tharisa plc is listed on the
Johannesburg Stock Exchange (JSE: THA) and the Main Board of the
London Stock Exchange (LSE: THS)
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