Tharisa plc, a dual-listed South African PGM and chrome producer, reported 138.3 koz of PGM production on a 6E basis for FY2025, while its chrome concentrate output reached 1,558.2 kt in the same year. The ownership, refining status and co-product economics behind those figures, plus Tharisa's mine-by-mine output and FY2026 guidance, are set out below with each figure's source and date.
What Is Tharisa?#
Tharisa plc reported 138.3 koz of PGM production on a 6E basis for FY2025 (the year ended 30 September 2025), per its Q4 and full-year production report of 14 October 2025. The company is dual-listed on the London Stock Exchange (THS, Equity Shares Transition Category) and the Johannesburg Stock Exchange (THA), and its financial year runs to 30 September. Tharisa is one of a handful of PGM producers on the platinum group metals market that mines chrome and PGMs as co-products from the same ore body, rather than PGMs alone.
| Property | Value |
|---|---|
| Legal name | Tharisa plc |
| Place of incorporation | Disputed in DailyPlatinum's sources (see note below) |
| Primary listing | LSE, ticker THS (Equity Shares Transition Category) |
| Secondary listing | JSE, ticker THA |
| Financial year end | 30 September |
| Subsidiaries | Tharisa Minerals (Tharisa Mine); Karo Mining Holdings (Karo Platinum); Arxo; Redox One |
| Dividend policy | Minimum 15% of consolidated net profit after tax |
| Industry memberships | World Platinum Investment Council (WPIC) member, as at 18 May 2026; LPPM Affiliate |
Tharisa was originally registered in Cyprus, but the company's own investment-overview page now describes it as incorporated in the United Kingdom, and DailyPlatinum's sources have not reconciled which is currently correct, so neither is stated here as settled.
Ownership and Corporate Structure#
Tharisa plc is publicly listed with no single shareholder holding a controlling stake confirmed in DailyPlatinum's facts ledger. The dual listing spreads Tharisa's shares across two exchanges rather than concentrating them behind one dominant holder, as the table below shows.
| Listing | Exchange | Ticker | Status |
|---|---|---|---|
| Primary | London Stock Exchange | THS | Equity Shares Transition Category, as at August 2026 |
| Secondary | Johannesburg Stock Exchange | THA | Secondary listing |
No shareholder register or free-float percentage is confirmed in DailyPlatinum's sources, unlike Zimplats' disclosed 87% Implats stake.
Tharisa's PGM Output by Mine and Metal#
Tharisa reported 138.3 koz of PGM production on a 6E basis for FY2025, built up from a Q4 FY2025 quarter of 41.3 koz that itself rose 19.7% quarter on quarter, per its Q4 and full-year production report of 14 October 2025. The 6E basket sums six metals: platinum (Pt, atomic number 78, CAS 7440-06-4), palladium, rhodium, ruthenium, iridium and gold, the same basket convention Implats and Zimplats use. Table 1 sets out FY2025 actuals against Q4 FY2025 and Tharisa's FY2026 guidance.
| Metric | FY2025 (year to 30 Sep 2025) | Q4 FY2025 | FY2026 guidance |
|---|---|---|---|
| PGM production (6E) | 138.3 koz | 41.3 koz (+19.7% q/q) | 145-165 koz |
| Reef mined | 5,353.8 kt | n/a | n/a |
| Ore milled | 5,555.7 kt | n/a | n/a |
| Chrome concentrates | 1,558.2 kt | 407.2 kt (+2.9% q/q) | 1.50-1.65 Mt |
| Average PGM basket price | US$1,615/oz (+18.6% y/y) | US$1,953/oz (+24.1% y/y) | n/a |
| Chrome price (42% basis, CIF China) | US$266/t | n/a | n/a |
| Net cash at year end | US$68.6m | n/a | n/a |
Source: Tharisa Q4 and full-year FY2025 production report, 14 October 2025 (FY2026 guidance from the same release).
Tharisa does not publish a platinum, palladium and rhodium split of the 138.3 koz total in DailyPlatinum's sources, so this page reports the 6E aggregate only.
Mines and Operations#
Tharisa operates 2 named mines or operations, one producing in South Africa and one under construction in Zimbabwe. The table below lists both, with status as of Tharisa's 14 October 2025 report.
| Operation | Location | Ownership | Status |
|---|---|---|---|
| Tharisa Mine (Tharisa Minerals) | Western Bushveld Complex, North West province, South Africa | Wholly owned | Operating; open pit and underground; PGM and chrome co-product |
| Karo Platinum (Karo Mining Holdings) | Great Dyke, Zimbabwe | Tharisa plc subsidiary | Under construction; ball mills being delivered and installed, Chirundazi Dam expansion progressing |
Karo Platinum's ownership percentages, capital cost and planned capacity are not verifiable in DailyPlatinum's sources, so this page states only the construction milestones Tharisa itself has confirmed.
PGM Refining and Accreditation#
Tharisa's output stops at PGM-in-concentrate, not refined metal, so the company does not itself appear on the LPPM Good Delivery list. Tharisa Minerals mines and processes ore into concentrate at the Tharisa Mine, and Tharisa plc holds LPPM Affiliate status alongside its WPIC membership (as at 18 May 2026). DailyPlatinum's sources do not name the specific smelter or refiner that treats Tharisa's concentrate under toll or sale agreement, so no refiner is named here.
Chrome as Tharisa's PGM Co-Product#
Chrome concentrate accounted for roughly 65% of Tharisa's combined PGM-and-chrome revenue in FY2025, alongside its 138.3 koz of PGM production, by a DailyPlatinum calculation. Multiplying Tharisa's own average realized prices from its 14 October 2025 report, US$1,615 per 6E ounce for PGM and US$266 per tonne (42% basis, CIF China) for chrome, by the reported volumes gives approximately US$223m of PGM revenue against US$414m of chrome revenue: an estimate, not Tharisa's own segmental disclosure. Tharisa's FY2025 net cash of US$68.6m rests on two separate commodity cycles at once, not PGM prices alone.
Where Tharisa Fits in the PGM Market#
On a 6E-ounce basis, Tharisa ranks eighth among the ten producers DailyPlatinum tracks by their most recently reported PGM output, with its 138.3 koz FY2025 figure far below Implats' 3,553.3 koz (FY2025, 6E) and Valterra Platinum's 3,200.6 koz (CY2025, 5E+Au). That comparison cannot be summed with Nornickel's or Sibanye-Stillwater's separate-metal disclosures, so no single global rank exists across the sector on one basis. Tharisa's chrome-PGM co-product model puts its PGM scale closer to Glencore's byproduct output than to a dedicated platinum major. DailyPlatinum states this as a production ranking only, not investment guidance.
Other PGM Producers#
DailyPlatinum also covers three other PGM producers for comparison against Tharisa's chrome-PGM co-product structure, each reporting on a different basis.
- Valterra Platinum (formerly Anglo American Platinum): 3,200.6 koz of PGM (5E+Au) metal-in-concentrate for CY2025, the world's second-largest integrated producer on that basis.
- Impala Platinum (Implats): 3,553.3 koz gross group PGM (6E) for FY2025, the largest producer on a 6E basis, the same basket Tharisa reports.
- Zimplats: 87%-owned by Implats, reporting 660,400 oz of 6E concentrate for FY2026 from Zimbabwe's Great Dyke, the same geological belt as Tharisa's Karo Platinum project.
Tharisa FAQ#
What does Tharisa do?#
Tharisa plc mines, processes and sells platinum-group metals and chrome concentrate from the Tharisa Mine in South Africa, reporting 138.3 koz of PGM (6E basis) and 1,558.2 kt of chrome concentrate for FY2025. It is also building Karo Platinum in Zimbabwe through its Karo Mining Holdings subsidiary.
Who owns Tharisa mining?#
Tharisa plc is publicly listed with no single shareholder holding a controlling stake confirmed in DailyPlatinum's facts ledger. The company trades on the London Stock Exchange (THS) and the Johannesburg Stock Exchange (THA), and its Tharisa Mine subsidiary, Tharisa Minerals, is wholly owned by the group.
In which province is Tharisa mine?#
Tharisa's producing mine sits in South Africa's North West province, on the Western Bushveld section of the Bushveld Complex that also hosts operations for Sibanye-Stillwater and Valterra Platinum.