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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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Nkayi

Burial preparations underway for Nkayi well tragedy victims

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BY NOKUTHABA DLAMINI 

The Nkayi community is preparing to lay to rest the Grade 2 pupil and his neighbor who tragically died in a gas-filled well in Ward 19 last week.

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According to Ward 19 Councillor Thubelihle Mabuza Ncube, the young Grade 2 boy is scheduled to be laid to rest today, while the other deceased individual will be buried tomorrow. The community is currently awaiting the arrival of the bodies from the Nkayi regional mortuary. The remains were recently delivered back to the regional mortuary following the completion of postmortem examinations in Bulawayo.

The double fatality occurred when the young student was reportedly lured into a neighbor’s well by an elder to retrieve a bucket in exchange for sweets. The child was quickly overcome by suspected carbon monoxide and a total lack of oxygen. A neighbor who entered the shaft in a desperate rescue attempt also perished after being overwhelmed by the toxic air.

Due to the hazardous conditions within the well, rescuers were unable to enter the shaft and had to use a makeshift wire tool to retrieve the bodies from the surface. Councillor Ncube previously expressed deep distress over the incident, noting that Nkayi is hurting deeply.

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While the community mourns, legal proceedings are also in motion. The councillor has indicated that the accused in the matter has been charged by the police. This update follows a series of tragic events in the Nkayi district, including a recent fatal elephant attack in Ward 13.

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Binga

ZPCS reports 104 HIV-positive inmates across Matabeleland North prisons

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BY STAFF REPORTER

A total of 104 inmates are living with HIV across eight correctional facilities in Matabeleland North, according to data from the Zimbabwe Prisons and Correctional Services.

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The figures, which were first reported by the Chronicle, were presented by ZPCS Assistant Principal Correctional Officer Godknows Ncube during a National Aids Council stakeholder meeting in Bulawayo.

Of the inmates recorded as positive, 98 are aged 25 and older, while six are under the age of 25. The affected facilities include Victoria Falls Prison, Hwange Prison, Ntabazinduna Satellite Prison, Anju Farm Prison, Tsholotsho Prison, Lupane Prison, and Binga Prison .

During the most recent quarter, 144 inmates underwent testing for HIV, resulting in one positive diagnosis .

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While correctional facilities received 900 male condoms, officials reported that no female condoms were provided. Ncube noted the need to address this gender bias and ensure that female protectors are available for inmates.

The prison service is also facing challenges with medication adherence. Ncube emphasized that there is a high number of defaulters, particularly among younger inmates who were aware of their HIV status before entering the system.

He called for the integration of HIV services with other health programs and stressed the importance of strengthening monitoring and reporting within the prisons. Currently, some facilities in the region are not yet accredited to provide antiretroviral therapy services, highlighting a need for further staff training and equipment

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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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