29 Sep - 6 min read

Tharisa announces decarbonisation targets

Tharisa announces decarbonisation targets

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 ANNOUNCES DECARBONISATION TARGETS
30% reduction in emissions by 2030, carbon net neutral by 2050

Tharisa, the platinum group metals (‘PGMs’) and chrome co-producer dual-listed on the Johannesburg
and London stock exchanges, has been reviewing its operations with respect to establishing a corporate
plan to reduce its carbon emissions while continuing to grow its operations in producing metals that are
needed to affect the energy transition away from fossil fuels and deliver the decarbonisation of
economies.

Tharisa’s management is committed to reduce its carbon emissions by 30% by 2030 (from its 2020
financial year (‘FY2020’) baseline which uses 2019 data) and the development of a roadmap is continuing
to net carbon neutral by 2050 (‘Decarbonisation Targets’). Investment decisions taken by Tharisa’s board
will be informed by this Decarbonisation Targets, alongside the current financial investment criteria.
Furthermore, this roadmap being developed will ensure that the pre-defined Decarbonisation Targets are
achieved through the deployment of numerous sustainability initiatives.
The first step on this journey for Tharisa has been to establish a robust baseline for current operations.
The Company will be using the FY2020 results as the baseline for its Decarbonisation Targets and will use
both the relative carbon intensity and absolute carbon intensity measurements due to the significant
growth that the Company envisages over the coming years.

In ensuring that the growth of the Company does not affect the Decarbonisation Targets, numerous
sustainability initiatives are being developed and some are in advanced stages and will be implemented
within the next 24 months.

This decarbonisation plan is one part of our broader sustainability programme. The reduction in emissions
from the baseline established for scopes 1, 2 and 3 emissions (see definitions below1) will be disclosed on
a periodic basis alongside our financial results. Tharisa aims to generate and utilise renewable electricity
and to reduce the use of electricity produced from fossil fuel and enable electricity grid power purchases
to be optimised. It will also look to reduce the carbon intensity of fuels used in its truck fleet as vehicles
come to be replaced, taking advantage of advances in alternative fuels, including hydrogen and battery
electric drivetrains.
Recognising that what lies ahead is an energy transition, major projects in the first phase of emissions
reduction will include the introduction of natural gas and biodiesel as fuel components. In addition, the
use of solar power generation technology alongside traditional electricity storage capacity and in house
innovations are being investigated.

The Decarbonisation Targets are one part of our broader sustainability programme, and Tharisa will
announce a further detailed framework within FY2022.


Phoevos Pouroulis, CEO of Tharisa, commented:

“At Tharisa, we view safety as a core value. The footprint we leave on the broader stakeholder
environment is equally as important to us. As an industry, we must focus on the management and
mitigation of mining activities, which by their very nature have an impact on the environment and local
communities and we strive to balance this with the positive impact we are generating for stakeholders and
our community by developing our business sustainably and responsibly.

We have today outlined our decarbonisation targets to be achieved by specific points in time. Further
refinements in, and details about, these targets will be announced over time, but we will strive to exceed
these initial targets, both in quantum and speed of achievement. The world faces an enormous challenge
to decarbonise rapidly and Tharisa will do its part to achieve carbon neutrality by 2050.

We have a global and significant part to play by producing some of the critical metals necessary to affect
the decarbonisation of our planet generally and the energy transition specifically. Our research team and
industrial partnership relationships are focused on this, and our Board supports the strategy to create a
more sustainable future for Tharisa, its customers and its wider stakeholders.”

Tharisa Scope Emissions1
Scope 1 emissions: Are direct greenhouse (GHG) emissions that occur from sources that are controlled or
owned by an organization (e.g., emissions associated with fuel combustion in boilers, furnaces, vehicles).

Scope 2 emissions: Indirect GHG emissions associated with the purchase of electricity, steam, heat, or
cooling.

Scope 3 emissions: Includes all other indirect emissions that occur in a company’s value chain.


2020 reported Scope 1-3 figures
               FY2019 (2018 figures)                                FY2020 (2019 figures)

     SCOPE 1           SCOPE 2          SCOPE 3           SCOPE 1          SCOPE 2          SCOPE 3
    Tharisa           Energy         Overall,
   Minerals’         indirect     Tharisa Mine’s       Tharisa              Energy      Overall, Tharisa
     direct         emissions       emissions         Minerals’            indirect         Mine’s
 emissions for     amounted to     amounted to          direct           emissions        emissions
    FY 2018          156 200        2 235 100       emissions for      amounted to       decreased by
 amounted to          tCO2e           tCO2e            FY2019             182 343           1% to
 84 000 tCO2e                                        amounted t o           tCO2e.
                                                       82 829             Electricity     2 285 059
                                                    tCO2e. Diesel       consumption        tCO2e in
                                                                        increased by       FY2019
                                                    purchased and     12% between
                                                      consumed          FY2018 and       compared to
                                                    directly by the    FY2019. This     FY2018. This is
                                                         mine            was due to              o
                                                                                             due t the
                                                    decreased by       the increase         increased
                                                    1% inFY2019        in electricity   purchasing of
                                                         when          consumption            mining
                                                    compared to             and an        equipment,
                                                        FY2018        increase in the       especially
                                                                       grid emission      large earth-
                                                                            factor            moving
                                                                                           equipment




The baseline information depicted shows that we are still in the initial stages of decarbonisation.
However, the number of initiatives that are being developed will assist the Company to reduce Scope 1
and 2 significantly in the coming years. This will be carried out in conjunction with sustainability
initiatives to support the decarbonisation strategy.

Paphos, Cyprus
29 September 2021

JSE Sponsor
Investec Bank Limited
Connect with us on LinkedIn and Twitter to get further news and 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
Financial PR contacts:
Bobby Morse / Augustine Chipungu / James Husband
+44 207 466 5000
tharisa@buchanan.uk.com
Broker contacts:
Peel Hunt LLP (UK Joint Broker)
Ross Allister / David McKeown / Alexander Allen
+44 207 7418 8900
BMO Capital Markets Limited (UK Joint Broker)
Thomas Rider / Pascal Lussier Duquette / Nick Macann
+44 207 236 1010
Berenberg (UK Joint Broker)
Matthew Armitt / Jennifer Wyllie / Varun Talwar / Detlir Elezi
+44 203 207 7800
Nedbank Limited (acting through its Corporate and Investment Banking division) (RSA Broker)
Carlyle Whittaker
+27 11 294 0061

About Tharisa

Tharisa is an integrated resource group incorporating mining, processing, exploration and the
beneficiation, marketing, sales and logistics of PGMs and chrome concentrates. Its principal asset is the
Tharisa Mine located in the South-Western Limb of the Bushveld complex, South Africa. The mechanised
mine has a 14-year open pit life and the ability to extend operations underground by at least an
additional 40 years. Tharisa also owns the Salene Chrome project, a development stage, low cost, open
pit asset, located adjacent to the Great Dyke in Zimbabwe. Tharisa is listed on the Johannesburg Stock
Exchange (JSE: THA) and the Main Board of the London Stock Exchange (LSE: THS)

Date: 29-09-2021 07:05:00
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