Tharisa eyes controlling stake in Karo

TINASHE MAKICHI

 

Dual-listed Tharisa is contemplating an acquisition of a controlling  stake  in Karo Holdings, which manages  and operates platinum group metals (PGM) mining operations in Ngezi, Zimbabwe, Business Times can report.

Currently, Tharisa has a 26.8% shareholding in Karo Holdings, which owns Zimbabwe unit, Karo Platinum.

Tharisa, which trades its shares on the London and Johannesburg stock exchanges,  is linked to the Pouroulis family. The Pouroulis family also controls  Karo Holdings.

“Tharisa is evaluating its option to acquire a controlling interest (in Karo Holdings),”  the mining company said in a statement.

Karo Platinum was awarded a PGM special grant in 2018 covering an area of 23 903 ha on the Great Dyke.

The Great Dyke of Zimbabwe contains the world’s largest known PGM deposits outside of South Africa.

The PGM complex is in the designated Karo Selous Special Economic Zone, providing numerous incentives.

After the special grant award  four years ago, Karo Platinum was awarded a Mining Lease in March 2021, over the mining area for the life of mine.

Under the project, two phases of exploration drilling have been completed over the project area and a maiden long-life open pit resource and reserve for Phase 1 of the operations has been declared.

In October this year, Tharisa announced that the Karo Platinum implementation studies had been completed and the project is now progressing into project execution and development.

On the Salene chrome project, Tharisa said the mining project has started production and this will also culminate in the construction of the chrome plant and commissioning planned for prior to the end of the first quarter next year.

Tharisa acquired Salene Chrome for US$3m in March this year and Salene Chrome is a development stage, low cost, open pit asset, located on the Great Dyke.

“The acquisition provides geographic diversification with access to a premium chrome product, a short development timeline and a low capital requirement.

“Salene Chrome has started mining production, commenced with the construction of the chrome plant and commissioning planned for prior to the end of the Q1 FY2022,” the mining company said.

Tharisa Plc said the  development and operation of Salene Chrome allows the group to take its first step to develop and operate an asset in Zimbabwe before the construction of the larger Karo Project.

Salene Chrome was awarded a number of special grants in May 2018 on the eastern side of the Great Dyke of Zimbabwe, allowing for the mining of various minerals.

Salene Chrome subsequently had also applied for, and was granted a number of licenses to the western side of the Great Dyke. It covers 11 900 ha adjacent to the Great Dyke in Zimbabwe and Salene Chrome West covers 12 400 ha to the west of the Great Dyke.

 

 

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