Tharisa PLC – Cyprus-headquartered platinum miner – Says its subsidiary Karo Platinum Private Ltd has signed a binding term sheet with a subsidiary of Valterra Platinum Ltd for the offtake of platinum group metals and base metal concentrate from the Karo Platinum Project in Zimbabwe. Karo Platinum is 85% owned by Karo Mining Holdings PLC, with Zimbabwean government holding the remaining 15% interest via Generation Minerals Private Ltd. Tharisa controls 78.8% of Karo Mining.
Tharisa says the contract has an initial term of five years on customary offtake terms for concentrate purchases in the PGM industry. Karo Platinum is an open pit mine, with mineral reserve of 2.1 million ounces and a mineral resource of 11.2 million ounces. The binding term sheet comes shortly after Karo Platinum signed a special mining lease agreement with the Zimbabwean government on Monday.
Current stock price in Johannesburg: ZAR27.00, down 0.3% on Thursday
12-month change: up 26%
Current stock price in London: 125.00 pence, flat
12-month change: up 37%
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