Connect with us

Uncategorized

Tharisa to launch US$50m bond on Victoria Falls Stock Exchange to finance expanded Karo Platinum

Published

on

BY DAVID MCKAY

Tharisa is to issue a US$50 million  three-year bond on the Falls Stock Exchange as part of some US$440 million in project and working capital costs required for its first phase Karo Platinum project in Zimbabwe’s Selous area.

Advertisement

In an update today, Johannesburg-listed Tharisa, which also produces chrome, said project required for Karo’s first ore to mill increased to US$391m.

This was partly because the project had been expanded to 194,000 ounces annually in platinum group metals (PGMs) compared to a previous production estimate of 150,000 oz/year.

Inflation on steel and transportation also played a role in the capital cost lift as well as the inclusion of a US$45 million contingency.

Advertisement

Tharisa previously estimated a capital cost of US$250 million for Karo Platinum which is an orebody situated on Zimbabwe’s famed platinum-rich Great Dyke geological formation.

Bernard Pryor, head of Tharisa’s Karo Platinum project, said a book-build on the proposed bond had started “a few weeks ago”.

It aimed to capitalise on an estimated US$1.8 billion to US$2 billion in stranded assets in Zimbabwe.

Advertisement

The bond would be launched in November.

“We’ve got a lot of interest on the bond,” said Pyror.

The balance of total capital required for Karo Platinum would be sourced from US$260 million in project finance and US$130 billion raised against the company’s existing assets.

Advertisement

There was no plan to put any equity on the table, although Pouroulis said the company had “Plan B and Cs” that might include royalty streams on Karo and existing Tharisa production.

There would be no change to Tharisa’s undertaking on dividend payments, he said.

Once built, in about two years from the start of construction, Karo Platinum would make Tharisa a near-400,000 oz/year PGM producer.

Advertisement

Pouroulis said it represented the making of the company with combined PGM production for 17 years ahead of anticipated sustained deficits for the metals.

According to Tharisa assumptions of an average PGM 6E price of US$2,140/oz and cast cost of US$1,096 per PGM oz, Karo would generate a return on capital invested of 30.1% and an internal rate of return of 26.1%.

“We have a tier one project that is robust with world class economics,” Pouroulis said. -miningmx

Advertisement

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

National

Victoria Falls residents fight back against minister’s decision to nullify town clerk’s suspension

Published

on

BY WANDILE TSHUMA

Residents of Victoria Falls have come out guns blazing against Local Government and Public Works Minister Daniel Garwe’s decision to nullify the suspension of Town Clerk Ronnie Dube.

Advertisement

The controversy began when the City of Victoria Falls council suspended Dube over allegations of corruption.

However, Minister Garwe intervened, citing that the council’s resolution contravenes Section 139 (4) of the Urban Councils Act.

In response, the residents associations, through their lawyers Dube, Mguni and Dube Legal Practitioners, penned a scathing letter to Minister Garwe, demanding that he withdraws his directive.

Advertisement

The letter, signed by lawyers Dube, Mguni and Dube, reads:

“We have been approached by the Hwange District Residents Association (HWADRA) and Victoria Falls Combined Residents Association (VIFACORA) with respect to the contents of this letter.

Our clients are concerned that the contents of the Honourable Minister’s letter purport to represent the interest of the inhabitants of the City of Victoria Falls, whom he has not consulted.

Advertisement

The Honourable Minister may need to know that on the 8th of December 2024, a joint meeting of above named residents associations have resolved to support the resolution of their agents and representatives in council.

There is therefore no doubt that the town clerk’s suspension is supported by the inhabitants of the City of Victoria Falls.

The Honourable Minister is advised that the suspension of the town clerk complies with Section 139 (4) of the Urban Councils Act [Chapter 20:15] regarding the inquiry into the allegations of the suspended town clerk.

Advertisement

There is only one inquiry committee before which the suspended town clerk is expected to go and make his representations when invited to do so.

Procedurally, if the town clerk is found to have a case to answer, he will appear before a disciplinary committee, which is yet to be constituted.

The residents are aware that the resolution has recommendations for possible experts to be approached to form the disciplinary committee, should that become necessary.

Advertisement

It stands to reason that the investigative inquiry committee cannot sit and be judges over their own report.

This cannot render the resolution of council to be unlawful as to warrant a ministerial directive to rescind it.

The feeling of the residents is that the costs of a disciplinary process cannot be avoided if government is serious about combating corruption in all its forms.

Advertisement

The resolution is clear that the town clerk was suspended without salary and benefits.

The decision to pay the suspended town clerk allowances is supported by section 139 (5) (b) of the Urban Councils Act [Chapter 20:15]. It is statutorily provided.

There is no contradiction in the resolution.

Advertisement

There is, with respect, no legal basis for councillors to rescind a lawful resolution meant to combat corruption in local authorities.

The Honourable Minister’s directive has adverse effects on fighting corruption.

The directive is meant to lift the town clerk’s suspension without him answering to the allegations against him.

Advertisement

It is not government policy that those accused of corruption can be let off the hook without being investigated or brought to book.

The President of the Republic of Zimbabwe, DR E.D Mnangagwa is on record saying corruption is working against the attainment of national development goals and is inimical to public interests.

Our clients’ considered view is that the Honourable Minister will be best informed about the interests of the inhabitants of Victoria Falls if he visits and consults the taxpayers of council.

Advertisement

Meanwhile, our clients who are a representative body of the inhabitants of the council area are in support of the town clerk’s suspension and are monitoring the inquiry into the town clerk’s allegations.

Accordingly, we have been instructed to demand that the Honourable Minister, immediately withdraws his letter dated 6th December 2024 to the Mayor of Victoria Falls and make arrangements for a public consultation with the inhabitants of the council area, failing which the Honourable Minister and the City of Victoria Falls (as represented by the Mayor) will be taken to the High Court of Zimbabwe for appropriate relief.

We trust this is in order.

Advertisement

Yours faithfully,

DUBE, MGUNI & DUBE LEGAL PRACTITIONERS

CC: His Worship the Mayor of Victoria Falls, Clr P.T Moyo

Advertisement

Continue Reading

National

Free Nicole Chabata: ZINASU calls for justice

Published

on

BY WANDILE TSHUMA

Harare – The Zimbabwe National Students Union (ZINASU) gender desk has issued a statement demanding the immediate release of Nicole Chabata, a form four student who was arrested and convicted for participating in a celebration of the National Day of the African Child.

Advertisement

“As the Zimbabwe National Students Union (ZINASU) gender desk, we stand in solidarity with Nicole Chabata who was wrongfully arrested and convicted on the 16th of June for participating and celebrating the National day of the African Child. Her commitment to the day reflects a noble cause that doesn’t deserve to be reciprocated by repression,” said Lillian Tinotenda Muhwandavaka, Gender Secretary of ZINASU.

According to the statement, Nicole’s conviction is part of a disturbing trend of the regime trying to silence young voices that seek to promote social justice and women’s rights. “The actions taken on Nicole reflect a disturbing trend of the regime trying to silence young voices that seek to promote social Justice and the rights of women,” said Muhwandavaka.

The ZINASU gender desk highlighted that Nicole’s unlawful arrest deprived her of the opportunity to finish her second term and attend school like other students. “This undermines her educational journey simply because she celebrated the hope, resilience and the fundamental rights every child deserves,” said Muhwandavaka.

Advertisement

The desk demanded the immediate review and reversal of Nicole’s conviction, as well as that of everyone else who was wrongfully convicted on June 16. “We demand that the responsible authorities and relevant institutions review these convictions and uphold justice. These women and activists are being subjected to unnecessary trauma, health conditions and institutionalized personality traits,” said Muhwandavaka.

The statement concluded with a message of solidarity with Nicole Chabata and the Avondale 78, demanding that their cases be handled seriously so that they can focus on their studies without the weight of wrongful convictions. “We stand in solidarity with Nicole Chabata and many other females that were arrested without committing any wrongful crime with the Avondale 78. We demand that these cases be handled seriously such that Nicole can focus on her studies and sit for upcoming exams comfortably, with no weight of a wrongful conviction,” said Muhwandavaka.

Advertisement
Continue Reading

National

Mzansi bus releases statement after deadly Tuesday night accident

Published

on

BY STAFF REPORTER

In the wake of a tragic bus accident on Tuesday night, which claimed ten lives, Mzansi Bus has released a statement addressing the incident and providing details on the events that unfolded.

Advertisement

Read the full statement below to learn more about what happened and the way forward.

“At about 23:50 hours last night (27 August 2024), our bus Registration Number HT73PGGP traveling from Bulawayo bound for Johannesburg was involved in an accident at the Three Mile Circle (Roundabout) in Makhado, South Africa.

There were 67 passengers on board as well as the bus crew. Following this accident some passengers tragically lost their lives and several others suffered various degrees of injuries. South African Emergency services attended to the scene and transported the injured and deceased to Makhado and Elim Hospitals for treatment.

Advertisement

We are currently co-operating with law enforcement agents as they attend to the matter. Next of kin members will be notified when all passengers’ individual identifications have been finalized.

We kindly ask for your patience as law enforcement and health service providers work on treating and identifying all passengers both injured and deceased.

The management of Mzansi Express would like to take the opportunity to reassure Zimbabweans that we too are feeling the nation’s shock and pain at this tragic hour.

Advertisement

A more detailed statement will be released in due course as we continue working with the Authorities in Zimbabwe and South Africa.”

Advertisement
Continue Reading

Trending

Copyright © 2022 VicFallsLive. All rights reserved, powered by Advantage