en.Wedoany.com Reported - South African mining company Tharisa has secured a ZAR 750 million asset-based revolving credit facility from Nedbank to procure specialized underground equipment for the Apollo mine in the Bushveld complex.

The facility includes an accordion option that can increase the total amount to ZAR 1.25 billion, reflecting the growing support role of African financial institutions in mining operations. This follows the successful completion of the mine's first underground blast in March 2026, with the first underground ore expected to arrive at the processing plant in the second half of 2026.

"Securing full financing for our underground fleet is a key enabler of our transformation strategy, and we look forward to advancing the next chapter of Tharisa's growth with the certainty and confidence our shareholders expect," said Michael Jones, Chief Financial Officer of Tharisa, in a statement.

The loan also aligns with Tharisa's sustainability goals. The newly acquired underground fleet will consist of equipment designed with higher energy efficiency, lower emissions, and enhanced safety systems to support the company's target of achieving net-zero emissions by 2050.

This transaction reflects a broader trend in the African mining industry, where developers are increasingly leveraging domestic financial institutions to fund strategic mineral projects. In 2026 alone, Tharisa secured trade finance facilities from The HongKong and Shanghai Banking Corporation (USD 30 million) and Absa Bank Limited (USD 15 million) to improve working capital efficiency and enhance trading capabilities.

Nedbank also committed a separate USD 56.2 million facility in March 2026 to fund open-pit mining activities at the Apollo mine.