REG - Tharisa PLC - Investor Meet live presentation - Karo PGM Project

TharisaAnnouncement

31/03/2022 10:30

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RNS Number : 7604G  Tharisa PLC  31 March 2022

 

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')

PRESENTATION TO SHAREHOLDERS

EXERCISE OF FARM-IN OPTION ASSUMING CONTROL OF THE KARO PGM PROJECT

 

Tharisa, the platinum group metals ('PGM') and chrome co-producer, announces
CEO Phoevos Pouroulis will provide a live presentation relating to the Karo
PGM Project via the Investor Meet Company platform on

31 March 2022 at 15:00 (UK time UTC +1), 16:00 (SA time UTC +2).

The presentation is open to all existing and potential shareholders.

Investors can sign up to Investor Meet Company for free and add to meet
THARISA PLC via:

https://www.investormeetcompany.com/tharisa-plc/register-investor
(https://www.investormeetcompany.com/tharisa-plc/register-investor)

 

Paphos, Cyprus

31 March 2022

 

JSE Sponsor

Investec Bank Limited

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Investor relations contacts:

Ilja Graulich (Head of Investor Relations and Communications)

+27 11 996 3500

+27 83 604 0820

igraulich@tharisa.com (mailto:igraulich@tharisa.com)

 

Financial PR contacts:

Bobby Morse / Ariadna Peretz / James Husband

+44 207 466 5000

tharisa@buchanan.uk.com

 

Broker contacts:

Peel Hunt LLP (UK Joint Broker)

Ross Allister / David McKeown / Alexander Allen

+44 207 7418 8900

 

BMO Capital Markets Limited (UK Joint Broker)

Thomas Rider / Pascal Lussier Duquette / Nick Macann

+44 207 236 1010

 

Berenberg (UK Joint Broker)

Matthew Armitt / Jennifer Lee / Detlir Elezi

+44 203 207 7800

 

Nedbank Limited (acting through its Corporate and Investment Banking division)
(RSA Broker)

Carlyle Whittaker

+27 11 294 0061

 

About Tharisa

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.  Tharisa
also owns Salene Chrome, a development stage, low-cost, open-pit asset,
located adjacent to 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).

 

About Karo Mining Holdings

The Great Dyke of Zimbabwe contains the world's largest known platinum group
metals and high-grade chrome deposits outside of South Africa.

Karo Holdings entered into an Investment Project Framework Agreement (the
'Investment Agreement') with the Republic of Zimbabwe on 22 March 2018 to
establish a PGMs complex.

Karo Platinum, an indirect 50% held subsidiary of Karo Holdings applied for
and was awarded PGM rights under a special grant (the 'License Area') under
the Zimbabwe Mines and Minerals Act, covering an area of 23 903 ha.  The
License Area is situated on the Great Dyke in the Mashonaland West District of
Zimbabwe.  This area of land was released by Zimbabwe Platinum Mines Private
Limited) from its mining lease area in support of the Government of Zimbabwe's
efforts to enable participation by other investors in the platinum mining
industry in Zimbabwe.

Karo Holdings has, over the past three years completed a number of studies,
resulting in a comprehensive implementation study that delivered very
favourable economic parameters with a quick route to production.

The Special Grant 6876 awarded to Karo Platinum was successfully converted to
a Mining Lease on 12 March 2021 over the 23 903 ha with no conditions
attached and valid for the life of mine of the project.  The SEZ permits the
import/export of capital without any trade barriers.  Benefits beyond the
expatriation of capital include a reduced tax rate of 15% (normally 24.72%),
duty-free importation of raw materials and exchange control facilities.
Moreover, the intention is for a fully functional SEZ to be developed to
attract other investors.  To ensure a smooth implementation, and that Tharisa
is taking full advantage of the opportunity presented, Tharisa has also
recruited a former Zimbabwe Investment Development Authority manager to join
the Karo team.

An Environmental Permit was issued for the exploration phase on 3 September
2019 and expires on 2 September 2022.  An Environmental Prospectus report
was also compiled for the proposed opencast pits, processing facilities and
supporting infrastructure, this was approved by EMA in August 2021.
Specialist site investigations and comprehensive stakeholder consultations
have been completed.

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