
CEO Phoevos Pouroulis described the move as both planned and necessary. “It was always envisaged that we would transition to underground mining, and we are now at that point in time.

Governments are moving deeper into the mining deal room, shifting from traditional lenders and regulators to investors, customers, price-setters and strategic partners as countries race to secure critical mineral supply chains.

Karo has an open-pit mineral reserve of 2.1-Moz on a 4E basis and a Mineral Resource of 11.2-Moz. Potential underground mining could extend the project’s life to more than 50 years.

Exxaro has reported a resilient H2 performance, with CEO Ben Magara pointing to operational discipline, cash generation and a diversified portfolio as key strengths in navigating a volatile economic environment.