What Is The Outlook For New PGMs Projects?
PGMs Industry Day 2025- Panel Session'
Featuring:
Chair: Charl Klopper, Executive Projects Director & Global Underground Lead, Mining and Metals Fluor
Phoevos Pouroulis, CEO, Tharisa plc
Jaco Prinsloo, CEO, Sylvania Platinum
Marna Cloete, President & CEO, Ivanhoe Mines
Roger Baxter, Executive Chairman, Southern Palladium
This session brings together CEOs from Tharisa, Sylvania Platinum, Ivanhoe Mines, and Southern Palladium for a no-nonsense look at the future of PGM mining. Get firsthand insights on major expansion projects, the critical role of chrome co-production, innovative downstream technology, and the stark reality of funding tier-one assets in the current climate.
Discover Tharisa's plan to double PGM's output, Sylvania's chrome-driven revenue model, Ivanhoe's long-awaited Platreef production timeline, and Southern Palladium's strategy for its shallow, high-grade discovery. The discussion cuts through the noise to address the capital constraints, policy hurdles, and offtake challenges that define the modern mining landscape.
Timestamps:
00:00 Introduction & Session Overview
02:45 Tharisa’s Strategy: Doubling Output with Karo & Tharisa Mine
05:30 Sylvania Platinum: Dump Beneficiation & Thaba JV Model
07:55 PGM Market Outlook: Bullish on Palladium & Rhodium Deficits
09:40 The Capital Challenge: Aspirations vs. Balance Sheet Reality
12:15 Chrome Revenue: From By-product to Major Value Driver
13:50 Chrome Market Dynamics: Stainless Steel & Asian Demand
17:00 Tharisa’s Evolution: West Pit Underground Development
18:05 Thaba JV: Capitalizing on Historical Dump Material
20:00 Innovation: PGM Refining & Battery Storage Technology
25:20 Logistics Strategy: Navigating Transnet & Maputo Port
31:00 Panel 2 Introduction: Ivanhoe Mines & Southern Palladium
34:20 Platreef Timeline: The Long Road to Tier 1 Production
37:45 Ivanhoe’s Pivot: Prioritizing Shaft 3 & Phase 2 Acceleration
39:30 Southern Palladium: Benguyama’s Tier 1 Project Economics
44:00 Asset Quality: Mining Widths & Low Cost Differentiation
45:30 Funding Junior Miners: The South African Venture Gap
48:50 Financing Mega-Projects: Ivanhoe’s Copper Cash Flows
52:40 Portfolio Strategy: Balancing Copper Growth & PGM Assets
56:30 Southern Palladium: Chrome Upside & Community Partnership
58:45 Future Offtake: Navigating Smelter Capacity & Timing
Key Takeaways:
Aggressive Growth Plans:
Tharisa is on track to double its PGM production to over 200,000 ounces within 3-5 years through its Karo project in Zimbabwe and the underground expansion at Karo mine, highlighting a significant near-term supply growth.
The Capital Imperative is Real:
A key constraint for developers is access to capital. Tharisa explicitly states its "aspirations are bigger than our balance sheet," and Southern Palladium details the challenges of raising venture capital in South Africa compared to jurisdictions like Australia and Canada.
Chrome as a Strategic Co-Product:
Both Tharisa and Sylvania emphasize the critical role of chrome, which contributes significantly to revenue and helps lower net unit costs. Tharisa aims to grow chrome production to 2.5 million tons annually, capitalizing on tight market fundamentals.
Innovation in Downstream Processing:
Tharisa is pioneering modular, low-capital PGM refining technology ("Chloroplat") and developing a chrome-iron redox flow battery for grid storage, aiming to bypass traditional barriers for junior miners and create new revenue streams.
Phased Development for Tier-One Assets:
Ivanhoe Mines' Platreef project, decades in the making, is using a deliberate, stepped development approach. The company deferred initial production to prioritize waste hoisting, accelerating the path to its full-scale 450,000-ounce target.
The Offtake Conundrum:
Securing refining capacity remains a major hurdle for new entrants. Ivanhoe Mines notes that while discussions are ongoing, the ultimate solution may require "bold steps" and could involve building independent beneficiation capacity if traditional offtake is unavailable.
Shallow, High-Grade Discoveries Offer Advantage:
Southern Palladium's Bengwenyama project on the Eastern Limb is notable for its shallow depth (50-900 meters), high grade (8.6 g/t), and mechanized mining potential, positioning it as a lower-cost, tier-one development candidate.
Note on Timestamps: To provide the most useful navigation, the timestamps are linked to the start of the topic, theme, or question being discussed. They may begin a few seconds before each segment for contextual continuity.
Subscribe to our other platforms and keep the conversations going:
The Zero Bull Sh*t Newsletter:
/ zero-bull-sht-7312489607210635266
THINKspiration:
/ thinkspiration
Resources For Africa:
/ resources-for-africa