Each division is an integrated link in a single value chain, sharing the orebody, processing complex, logistics and technical services. The following profiles set out each division’s role, products and markets.

The Copper Mining Division operates the underground block-cave mine, a high-throughput, low-unit-cost bulk mining method suited to the large, competent carbonatite orebody. Block caving delivers the economies of scale essential to a long-life, ~250-million-tonne resource, with mechanised, remotely operated production. The division targets 14 million tonnes of ore per year at nameplate, feeding the concentrator with ore grading approximately 0.65% copper.

• Method: underground block caving; long-life ore-body extraction; mechanised production.
• Throughput: ramping to 14 Mt ore per year (~38,000 t/day) at nameplate.
• Moat: block-cave capital and lead time are prohibitive barriers; the orebody is a scarce, strategic asset.

The division is the foundation on which every other stream depends: without ore, there is no concentrate to smelt, no anode to refine, no rod to draw, and no by-products to credit. Its performance is measured on three axes, tonnes drawn, grade delivered and cost per tonne, and the plan’s single most important operational commitment is to establish and draw the cave on schedule. Once mature, a block cave is among the most reliable and lowest-cost sources of copper ore in the world, which is precisely why the method is chosen despite its demanding development profile.

The Smelting & Refining Division processes copper concentrate into anodes and then high-purity refined copper. The concentrator produces up to 220,000 tonnes of concentrate, the smelter up to 160,000 tonnes, and the refinery up to 75,000 tonnes of refined copper. On-site smelting and refining is the strategic core of the integration thesis: it captures the smelter and refinery margin, avoids punitive treatment-and-refining charges, and produces the anode slimes from which precious metals are recovered.

• Capacity: concentrator 220kt concentrate; smelter 160kt; refinery 75kt refined copper.
• Products: copper anodes, refined copper, and anode slimes feeding precious-metal recovery.

The Industrial Minerals Division mines and processes vermiculite (up to 240,000 tonnes) and recovers magnetite (up to 1.4 million tonnes) from the orebody and tailings. Vermiculite is a high-value, globally traded industrial mineral used in construction insulation, agriculture, horticulture, fireproofing and industrial absorbents; the district hosts one of the world’s largest vermiculite deposits. Magnetite, recovered as a co-product, supplies iron-ore and dense-medium-separation markets. Both diversify revenue away from copper and improve overall resource utilisation.

• Vermiculite: up to 240kt/yr; premium export mineral with global construction and agriculture demand.
• Magnetite: up to 1.4 Mt/yr recovered as co-product; iron-ore and DMS markets.

The Industrial Minerals Division is the clearest expression of the diversification thesis. Vermiculite and magnetite are priced and demanded independently of copper, so their earnings smooth the Group’s cash flow through the copper cycle, and their credits lower the net cost of every pound of copper produced. Vermiculite in particular is a globally scarce, high-value mineral in which the Phalaborwa district holds a materially significant share, conferring genuine pricing power in a niche that most copper miners cannot access. The division turns what would be waste or overburden at a single-commodity mine into a second and third revenue stream.

The Beneficiation Division converts refined copper into copper rod, wire feedstock and industrial copper products, the downstream step that most African producers forgo. Beneficiation delivers higher margins, local industrialisation, export diversification and reduced commodity-price exposure, and aligns squarely with South Africa’s beneficiation policy and the MPRRA royalty regime, which taxes refined minerals at a lower rate than unrefined ones.

• Products: copper cathode, copper rod, copper wire feedstock, industrial copper products.
• Advantage: captures downstream margin; lower royalty rate on refined output; policy-aligned.

The Chemicals Division produces sulphuric acid (from smelter off-gas) and nickel sulphate, plus battery-mineral chemicals. These products serve battery manufacturing, fertilizers, chemicals and industrial processing, markets growing structurally with the energy transition. Nickel sulphate, in particular, links TerraNova to the lithium-ion battery supply chain, adding a battery-minerals optionality that is increasingly valued at exit.

• Products: sulphuric acid, nickel sulphate, battery-mineral chemicals.
• Markets: battery manufacturing, fertilizers, chemicals, industrial processing.

The Chemicals Division links TerraNova to two of the fastest-growing industrial demand pools: fertilizers, where sulphuric acid is a critical input for a food-secure continent, and lithium-ion batteries, where nickel sulphate is a cathode precursor. Recent global sulphuric-acid tightness has underscored how a captive, smelter-derived acid supply can become a strategic advantage rather than a mere compliance output. Over time, the division provides the natural platform for the Phase 3 battery-minerals expansion, giving the Group optionality on the energy-transition supply chain beyond copper itself.

The Logistics & Export Division moves refined copper, vermiculite, magnetite and chemicals to domestic customers and export terminals serving Europe, China, India and the Middle East. Controlling logistics, rail, road and port access, protects the Group from South Africa’s freight bottlenecks and secures the reliable export flow on which offtake contracts and debt service depend. A dedicated vermiculite export platform, modelled on the district producer’s international distribution network, underpins the industrial-minerals franchise.

• Scope: bulk mineral logistics, warehousing, export-terminal partnerships, international distribution.
• Markets: USA, Europe, China, India, Middle East for vermiculite; global copper markets.