Tharisa plc listed on the main board of the London Stock Exchange (LSE:THS) Wednesday morning, the first mining company to do so this year. The listing was defined as an admission, as no new shares were issued and no new capital raised.
The company has reached steady-state production in both platinum group metals (PGM) and chrome from its dual product mine near Rustenburg. The only capital requirement is sustaining capex, and the open pit will only begin to move underground in 15-17 years time.
“It is a step that reflects the company is maturing,” says Tharisa CEO, Phoevos Pouroulis. “Most of our register is internationally held, so we thought this would be a good way of continuing to raise the profile of Tharisa to a broader international shareholder base, and obviously we think there is a value proposition for investors buying the stock.”
There are no plans to tap the market for capital in the near future, but the company is evaluating a number of organic and acquisitive opportunities. “There are many distressed assets available at the moment, so we have been looking at a number of them. But any target would need to fit within our existing strategy and be of suitable quality,” says Pouroulis. Any acquisitive targets would be in the platinum group metals space, or the stainless steel raw materials supply chain, as previously articulated.