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Tharisa Plc [JSE:THA], through its 26.8% interest in Karo Mining Holdings Limited, has emerged as the beneficiary of the land recently relinquished by Impala Platinum's Zimbabwean unit Zimplats.
As reported by Fin24 last week, Zimplats announced that it had agreed to release land measuring 23 903 hectares to the Zimbabwean government, ending a protracted wrangle that lasted five years.
On Wednesday, Tharisa announced its investment in Karo Holdings had given it access to an area covering 23 903 hectares on the Great Dyke of Zimbabwe, which is the exact land given up by Zimplats.
Zimplats said its decision to give up on land it had been fighting for since March 2013 was made to support government efforts to enable participation by other investors in the platinum mining industry in Zimbabwe.
“The acquisition provides Tharisa access to an area covering 23 903 hectares on the Great Dyke of Zimbabwe," said Tharisa.
“Great Dyke PGM (platinum group metal) projects are low cost, open pittable and have significant palladium and base metal content resulting in high margin poly-metallic revenues.”
Tharisa said its management team has a proven track record of developing mines from the prospecting stage through to steady-state production. This experience can be applied to the development of Karo Platinum, an indirect 50% held subsidiary of Karo Holdings.
