Tharisa plc
(Incorporated in the Republic of
Cyprus with limited liability)
(Registration number
HE223412)
JSE share code: THA
LSE share code: THS
A2X share code: THA
ISIN: CY0103562118
LEI: 213800WW4YWMVVZIJM90
('Tharisa' or the
'Company')
THARISA ACCELERATES ITS
DECARBONISATION STRATEGY VIA SIGNED WIND AND SOLAR WHEELING
AGREEMENT
Tharisa, the mining, metals, and
innovation company dual-listed on the Johannesburg and London stock
exchanges, has entered into a long-term Power Purchase Agreement
('PPA') for the procurement of wheeled renewable energy for the
Tharisa Mine, situated on South Africa's western limb of the
Bushveld Complex.
The 15-year agreement with
Etana Energy Proprietary Limited ('Etana') will
see Etana provide up to 44% of the Tharisa Mine's electricity
energy demand via wheeled energy from wind and solar farms in the
Western Cape and Northern Cape using the
existing electricity transmission grid. The
wheeled energy is planned to come on stream in 2026. This
transaction will enable the Tharisa Mine to better manage its power
costs and benefit from the renewable energy certificates arising
from the transaction. This wheeled energy will complement the
Tharisa Mine's 40 MW solar power plant being developed by
TotalEnergies Renewables South Africa Proprietary Limited and
Chariot Transitional Power South Africa Proprietary Limited, which
is designed to provide 30% of Tharisa Minerals energy
needs.
Importantly, the Etana PPA and the
solar project will ensure that Tharisa Minerals' drive to reduce
its carbon footprint by 30% by 2030 is well within reach while
simultaneously guaranteeing pre-determined power costs for a
portion of power needs, with up to 76% of Tharisa Minerals' energy
needs being provided by renewable energy from 2026 onwards under
these agreements.
Etana was
granted an energy trading licence in May 2022 for a period of 25
years and is one of five companies to hold energy trading licences
in South Africa. Etana has signed and announced several other
customer PPAs, including from other mining ventures and property
companies.
Lucien Matthews, Executive
Special Projects of Tharisa, commented:
"This second major renewable energy project is the natural
progression in our quest to reduce our reliance on fossil fuel
driven energy, and a major component of creating the sustainable
resources company of the future. With established partners in the
renewable energy space, I am certain we will not only meet but
exceed our carbon reduction targets both in quantum and in terms of
our set timeline of 2030.
I
must commend the Tharisa team and our partners in the strategic and
commercial swiftness in attaining this significant outcome, as both
these aspects will ensure we maintain control on our operating
costs base which is a vital cog in our drive for sustainability of
our multi-generational resource."
Evan Rice, CEO of Etana
Energy commented:
"We are delighted to have been entrusted as Tharisa's partner
to help realise their ambitious sustainability objectives. This
transaction demonstrates how Etana can provide its partners with
solutions that give them the comfort to enter into long term
agreements. This really is the added value that an aggregator can
bring to energy consumers looking to rapidly shift to low carbon
energy. We are grateful for Tharisa's partnership, which is helping
us achieve Etana's mission to unlock significant new renewable
energy generation capacity in South Africa, with benefits for our
customers, the country and the environment."
Paphos, Cyprus
25 July 2024
JSE
Sponsor
Investec Bank Limited
Connect with us on
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updates about our business.
Investor Relations Contacts:
Ilja Graulich (Head of Investor
Relations and Communications)
+27 11 996 3500
+27 83 604 0820
igraulich@tharisa.com
Broker Contacts:
Peel Hunt LLP (UK Joint Broker)
Ross Allister / Georgia
Langoulant
+44 207 418 8900
BMO Capital Markets Limited (UK Joint
Broker)
Thomas Rider / Nick
Macann
+44 207 236 1010
Berenberg (UK Joint Broker)
Matthew Armitt / Jennifer Lee /
Detlir Elezi
+44 203 207 7800
About Tharisa
Tharisa is an integrated resource
group critical to the energy transition and decarbonisation of
economies. It incorporates exploration, mining, processing and the
beneficiation, marketing, sales, and logistics of PGMs and chrome
concentrates, using innovation and technology as enablers. Its
principal operating asset is the Tharisa Mine, located in the
south-western limb of the Bushveld Complex, South Africa. The mine
has a 13-year open pit life and is strategically accelerating
access to the vast underground resource which extends for over 60
years. Tharisa is developing the Karo Platinum Project, a low-cost,
open-pit PGM asset located on the Great Dyke in Zimbabwe. The
Company is committed to reducing its carbon emissions by 30% by
2030 and the development of a roadmap to become net carbon neutral
by 2050. As part of this energy transition, the 40 MW solar project
adjacent to the Tharisa Mine is well advanced. Redox One is
accelerating the development of a proprietary iron chromium redox
flow long duration battery utilising the commodities we mine.
Tharisa plc is listed on the Johannesburg Stock Exchange (JSE: THA)
and the Main Board of the London Stock Exchange (LSE:
THS).
About Etana Energy:
Etana Energy is a licenced
electricity trader that supplies electricity generated by renewable
energy projects to businesses in South Africa, using the national
electricity grid. Etana's customers benefit from certified
low-carbon electricity at tariffs competitive with Eskom or
municipal supply, forward price certainty, flexible contracting
terms and qualifying B-BEEE expenditure.
