TIDMTHS
RNS Number : 5223O
Tharisa PLC
03 October 2023
Tharisa plc
(Incorporated in the Republic of Cyprus with limited
liability)
(Registration number HE223412)
JSE share code: THA
LSE share code: THS
A2X share code: THA
ISIN: CY0103562118
LEI: 213800WW4YWMVVZIJM90
('Tharisa' or the 'Company')
KARO MINING HOLDINGS VFEX REGULATORY UPDATE ENDED 30 JUNE
2023
Tharisa, the platinum group metals (PGMs) and chrome co-producer
dual-listed on the Johannesburg and London stock exchanges, wishes
to advise of a regulatory announcement released by Karo Mining
Holdings plc (Karo) as part of its continuous obligations of having
listed a USD denominated structured debt instrument on the Victoria
Falls Stock Exchange (VFEX). Karo is a subsidiary of Tharisa.
Construction and mining progress update
Karo commenced construction of bulk earthworks in December 2022,
and the first concrete was poured in June 2023. In the same month,
open pit pilot mining commenced with the objective of optimising
the mining methods and producing ore to further test and refine
metallurgical processing. At name plate capacity, Karo will process
approximately 2.5 Mtpa of ore and produce 190.0 kozpa of PGMs (6E
basis).
As at 30 June 2023, Karo employed 540 people on site, of which
99 are Karo employees, with the balance being contractor employees.
Most of these employees are drawn from the local community. The
safety and health of all employees on the Karo site is of paramount
importance. Karo is proud to report that by the end of June 2023,
the project had attained 536 363 lost time injury and fatality-free
hours.
Directorate and senior management changes update
In Q2 FY2023 the following changes took place
-- Karo changed its auditors from EY Cyprus to BDO Cyprus
In Q3 FY2023, the following changes to the directorate took
place:
-- Gloria Zvaravanhu was appointed to the Board as an
Independent Non-Executive Director and Chairman of the Audit
Committee on 5 April 2023
-- Rachel Rhodes resigned on 5 June 2023
-- Andrew Henwood was appointed as Financial Director on 5 June 2023
Gloria Zvaravanhu is a Chartered Accountant and a highly
accomplished professional with a number of post graduate
qualifications including a Master's Degree in Business Leadership
from the University of South Africa and a Master's Degree in
International Business Law from the University of Cumbria, Unted
Kingdom. Gloria, a Zimbabwean national, is the Managing Director of
a leading insurance company in Zimbabwe, and previously held senior
roles across a multitude of companies including KPMG. She is also
an experienced non-executive director with board experience on
several Zimbabwean companies and is an advisory board member of the
International Federation of Accountants. Gloria is an alumnus of
the Fortune 500 Global Women Mentoring Program, where she was
mentored by one of the top '50 Most Powerful Women in Business' in
the United States. In addition, she has received several business
accolades in Zimbabwe in recognition of her unparalleled leadership
skills and commercial acumen.
Andrew Henwood is the Financial Director of Karo Mining
Holdings. He is also responsible for corporate finance at the
Tharisa Group. Andrew is a qualified Industrial Engineer and
Chartered Accountant with 25 years of corporate finance, financial
reporting and capital markets experience in the natural resources,
chemicals, fintech and advisory sectors. Andrew has worked across a
wide range of jurisdictions and has been part of numerous M&A,
restructuring and capital raising transactions. Prior to joining
the Tharisa Group, Andrew held senior roles at EY, Omnia, Tyme Bank
and De Beers.
Publication of audited Annual Financial Statements - FY2023
KMH will publish its Annual Financial Statements for the year
ending 30 September 2023 before 31 December 2023.
The full announcement is available on the Karo website (
www.karomining.com ).
Paphos, Cyprus
3 October 2023
JSE Sponsor
Investec Bank Limited
Connect with us on LinkedIn to get further news and updates
about our business.
Investor Relations Contacts:
Ilja Graulich (Head of Investor Relations and
Communications)
+27 11 996 3500
+27 83 604 0820
igraulich@tharisa.com
Broker Contacts:
Peel Hunt LLP (UK Joint Broker)
Ross Allister / Georgia Langoulant
+44 207 7418 8900
BMO Capital Markets Limited (UK Joint Broker)
Thomas Rider / Nick Macann
+44 207 236 1010
Berenberg (UK Joint Broker)
Matthew Armitt / Jennifer Lee / Detlir Elezi
+44 203 207 7800
About Tharisa
Tharisa is an integrated resource group critical to the energy
transition and decarbonisation of economies. It incorporates
exploration, mining, processing and the beneficiation, marketing,
sales, and logistics of PGMs and chrome concentrates, using
innovation and technology as enablers. Its principal operating
asset is the Tharisa Mine, located in the south-western limb of the
Bushveld Complex, South Africa. The mechanised mine has an 18 year
pit life and can extend operations underground by at least 40
years. Tharisa also owns Karo Platinum, a low-cost, open-pit PGM
asset under construction and located on the Great Dyke in Zimbabwe.
The Company is committed to reducing its carbon emissions by 30% by
2030 and the development of a roadmap is continuing to be net
carbon neutral by 2050. Tharisa plc is listed on the Johannesburg
Stock Exchange (JSE: THA) and the Main Board of the London Stock
Exchange (LSE: THS).
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END
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