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

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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.

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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.

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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.

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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.

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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.

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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

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Three painted dogs killed along Hwange highway as conservationists raise alarm

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BY NOKUTHABA DLAMINI

Conservationists have raised fresh concern over wildlife safety along the busy Bulawayo–Victoria Falls highway after three endangered African wild dog were killed in separate incidents within a week.

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In a statement, Painted Dog Conservation confirmed that two pups from the Umkhonto pack were struck and killed by a vehicle overnight within the Hwange landscape.

“We are heartbroken to share that two pups from the Umkhonto pack were killed overnight after being struck by a vehicle along the Bulawayo–Victoria Falls road,” the organisation said on Saturday.

The group said the pack had been safely escorted across a nearby road earlier, but is believed to have been disturbed by lions during the night, forcing them to move again toward the highway where the accident occurred.

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“Despite constant monitoring and intervention, moments like this remind us how fragile their survival can be,” the organisation added.

The deaths bring to three the number of painted dogs killed along the same highway corridor in less than a week, with another animal reportedly struck closer to Victoria Falls.

Conservationists warned that the loss goes beyond individual animals, highlighting the species’ already fragile population.

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“It’s not ‘just three dogs’. These three could have become alphas and been responsible for producing over 300 dogs through their offspring and subsequent generations,” the statement read.

Highway poses growing threat to wildlife

The Bulawayo–Victoria Falls road, which cuts through key wildlife areas including parts of Hwange National Park, has long been flagged as a danger zone for animals.

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The highway is a major tourism and freight route linking Bulawayo to Victoria Falls, carrying heavy traffic volumes that include haulage trucks, buses, and self-drive tourists—many travelling at high speeds, particularly at night.

Wildlife frequently crosses this corridor as it bisects natural habitats and migration routes, bringing animals such as elephants, lions and painted dogs into direct conflict with vehicles.

Conservation groups have repeatedly called for stricter enforcement of speed limits, improved signage, and traffic calming measures in wildlife zones, especially at night when visibility is poor and animal movement increases.

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Calls for action

Painted Dog Conservation urged motorists to slow down and remain vigilant when driving through wildlife areas.

“We urge all road users to slow down—especially at night—and call on authorities to strengthen and enforce speed reduction measures in wildlife areas. Their survival depends on it.”

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The deaths come amid growing concern over human-wildlife conflict in Matabeleland North, where expanding infrastructure and traffic volumes continue to put pressure on endangered species.

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In the community

Hwange residents invited to constitutional amendment public hearing

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BY NOKUTHABA DLAMINI 

Residents in Hwange are set to have their say on proposed changes to the country’s supreme law as the Parliament of Zimbabwe rolls out public hearings on the Constitution of Zimbabwe Amendment No. 3 Bill.

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The outreach programme will reach the coal-mining town on Tuesday, 31 March, with the hearing scheduled for 10am at Edmund Davies Hall, located at the No.1 Colliery Club near Thomas Coulter Primary School.

Attendance is free, and members of the public are being encouraged to participate and express their views on the proposed amendment.

According to Parliament, the hearings are part of a nationwide consultation process aimed at gathering citizens’ input before the bill is finalised. The proposed legislation—Constitution of Zimbabwe Amendment No. 3 Bill (H.B. 1, 2026)—seeks to introduce changes to key governance provisions.

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The Matabeleland North outreach will begin in Tsholotsho on Monday, 30 March, before moving to Hwange, then to Binga on Wednesday, 1 April, and concluding in Lupane on Thursday, 2 April.

Parliament has also opened channels for written submissions, which can be sent to the Clerk of Parliament or via email.

However, authorities have warned that individuals wearing military uniforms, political party regalia, or carrying flags and badges will not be allowed into the hearings.

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Residents in and around Hwange are urged to attend in numbers and make their voices heard.

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In the community

EMA, Lupane State University step up fight against deadly Umkhawuzane in Mat North

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BY WANDILE TSHUMA

The Environmental Management Agency (EMA), in partnership with Lupane State University, has launched a community-based initiative to control and reduce the impact of the toxic plant Dichapetalum cymosum, locally known as Umkhawuzane or Gifblaar, which has caused significant livestock losses in Matabeleland North.

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The initiative, focuses on managing the spread of the poisonous plant, which is widely recognised as one of the most dangerous threats to cattle in Southern Africa. Gifblaar is estimated to contribute to about eight percent of livestock deaths linked to toxic plants in the region. The plant contains fluoroacetate, a potent toxin that causes sudden death in animals and poses risks of secondary poisoning through the food chain.

According to EMA, the study was carried out in Ward 18 (Makhovula) in Lupane District and Ward 10 in Umguza District. It combined community sensitisation with mechanical and chemical control trials aimed at identifying effective ways to eradicate the plant.

Community engagements revealed a high level of awareness among farmers about the toxicity of Umkhawuzane. Farmers reported losing an average of three to four animals per household during the winter season, when forage is scarce and the plant remains green, increasing the risk of livestock consumption.

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Results from the trials showed that mechanical removal of the plant produced promising outcomes. No regeneration was observed in areas where roots were excavated to depths of between one and 1.5 metres. However, chemical control using glyphosate only led to temporary suppression of the plant and did not achieve complete eradication, while also affecting surrounding vegetation.

EMA said the findings highlight the need for integrated and site-specific management approaches. These include effective mechanical removal, cautious use of chemicals, and continuous community education to prevent further losses.

The agency, together with Lupane State University, reaffirmed its commitment to working closely with local communities to protect livestock, improve rangeland management and reduce the economic losses caused by Umkhawuzane in Matabeleland North.

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