SA Platinum Group Tharisa Announces The Acquisition Of Karo Mining Holdings
SA Platinum Group Tharisa Announces The Acquisition Of Karo Mining Holdings. South African platinum group Tharisa has announced that it has acquired a controlling interest in Karo Mining Holdings Limited for $27 million.
Phoevos Pouroulis, CEO of Tharisa, said in a statement, “The development of a strategically significant tier one, high-grade, high-return, low-cost PGM resource is a natural evolution for Tharisa as it fulfils its strategy of becoming an integrated diversified developer of new metal assets. Tharisa will develop and deliver its next PGM mine, Karo Platinum, in a world-class geological district that is supported by a pro-mining environment. The Karo Project is strategically located within a Special Economic Zone with the Mining Lease valid for the life of mine.”
Pouroulis continued to say, “The investment and development of the Karo Project will create noteworthy employment and upliftment opportunities for the communities within the project area, as well as the creation of an economic hub with significant multiplier effects. The Karo Project will provide all stakeholders with a secure, sustainable and value accretive future.” The transaction is in line with Tharisa’s growth strategy, including geographic diversification, operating low-cost open pit operations with access to premium new world metals, replicating the Tharisa Mine model in a different jurisdiction, and maximising value for Tharisa with a low-entry cost, a short development timeline and limited capital requirements while exercising full control over the development.
Tharisa is an integrated resource group critical to the energy transition and decarbonisation of economies. It incorporates mining, processing, exploration, and the beneficiation, marketing, sales, and logistics of PGMs and chrome concentrates, using innovation and technology as enablers. Its principal asset is the Tharisa Mine located in the south-western limb of the Bushveld Complex, South Africa. The mechanised mine has a 20-year open-pit life and the ability to extend operations underground by at least an additional 40 years.
