Tharisa PLC

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Market Cap:
£236.26 m
88.00 GBX
52 weeks high
52 weeks low


To maximise shareholder returns through innovative exploitation of mineral resources in a responsible manner


The safety and health of our people is a core value

We take responsibility for the effect that our operations may have on the environment

We are committed to the upliftment of our local communities

We conduct ourselves with integrity and honesty

We strive to achieve superior returns for our shareholders

We originate new opportunities and will continue to challenge convention through innovation

Strategic initiatives

Leading natural resources group – Globally significant, diversified low-cost operations

Innovation – Innovative research and development feeding organic growth

Optimisation initiatives – Maximise value extraction through process engineering

Leveraging existing platforms – Marketing, sales and logistics, expansion into multi-commodities, building geographic diversity

Capital discipline – Disciplined capital distribution with a dividend policy of distributing at least 15% of net profit after tax (‘NPAT’) and capital allocation to low-risk projects

Tharisa Mine

Tharisa Minerals is 74% owned by Tharisa and is uniquely positioned as the world’s only co-producer of both PGM and chrome concentrates. Tharisa Minerals’ core asset is the Tharisa Mine, which is situated on South Africa’s Western Limb of the Bushveld Complex – home to more than 70% of the world’s platinum and chrome resources.


Arxo Metals

Arxo Metals owns the Challenger Plant, which is integrated into Tharisa Minerals’ Genesis Plant. The Challenger Plant is dedicated to the production of speciality grade chrome concentrates, namely chemical and foundry grade concentrates. Speciality grade concentrates carry more stringent specifications and therefore fetch a higher selling price. Arxo Metals has an offtake agreement for the sale of its concentrates to customers in the chemical and foundry industries globally. Arxo Metals accounted for 64.3 kt of chemical grade chrome concentrate (2018: 81.9 t) and 15.5 kt of foundry grade chrome concentrate (2018: 26.0 kt) in FY2019. The decrease in production was driven both by the overall reduction in mining and milling, as well as a reduced demand for the product in the chosen market


Arxo Resources

Arxo Resources has the exclusive right to sell the metallurgical grade chrome concentrate produced by Tharisa Minerals to customers in China and other international markets. It has established a strong platform with global customers in China including stainless steel and ferrochrome producers, as well as global commodity traders.


Arxo Logistics

Arxo Logistics provides an integrated logistics platform that reduces the risk and costs of transporting concentrates. It manages the road transportation of Tharisa’s PGM concentrates to Impala Platinum and the long haul transportation of chrome concentrates from the Tharisa Mine and K3 UG2 chrome plant to international customers through bulk and container vessels. Exports take place via the Richards Bay Dry Bulk Terminal and the Durban container port on the South African coast


Karo Holdings

Exploration projects

The Great Dyke in Zimbabwe is a geological feature of great significance as it hosts the world’s second largest deposits of PGMs and chrome, outside of South Africa’s Bushveld Complex. The Great Dyke is over 550 km long and up to 11 km wide. There are two mineralised horizons, namely the main sulphide zone (‘MSZ’) and the lower sulphide zone (‘LSZ’). Current mining operations located on the Great Dyke exploit the MSZ, while the LSZ is largely under explored.


Salene Chrome

Tharisa was granted a call option to acquire a 90% shareholding in Salene Chrome, exercisable on completion of the exploration programme. Salene Chrome was awarded three Special Grants covering an area of approximately 9 500 ha on the eastern side of the Great Dyke in Zimbabwe. The Special Grants entitle

Cyprus & South Africa.

Loucas Pouroulis


Qualifications: Mining and Metallurgical Engineering (Hons), (National Technical University, Athens, Greece)

Loucas Pouroulis is the Executive Chairman of the Group, with responsibility for the development of strategy and the identification of new opportunities for the Group. He began his career in Cyprus in 1962, and his initial post graduate training took place in Germany, Sweden and Cyprus. Loucas is trained as a mining and metallurgical engineer and has 50 years' experience in mining exploration, project management, financing and production in open pit and underground mining operations, including PGM and gold mines. He immigrated to South Africa in 1964 and joined Anglo American, where he rose rapidly through the management ranks and received extensive training and experience. In 1971, Loucas began to pursue his own mining interests, initially focusing on gold mining opportunities considered uneconomical by the majors. By the 1990s, he had 


Phoevos Pouroulis

Chief Executive Officer

Qualifications: Bachelor of Science and Business Administration, (Boston University, USA)

Phoevos Pouroulis is the Chief Executive Officer of the Group, with responsibility for overall strategy and management. Phoevos has held various senior managerial and operational positions in his more than 15-year career. He has extensive experience in project management, mining design, commissioning and mining operations, including chrome and PGM mines, having been involved in South Africa's mining industry since 2003. He has served as Commercial Director for Chromex Mining plc and was a founding member of Keaton Energy. Phoevos is on the Council of the International Chrome Development Association.


Michael Jones

Chief Finance Officer

Qualifications: Bachelor of Accounting, (University of Kwa-Zulu Natal Pietermaritzburg, South Africa), CA(SA); Member, South African Institute of Chartered Accountants

Michael Jones is the Chief Finance Officer of the Group and is responsible for the overall financial operation and the financial reporting management of the Group. Michael has more than seven years senior financial management experience in the mining exploration and development sphere. In addition, he has 18 years experience in investment banking, focusing on mergers and acquisitions and capital raisings of both equity and debt.


John David Salter

Lead Independent Non-Executive Director

Qualifications: Bachelor of Science (Hons), Ph.D. in Mineral Technology (Imperial College, London), FSAIMM

David Salter has a total of 30 years' experience in the development and management of mining companies, including both open pit and underground PGM mining operations. David's most recent public company roles were Chairman of Keaton Energy until its sale to Wescoal and the managing director of Eland Platinum until its sale to Xstrata in 2007. He is a non-executive director of a number of unlisted mining companie


Antonios Djakouris

Independent Non-Executive Director

Qualifications: Chartered Accountant and Fellow of the Institute of Chartered Accountants in England and Wales

Antonios Djakouris is a qualified chartered accountant and has over 30 years' experience as a manager and director, having served in a number of posts with the Bank of Cyprus, including internal audit, credit review and retail banking, and as group general manager in charge of operations. From 2003 to 2009, he directed the Bank of Cyprus group's overseas operations, including banks in the United Kingdom, Australia, Russia, Romania and Ukraine. Antonios currently serves in an honorary capacity on the board and executive committee of the Cyprus Anti-Cancer Society, one of the largest charities in Cyprus.


Dr Omar Kamal

Independent Non-Executive Director

Qualifications: Bachelor in Economics and Political Science, Ph.D. in Management (Banking and Finance)

Omar Kamal has more than 20 years’ experience in the field of finance, investment management, strategic advisory services and high-growth entrepreneurship. His regional and international experience extends over a wide array of sectors, including mining, real estate, finance, healthcare and education, across Asia, the Middle East and Europe.

Until August 2015, he was the co-Group CEO of a business group owned by a prominent family from the Gulf Cooperation Council. Prior to that, he occupied several executive roles at leading regional banks in the Middle East, and before that, was a partner with Ernst & Young on the advisory and consulting side.

Omar continues to serve on the boards of a number of listed and unlisted companies.


Carol Bell

Independent Non-Executive Director

Qualifications: MA Natural Sciences (University of Cambridge), PhD Archaeology (University College London)

Carol Bell has more than 35 years’ experience in the energy and allied industries including a successful career as a Managing Director of Chase Manhattan Bank’s Global Oil & Gas Group, Head of European Equity Research at JP Morgan and several years as an equity research analyst in the oil and gas sector at Credit Suisse First Boston and UBS Phillips & Drew. Carol has broad public company experience and currently sits on the Boards of Ophir Energy plc, Petroleum Geo-Services ASA, Bonheur ASA and Ganger Rolf ASA. She is also a non-executive Director of the BlackRock Commodities Income Investment Trust plc and sits on the board of Finance Wales, the venture capital arm of the Welsh government.


Roger Davey

Independent Non-Executive Director

Qualifications: MSc Mineral Production Management (Royal School of Mines, Imperial College London), MSc Water Resource Management and Water Environment (Bournemouth University)

Roger Davey has more than 30 years’ operational experience at senior management and director level in the mining industry in South America, Africa and Europe. Previous positions include being the Senior Mining Engineer at NM Rothschild (London) in the Mining and Metals project finance team; Director, Vice president and General Manager of Minorco (AngloGold) subsidiaries in Argentina; Operations Director of Greenwich Resources plc; and various production roles from graduate trainee to mine manager, in Gold Fields of South Africa.


Ms Julia Zhengzhi Hu

Non-Executive director

Qualifications: Bachelor of Arts (Economics, Mathematics) degree from University of Pennsylvania, USA

Ms Hu holds a Bachelor of Arts (Economics, Mathematics) degree from University of Pennsylvania, USA. She has more than 15 years’ experience in business development and investment, ranging from project financing to high growth early stage ventures investing. She is the Senior Manager (Environment) of NWS Infrastructure Management Limited, a wholly owned subsidiary of NWS. Before joining the NWS group, she worked as an investment professional in the USA and Hong Kong.

Ms Hu will be serving on the Risk Committee of Tharisa.


Zhong Liang Hong

Non-Executive director

Qualifications: Bachelor (Ferrous Metallurgy) (Shanghai Metallurgy Technology Academy)

Zhong Liang Hong is a Chinese national with 33 years’ experience in commodity trading. Representing Fujian Wuhang Stainless Steel Co., Ltd and Hong Kong HeYi Mining Resources Company, Zhong has a strong understanding of analysis and forecasting of commodity markets and end user demand. He started his career in 1980 at the Baosteel Group. In 2001 he founded Shanghai Hongli Metal Material Co., Ltd, and is still the chairman of this company. In 2002 he expanded his business to import manganese into China and became the sole manganese agent in China acting for BHP Billiton.


Office 108 - 110
S. Pittokopides Business Centre
17 Neophytou Nicolaides and Kilkis street
8011 Paphos
Telephone: +357 26 257052


South Africa

The Crossing 2nd Floor
372 Main Road
South Africa
Telephone: +27 11 996 3500





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