Online Reporter
Nqobile Bhebhe
Zimpapers Business Hub
KARO Mining Holdings, a subsidiary of South Africa’s platinum platinum group (PGMs) producer Tharisa Plc, is seeking shareholder approval to extend the maturity of its Victoria Falls Stock Exchange (VFEX)-listed bond by three years to December 2028 to align its financing with project development timelines.
The South African mining group is developing the Karo PGMs project on Zimbabwe’s mineral rich Great Dyke belt, one of several such initiatives in the country, the world’s third largest producer after South Africa and Russia.
Karo Mining shareholders are expected to deliberate on the proposed changes during an extraordinary general meeting (EGM) scheduled for November 7.
In a notice to shareholders, the company said five resolutions will be tabled at the Extraordinary General Meeting, including extension of the bond tenure, interest rate adjustment, removal of the obligation to pay interest upon early redemption, introduction of a guarantee fee, and relevant authorisations.
“That the maturity date of the VFEX listed bond is hereby extended for a period of three (3) years, such that the new maturity date shall be the 1st of December 2028,” reads part of the notice.
The company also seeks to increase the bond’s interest rate to reflect current market dynamics.
“That subject to approval of the Extraordinary Resolution 1, the interest rate payable on the principal amount of the Karo Mining Holdings plc VFEX listed bond is hereby increased from 9,5 percent per annum to 11 percent per annum, effective from 1 December 2025, payable in accordance with the interest payment provisions of the Placing Agreement,” the company said.
