• ·        Pilot mining commenced; major deliveries scheduled for Q4 2023.
  • ·        Karo Platinum project crucial for Tharisa's revenue and growth.
  • ·        Tharisa's equity contribution of US$135 million being drawn down.

Tharisa's Karo Platinum project in Zimbabwe has reported a successful third quarter update for the period ending 30 June 2023. The company has recorded no lost-time incidents to date, with 540 people on site, including 99 Karo employees and the remaining staff as contractor employees.

The concrete foundation pouring is progressing well, with earthworks nearing completion. The pilot mining has commenced, and operational tests will soon begin. Long-lead items manufacturing is progressing as planned, with major deliveries scheduled for Q4 2023.

The powerline construction is set to commence in this quarter. The Karo Platinum Project remains on track, with the major milestones of the first concrete pour and pilot mining commencing.

Phoevos Pouroulis, CEO of Tharisa, expressed his satisfaction with the project's progress, stating that the company remains on track with construction, with pilot mining having commenced in June. Tharisa's equity contribution of US$135 million is being drawn down to match capital requirements with cash flow as the company finalizes the senior debt portion for this globally strategic mine.

Zimbabwe is considered to hold a significant amount of PGM reserves, and Tharisa is one of the big players and set to be a major contributor to the country's tax contribution. The Karo Platinum project's success has significant implications for both the parent company and Zimbabwe's economy.

Respect Gwenzi, Chief Analyst at Equity Axis, commented on the latest developments, "The progress at Karo Platinum project is a significant development for Tharisa. The project's success will help boost the company's revenue and contribute to the Zimbawe's economy. As one of the major players in the Zimbabwean PGM industry, Tharisa's success will translate into a more stable and robust mining sector, which is vital for Zimbabwe's economic growth."

Despite the domestic headwinds and macro events coupled with commodity price uncertainty, Tharisa remains confident in its ability to weather the environment and continue to provide returns to shareholders while actively and sustainably growing the business. With modern, low-cost structures in place, Tharisa is well-positioned to weather any challenges and emerge as a leading player in the PGM industry.

-Equity Axis News