Nedbank supports Tharisa’s transition to underground mining
PAPHOS, CYPRUS – Tharisa, the mining, metals, and innovation company has announced that it secured a new ZAR750.0 million (~ USD45.5 million) asset revolving finance facility from Nedbank. The facility incorporates an accordion enabling Tharisa to increase the facility to ZAR1.25 billion (~ USD75.8 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.
Cementation Africa has been engaged as mining contractor.
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.
Michael Jones, CFO 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.
To fund the capital works programme for the underground mine transition, Tharisa last year concluded an USD130.0 million debt facility with Absa Bank Limited (acting through its Corporate & Investment Banking division) and the Standard Bank of South Africa Limited (acting through its Corporate & Investment Banking division) comprising a term loan of USD80.0 million (with an accordion of USD20.0 million) and a revolving ZAR900.0 million (~ USD50.0 million) credit facility.
In March 2026, Tharisa negotiated improved unsecured, revolving trade finance facilities, with The Hongkong and Shanghai Banking Corporation Limited (HSBC) providing USD30.0 million and Absa Bank Limited (acting through its Corporate & Investment Banking division) providing USD15.0 million with an accordion of USD15.0 million. These facilities provide for both pre- and post-shipment commodity finance.
