REG - Tharisa PLC - Karo Mining Holdings VFEX update 30 June 2023

TharisaAnnouncement

03/10/2023 09:30

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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
(http://www.karomining.com) ).

 

Paphos, Cyprus

3 October 2023

 

JSE Sponsor

Investec Bank Limited

Connect with us on LinkedIn
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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 (mailto: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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