Tharisa PLC (LSE:THS, JSE:THA), an integrated resource group incorporating mining, processing, and exploration, has been maintained at a 'buy' recommendation by Peel Hunt.
The broker also kept its target price recommendation of 230p.
Earlier today, Tharisa reported an increase to the open pit reserve of 19.6Mt ore net of the 5.4Mt ore mined in the 2021 financial year.
The broker stated additional spending that was anticipated in the second half of this decade in order to transition towards underground mines has been delayed to the start of the 2030s.
Further to that, the current open pit is expected to be operational until at least 2041.
Pushing back the planned underground pits alongside the extension of the open site will provide a safety net according to the broker, allowing the underground operation to get up to top speed whilst still maintaining high levels of mining.