INTEGRATED resource concern Tharisa Minerals says the Zimbabwe-based platinum project is progressing well on the back of the company’s sound performance which is expected to continue.
Operationally the top miner performed well, building on a record first quarter and on track to meet guidance.
Most pleasing is the continued trend in our improved safety record on the back of plans to continue driving improvement in recoveries and efficiencies which is highly sensitive to the variability and oxidisation of the feed into our processing plants.
“The Karo Platinum Project development continues with smaller work packages aligned to capital availability, focusing on civil and infrastructure development, as we progress on the road to procure the necessary third-party financing to deliver the first phase into production,” the company said in an update.
Karo Platinum is the newest low-cost, open-pit Platinum Group Minerals asset under construction and located on the Great Dyke in Zimbabwe.
The Great Dyke is a PGM-bearing geological feature that runs north to south at approximately 550 km in length and up to 11 km wide, it is second to the Bushveld Complex of South Africa in terms of its PGM resource base.
The group also hailed the milestone in their innovation strategy which saw the official launch of Redox One, which is at the forefront of developing long-term energy storage solutions, using proprietary proven technology, to deliver a ‘Mine-to-Megawatt’ solution at a competitive storage cost compared to existing technologies.
Tharisa CEO, Phoevos Pouroulis said the group’s tenth anniversary marks reflections of the company’s determination in sustaining the commitment to preserve shareholder value.
“As we celebrate ten years of our JSE listing, I reflect on the original vision of our Chairman, which has been brought to fruition, a sustainable co-producer of PGMs and chrome from the MG reef horizon.
“We have delivered deep value for our stakeholders, and building off our multi-generational resources we look to unlock latent value in process optimisation and novel downstream technologies,” he said.
Meanwhile, in the just-ended quarter, the group realised cash of US$184,6 million (31 December 2023: US$221.5 million), and debt of US$114.0 million (31 December 2023: US$126.6 million), resulting in a net cash position of US$70.6 million (31 December 2024: US$94.9 million). – (New Zimbabwe)
