Tharisa is focusing on operational projects and technological initiatives aimed at increasing platinum group metal (PGM) output, after revenue and profit declined in the 2025 financial year. Central to the group’s strategy is the Karo Platinum Project in Zimbabwe, which is expected to double PGM output once fully operational. At the Tharisa Mine in South Africa, the transition from open-pit to mechanised “bord and pillar” underground mining is under way to “extend the mine’s life and maintain operational efficiency”, the company said in the annual report on Friday.
Tharisa is also pushing into the energy sector through Redox One, an iron-chromium redox flow battery technology designed for long-duration energy storage, using commodities mined by the group. CEO Phoevos Pouroulis said Tharisa continues to operate in “a dynamic and challenging landscape shaped by a complex interplay of global economic and geopolitical pressures”. He noted that slower global economic growth, supply chain disruptions and ongoing volatility in PGM markets have influenced pricing and demand.
Nevertheless, he highlighted that PGM basket prices increased 55% for Tharisa Minerals and 47% for Karo Platinum from their lowest points over the past two years. Domestically, Pouroulis said that South Africa’s evolving mineral, environmental and labour regulations, together with energy, water and logistics constraints, had raised the bar for operational discipline, while ongoing government initiatives aimed at stabilising the economy and attracting investment provided potential opportunities for the sector. Tharisa reported that revenue fell 16.4% to $602.9m for the 2025 financial year, while profit after tax decreased 2.2% to $80.8m.
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PGM production fell 4.7% to 138,300 ounces, while chrome concentrate output declined 8.7% to 1.56-million tonnes, which Pouroulis said “reflect deliberate choices to prioritise value over volume, strategically managing ore mix and plant stability to protect margins in a volatile pricing environment”. Tharisa said it expects strong commodity demand to support long-term investment in PGMs, amid declining primary supply driven by global decarbonisation, including automotive catalysts and hydrogen technologies. Demand for chrome, driven by stainless steel production and renewable energy infrastructure, continues to contribute to the company’s diversified revenue base. Pouroulis said the ramp-up of the Karo Platinum Project would further diversify the group’s asset base and had the potential to add significant additional PGM production from 2027, while investments in digital and green technologies aimed to support operational resilience.
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