Staff Writer
Tharisa, the mining, metals, and innovation company dual-listed on the Johannesburg and London stock exchanges, has announced that it has secured a new N$750 million (USD45.5 million) asset revolving finance facility from Nedbank Limited.
The company is based in North West, South Africa.
The facility incorporates an accordion enabling Tharisa to increase the facility to N$1.25 billion (US$75.8 million).
The facility ensures that Tharisa’s underground fleet, comprising the specialised equipment necessary to support safe, efficient, and high-capacity underground extraction, is fully funded.
On 31 March 2026 Tharisa initiated the first underground blast on the Apollo portal marking the official start of the underground development, ramp up is progressing as planned with first ore in mill expected early in the second half of the current calendar year.
The asset finance facility was structured with Nedbank and reflects the continued appetite of institutional lenders to support well-governed, sustainable mining operations in South Africa.
This facility is in addition to the US$56.2 million asset finance facilities currently available to Tharisa for funding its open pit mining fleet.
Michael Jones, chief financial officer of Tharisa, commented: ”This facility with Nedbank is a testament to the strength of Tharisa’s balance sheet, our operational track record, and the confidence our financial partners place in the long-term value of this business. Securing full funding for our underground fleet is a critical enabler of our transition strategy, and we look forward to progressing this next chapter of Tharisa’s growth with the certainty and conviction our shareholders expect.”
The fleet selection process incorporates equipment with improved energy efficiency, lower emissions profiles, and enhanced safety systems.
This supports Tharisa’s sustainability commitments, including its roadmap to carbon neutrality by 2050.
The new facility is complementary to Tharisa’s existing banking facilities and is aligned with the group’s capital allocation programmes.
To fund the capital works programme for the underground mine transition, Tharisa last year concluded a US$130 million debt facility with Absa Bank and the Standard Bank of South Africa Limited.
