Tharisa raised platinum group metals production 11% to 153,700 ounces in its 2026 financial year, helped by a 3.5% rise in the final quarter. Its Karo Platinum project in Zimbabwe remains on track for first ore in late 2027.
At a glance
- Chrome concentrate output for the year was 1.56 million tonnes.
- The average PGM basket price rose 61% to $2,607 an ounce.
- Tharisa has invested $240 million in Karo, against estimated capex of $516 million.
Background
Tharisa mines platinum group metals and chrome in South Africa and is building the Karo Platinum project in Zimbabwe. A PGM basket price is the combined value of the metals in each ounce sold, including platinum, palladium and rhodium.
What happened
Tharisa produced 41,000 ounces of PGMs in the three months to the end of September, up 3.5% from the previous quarter, Miningmx reported. Chrome concentrate output rose 5.8% to 416,700 tonnes.
For the full year, PGM production rose 11% to 153,700 ounces and chrome output was 1.56 million tonnes, both within the company's estimates. Peel Hunt said output was broadly in line with its forecasts.
Prices and Karo
Tharisa's average PGM basket price for the year rose 61% to $2,607 an ounce, while metallurgical-grade chrome rose 9% to $290 a tonne. Prices softened in the final quarter, with the PGM basket down 5.4% to $2,535 an ounce.
At Karo in Zimbabwe, construction has moved from earthworks into fabrication and structural steel work, with first ore to the mill targeted for the fourth quarter of 2027. Tharisa has invested $240 million against estimated capex of $516 million, backed by a $300 million Nordic bond.
What comes next
Chief executive Phoevos Pouroulis said the year marked the point at which Tharisa's growth moved "from planning into construction". For its 2027 financial year, Tharisa targets 150,000 to 170,000 ounces of PGMs and 1.5 million to 1.65 million tonnes of chrome from South Africa. It ended September with net debt of $51 million.
Our read
Outlook: neutral. Tharisa is a mid-sized producer, and its output does not move PGM prices.
What to watch
- First ore from Tharisa's underground development this quarter.
- Progress at Karo towards first ore in late 2027.
- PGM basket prices, which softened in the fourth quarter.
For information only, not investment advice.
Platinum price in India
metalscost.com India reference price as of 2026-10-16.
Detailed analysis
Timeline
- 2026-09: Tharisa ends its financial year with PGM output up 11%.
- 2027-Q4: Target for first ore to the mill at Karo Platinum.
Mining Production
Tharisa raised PGM output 11% for the year, and Karo will add production from late 2027.
What could lift prices
- PGM output and prices were both higher for the year.
- Karo is on schedule and on budget, Peel Hunt said.
What could weigh on prices
- PGM basket prices fell 5.4% in the final quarter.
- Tharisa moved into net debt of $51 million.
Country impact
| Country | Impact | Reason |
|---|---|---|
| South Africa | Medium | Tharisa's main mine raised output. |
| Zimbabwe | Medium | The Karo Platinum project is under construction there. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| PGM Mining | Positive | A producer raised output and is building a new mine. |
Who gains, who loses
- Tharisa: Higher output and prices lifted its revenue outlook.
Other ways this could play out
- If Karo starts on time, Tharisa's output could rise sharply from 2028.
- If PGM prices keep softening, its expansion becomes harder to fund.
Price risks
- PGM and chrome prices are volatile.
- Building in Zimbabwe carries currency and funding risks.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
South Africa