Tharisa PLC - Cyprus-headquartered platinum miner - Says the total investment in its subsidiary Karo Mining Holdings PLC in Zimbabwe amounts to USD135.3 million, imputing an entry valuation of USS180.4 million. Recently, Karo Mining raised USD65.0 million through rights offer, Tharisa says at an annual general meeting held on Wednesday. Karo Mining has an indirect shareholding of 85% in Karo Platinum. Tharisa says it followed its rights in the Karo Mining offer, increasing its stake to 75% from 70%. Says applying the rights offer subscription for the additional 5% shareholding imputes a value of USD390.0 million to Karo Mining and thus USD457.8 million for Karo Platinum.
In December 2022, Tharisa raised USD31.8 million through a bond issue in Zimbabwe. Says all the resolutions at the AGM were passed by the requisite majority. Tharisa has previously warned that it would delay commissioning its Karo platinum project in Zimbabwe to June 2025, citing weaker PGM prices and uncertain global economic outlook. This project was scheduled to commence production this year.
Stock price in London: 56.00 pence
12-month change: down 45%
Stock price in Johannesburg: ZAR13.38
12-month change: down 38%
By Artwell Dlamini, Alliance News reporter
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Tharisa (THS)