Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Tharisa expands footprint in Zimbabwe with stake in Karo Mining

The miner said it had acquired a 26.8% stake in Karo for a total cash consideration of US$4.5mln
Platinum bars
Tharisa has provided Karo with an US$8mln repayable debt facility to finance exploration

Tharisa PLC (LON:THS) has acquired a stake in Karo Mining Holdings Limited, a company with interests in both platinum and coal mining in Zimbabwe.

The miner said it had acquired a 26.8% stake in Karo for a total cash consideration of US$4.5mln following an investment agreement between Karo and the government of Zimbabwe in March to establish a platinum group metals (PGMs) mine, concentrators, smelters, a base metal and precious metals refinery, as well as power generation capacity for the operations with surplus energy capacity made available to the Zimbabwe power grid.

WATCH: Tharisa PLC acquires stake in a 'once in a lifetime opportunity' in Zimbabwe

Tharisa added that the acquisition provided it with access to an area in the Great Dyke of Zimbabwe covering 23,903 hectares and estimated to contain a PGM resources of around 96 Moz (on a 4E basis).

The group said it had also provided Karo with an US$8mln repayable debt facility to finance initial geological exploration and sampling work in the License Area to determine a compliant mineral resource which would enhance the value of the investment.

Tharisa made its first move into Zimbabwe in May when it acquired a 90% stake in Salene Chrome, a company which holds three grants over around 9,500 hectares of land in the Great Dyke.

View full THS profile View Profile

Tharisa plc Timeline

Related Articles

Hong Kong harbour
September 17 2018
The transition of the business through the diversification of legacy assets and investing in new opportunities in Asia is well underway, said chairman John Croft
picture of oilfield
March 14 2018
Svetlana Mendesh, Chief Financial Officer, said 2016 results were in line with its projections and local market trends.
Picture of Malaysian city
May 09 2018
The group’s ability to provide benefits to the retail sector was demonstrated in 2017.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use