Tharisa’s core strategy is to generate further value by becoming a globally significant low-cost producer of strategic commodities.

It supplies global demand for our products through integrated mining, processing, marketing, sales and logistics operations.

The Group’s expansion strategy focuses on growth through value-accretive acquisitions and development of large-scale, low-cost projects that are in, or close to production.


Tharisa seeks to grow and expand its business by investing in operations or projects, which demonstrate opportunities for value accretion. The Group proactively seeks out investment or acquisition opportunities in strategic commodities and in countries offering geographic diversity.

The Group gives preference to opportunities to develop large scale and low-cost projects that are in or close to production. Such opportunities must meet Tharisa’s stringent investment criteria, including a minimum return on investment of 25%.

In FY2018, the Group diversified geographically by taking low-risk entry options in two projects – Salene Chrome and Karo Holdings. Both are highly prospective opportunities on the mineral rich Great Dyke in Zimbabwe.


The Group has shown that it has the skills to develop a mine from exploration through to steady state operations. Its phased approach to development has derisked the current operations, allowing it to look beyond its borders for its next low-cost, large-scale operation. Its innovative approach has ensured continual improvement through increased volumes and recoveries at its operations.

PGM recoveries at the Tharisa Mine have improved from 43.7% in 2014 to 81.4% in 2018 and chrome recoveries have improved 11.1% over four years.

At Tharisa Minerals, the Vision 2020 projects will ensure that Tharisa delivers 200.0 kozpa of PGMs and 2.0 Mtpa of chrome concentrates in 2020, on an annualised basis.


TheTharisa continues to explore ways to expand its marketing and sales capabilities to enable the Group to capture additional margin by leveraging its existing capability, experience and relationships through third-party sales and logistics. Tharisa effectively competes with other commodity traders based on its tailored and high-quality service offering, market knowledge and strong customer relationships.



With management of costs and improved efficiencies, Tharisa continues to be positioned in the lowest cost quartile for both PGM and chrome concentrates.

The Group subscribes to a capital allocation framework where potential projects are assessed against stringent investment criteria. The basis for the framework is investment in low-risk entry points and the staged capital and development of new projects.

The Group is cash flow positive, which has allowed it to improve its returns to shareholders. Tharisa has an annual dividend policy of a minimum of 15% of consolidated net profit after tax. It declared a maiden interim dividend of US$ 2 cents per share in FY2018. A final dividend of US$ 2 cents per share was proposed, resulting in a total dividend of US$ 4 cents per share for the full year.


US$ 4 cents per share