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Vision 2020
Tharisa plc
(Incorporated in the Republic of Cyprus with limited liability)
(Registration number HE223412)
JSE share code: THA
LSE share code: THS
ISIN: CY0103562118
('Tharisa')
Vision 2020
FY2017 – FY2020
As previously reported, Tharisa achieved a number of milestones during FY2017, including 5.0 Mt of
ROM, production of 143.6 koz of PGMs (on a 6E basis) and 1.3 Mt of chrome concentrates. Tharisa’s
FY2018 guidance remains at 5.0 Mt of ROM and production of 150 koz PGMs and 1.4 Mt chrome
concentrates, of which 350.0 kt will be specialty grade chrome concentrates. The near term focus
will be on continued operational improvements and the commencement of the Vision 2020 projects
detailed below, that will ensure Tharisa delivers 5.9 Mtpa of ROM, 200 kozpa of PGMs and 2.0 Mtpa
of chrome concentrates by 2020.
Upgrade of the crusher at the Genesis Plant
The upgrade of the crusher at the Genesis Plant is aimed at increasing plant throughput by 15%
(approximately 180 ktpa), with a potential increase in chemical grade chrome concentrate and
foundry grade chrome concentrate production by 24 ktpa and 18 ktpa respectively. The project is
scheduled to be commissioned during July 2018 at an expected capital cost of approximately ZAR90
million (± US$7.5 million). Operating costs are estimated at ZAR10 (± US$ 83 cents) per tonne, with
an expected payback period of less than 12 months.
PGM optimisation at the Voyager Plant
Additional flash flotation and a scavenger plant with high energy mechanisms aimed at improving
PGM recoveries and increasing PGM production at the Voyager Plant by an estimated 14 kozpa. The
project is expected to be commissioned during October 2018 at an estimated capital cost of
approximately ZAR70 million (± US$5.8 million). Operating costs are expected to be negligible, with
an expected payback period of less than 12 months.
Vulcan Fine Chrome Recovery Plant
The Vulcan Plant will facilitate additional recovery of fine chrome from tailings streams. The
proprietary process is being developed by Tharisa and a demonstration scale plant is scheduled to be
constructed during FY2018. The feasibility study and process design will be undertaken in
conjunction with the operation of the pilot plant. The full scale Vulcan Plant is expected to be
commissioned during October 2019 with projected chrome concentrate production of 380 ktpa. The
estimated capital cost is ZAR300 million (± US$25 million). Operating costs are estimated at ZAR50 (±
US$4.16) per tonne.
Apollo Chrome and PGM Plant
The Apollo Plant will be designed and built as an independent chrome plant with PGM flotation
aimed at production of chrome concentrate from UG1 ore being mined at the Tharisa Mine’s west
pit and additional MG reef horizons. It will be designed in two phases, the first of which is expected
to treat 50 ktpm and the second phase expected to double capacity. The feasibility study is being
conducted and test work and resource estimation are in progress. Plant construction is estimated to
take approximately 12 months, with commissioning planned for March 2020. The Apollo Plant is
expected to produce 6 kozpa of PGMs and 180 ktpa of chrome concentrates. The capital cost is
estimated at ZAR300 million (± US$25 million) and operating costs, including mining, at ZAR225 (±
US$18.75) per tonne.
Both the Vulcan and Apollo plants are subject to feasibility studies and, if approved, will be funded
from cash flows and drawdown from debt facilities. Tharisa will continue to pay dividends in
accordance with its stated dividend policy.
The optimisation projects and new processing plants, together with improved mining grades, are
expected to add 61.8 kozpa of PGMs and 602 ktpa of chrome concentrates to the Tharisa Mine’s
annual production by 2020, thereby ensuring that Tharisa delivers 200 kozpa of PGMs and 2 Mtpa of
chrome concentrates.
The above information has not been reported on or reviewed by Tharisa’s auditors.
Paphos, Cyprus
31 January 2018
JSE Sponsor
Investec Bank Limited
Investor Relations contact:
Tharisa plc
Sherilee Lakmidas
+27 11 996 3538
+27 79 276 2529
slakmidas@tharisa.com
Broker contacts:
Peel Hunt LLP (Joint Broker)
Ross Allister/James Bavister
+44 207 7418 8900
BMO Capital Markets Limited (Joint Broker)
Jeffrey Couch/Neil Haycock/Thomas Rider
+44 020 7236 1010
Financial PR contacts:
Bobby Morse/Anna Michniewicz
+44(0) 20 7466 5000
tharisa@buchanan.uk.com
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