Platinum group metals (PGM) and chrome miner Tharisa has added to the growing optimism around platinum’s price outlook as world leaders pull back on electric cars and brace for a new round of tariffs.
In its first-quarter production update, Tharisa CEO Phoevos Pouroulis said the company “remains constructive on the PGM price outlook” and expects “current price levels and potentially higher levels to persist in the months ahead”.
A bullish market has helped investors warm to the group’s $547m master plan to boost PGM and chrome production in the coming years, reversing an initial share price dip when the scheme was announced in October.
In the past three months, Tharisa shares have climbed nearly 18%, tracking the broader rally among JSE-listed PGM miners.
“Platinum fundamentals remain in deficit for the third consecutive year,” said the miner.
“Legislative changes in the EU regarding the 2035 ban on combustion-engine vehicles, coupled with tariff uncertainty and rising investment appetite for the precious metals cluster, meant PGM prices rose sharply over the past quarter and continue to hold firm.”
A dizzying price rally has gripped platinum markets in the past six months, fuelled by a drop in South Africa’s mined supply and a surge in demand as US traders brace for potential tariffs.
The World Platinum Investment Council expects supply of the metal to meet global demand for the first time in three years after its spot price jumped nearly 130% last year — its best annual performance on record.
However, a balanced market in 2026 hinges on easing tariff fears — a situation that seems increasingly unlikely as the race for critical minerals continues to heat up.
Earlier this week Bank of America sharply raised its 2026 platinum price forecast amid concerns that the US may implement tariffs, predicting that the metal will breach a record $3,000/oz by year-end.
Fuelled by market tailwinds, Tharisa’s mission is to migrate several open-pit operations underground and achieve its long-held production targets: 2-million tonnes of chrome and 200,000oz of PGM, representing increases of about 30% and 45%, respectively, over the next decade.
The company produced 38,800oz of PGM in the quarter to end-December, a slight slip from the previous three months but more than 8,000oz higher than a year prior.
Chrome output edged down 14.2% quarter on quarter to 349,400 tonnes.
This year, the miner expects to produce 145,000oz-165,000oz of PGMs and 1.5-million to 1.65-million tonnes of chrome concentrates.
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