By: African Mining

Tharisa Plc has secured a R750-million (USD45.5-million) asset revolving finance facility from Nedbank Limited through the bank’s Corporate and Investment Banking division. The facility incorporates an accordion, enabling the company to increase it to R1.25-billion (USD75.8-million).

The facility ensures that the company’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, the company 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, one of South Africa’s leading financial services groups, 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 USD56.2-million asset finance facilities currently available to Tharisa to fund its open-pit mining fleet.

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 the company’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 the company’s sustainability commitments, including its roadmap to carbon neutrality by 2050. The new facility is complementary to the company’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 an USD130-million debt facility with Absa Bank Limited (acting through its Corporate and Investment Banking division) and the Standard Bank of South Africa Limited (acting through its Corporate and Investment Banking division) comprising a term loan of USD80-million (with an accordion of USD20-million) and a revolving R900-million (USD50-million) credit facility.

In March 2026, the company negotiated improved unsecured, revolving trade finance facilities, with the Hongkong and Shanghai Banking Corporation Limited (HSBC) providing USD30-million and Absa Bank Limited (acting through its Corporate & Investment Banking division) providing USD15-million with an accordion of USD15-million. These facilities provide for both pre- and post-shipment commodity finance.