Uncategorized

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

Published

3 years ago

October 13, 2022

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.

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.

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.

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.

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.

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

In the community

Victoria Falls man sentenced to six months for domestic violence

Published

2 days ago

August 15, 2025

VicFallsLive

BY STAFF REPORTER

A 33-year-old Victoria Falls man has been sentenced to 6 months imprisonment for domestic violence charges. The sentence was handed down by the Victoria Falls Magistrates’ Court.

The man, from Chinotimba, was arrested on August 3 for a domestic violence charge. According to the National Prosecuting Authority, the facts of the matter are as follows: a misunderstanding arose between the offender and his 32-year-old wife over money left in her jacket. Later that evening, the offender shouted at his wife before strangling her several times on the neck. The victim reported the matter to the police, which led to the offender’s arrest.

The court sentenced the offender to 6 months imprisonment, with two months suspended for five years on condition of good behavior.

A further four months were suspended on the condition that he performs 140 hours of community service.

National

Zimbabwe roads claim 24 lives over Heroes holiday

Published

3 days ago

August 14, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

A total of 24 people lost their lives on Zimbabwe’s roads during the 2025 Heroes and Defence Forces holidays, according to statistics released by the Zimbabwe Republic Police.

The police reported 196 road traffic accidents, 13 of which were fatal, between August 11 and 13. This represents a significant increase from the previous year’s figures, which saw 149 accidents and eight fatalities.

Reckless driving, mechanical faults, speeding, and overtaking errors were cited as major causes of the accidents.

Two major accidents occurred during the period, including a fatal crash on the Mutare-Masvingo Road that claimed the lives of six Zion Christian Church congregants. Another accident on the Bindura-Shamva Road resulted in four fatalities and 17 injuries.

The police have urged motorists to prioritize vehicle maintenance, avoid speeding and reckless overtaking, and adhere to road rules and regulations to prevent further loss of life.

In the community

Dete teen convicted for theft

Published

3 days ago

August 14, 2025

VicFallsLive

BY WANDILE TSHUMA

A Dete teenager has been convicted of breaking into a local shop and stealing goods and cash worth US$131.

Artwell Ncube, 18, of Lupote in Dete, was found guilty of aggravated unlawful entry by the Hwange Magistrates Court.

According to court records, Ncube used an unknown object to open the locked shop door between May 20 and 25, 2025. Once inside, he stole groceries, airtime, and US$50 in cash.

The shop owner unexpectedly returned to the premises on May 25 at midnight and found Ncube inside. The teenager fled, leaving some stolen items behind.

A subsequent police investigation led to Ncube’s arrest. Property worth US$31 was recovered.

Ncube was sentenced to 12 months’ imprisonment, which was fully suspended on condition that he repays ZWG3 516.04 to the complainant within six months and performs 110 hours of community service at Lupote Clinic which he started on Wednesday.