tawandamusarurwa
Business Reporter
Johannesburg Stock Exchange-listed Tharisa, which has a controlling stake in Karo Platinum Mine in Zimbabwe, believes that challenges of the traditional South African platinum group metals (PGM) industry is helping the country attract “greater attention” from investors.
Zimbabwe presently has three platinum mines – Mimosa, Unki and Zimplats.
Tharisa, through its US$4,2 billion Karo mine project, is set to become the fourth platinum producer.
It expects to mill its first ore from the Mhondoro-Ngezi operation in Mashonaland West province by June next year.
Tharisa Group chief executive officer Mr Phoevos Pouroulis said the Zimbabwe mine will help it become one of the top ten producers of platinum in the world.
“With commencement of construction officially recognised on December 7, 2022, this project will not only double the PGM output of Tharisa but places it well on track with its stated strategy of becoming a multi-mine multi-jurisdiction resources company,” said Mr Pouroulis in his commentary accompanying the half-year financials ended March 31, 2023. “With the challenges of the traditional South African PGM industry all too evident, South Africa hosts some 80 percent of the world’s PGM resources – Zimbabwe, as the host of the second-largest PGM inventory, is attracting greater attention with all three major producers operating successfully and profitably in Zimbabwe.”
The US$4,2 billion platinum deal was in 2018. The mining lease area for the project covers an area of 23 903 hectares and is located within the Great Dyke in the Mashonaland West, approximately 80km southwest of Harare and 35km southeast of Chegutu.
Online Reporter
Bongani Ndlovu