Tharisa PLC Special Economic Zone to benefit Karo Zimbabwe (6696Q)
22 Ottobre 2019 - 08:00AM
UK Regulatory
TIDMTHS
RNS Number : 6696Q
Tharisa PLC
22 October 2019
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
('Tharisa' or the 'Company')
Special Economic Zone to benefit Karo Zimbabwe Holdings
Tharisa is pleased to advise that the Zimbabwe Special Economic
Zones Authority ("Zimseza") has declared a portion of Selous
measuring 50 667 hectares as a special economic zone ("SEZ"). The
zone is located on certain pieces of land covered by special mining
grants issued to a subsidiary of Karo Zimbabwe Holdings (Private)
Limited ("Karo Zimbabwe"). Tharisa is a 26.8% indirect holder in
Karo Zimbabwe and has an option to increase its interest.
With the declaration of SEZ status, Karo Zimbabwe and its
licensed subsidiaries will be entitled to several fiscal incentives
that further enhance the economics of the project including reduced
tax rates, duty free importation of raw materials and equipment and
exchange control rulings.
Karo Zimbabwe has recently completed a 238 borehole, 32.4 km
platinum group metal drilling programme on the property situated on
the Great Dyke of Zimbabwe, with the drilling focused on the
western boundary of the license to average depths of 50 m to 150 m.
Karo Zimbabwe is on track to deliver a resource statement before
the end of the 2019 calendar year.
Commenting on the award, Tharisa CEO Phoevos Pouroulis,
said:
"Zimseza's award of the Special Economic Zone status to Karo's
license in Zimbabwe is a critical step in the development of what
could become a world class vertically integrated PGM operation. The
Karo mine could transform the Zimbabwean PGM sector, bringing
significant economic benefits to all stakeholders and building a
long-term sustainable mining industry.
"The SEZ status, as well as the completion of the initial
resource classification, are key milestones prior to investing in
the various phases that a project of this scale requires for it to
succeed. We look forward to working closely with Zimseza and the
government of Zimbabwe, together with the local, regional and
national stakeholders, as well as our financial partners, to
bringing this project to fruition."
Background information:
About Zimseza
Zimseza is a statutory body, formed by the Government of
Zimbabwe, to attract foreign investment into the country via
incentives relating to capital investment and taxation through the
formation of Special Economic Zones. Since its establishment,
several SEZ's have been declared in the country, including in the
mining industry. SEZ's are granted for a period of 10 years and
renewable thereafter via application. Further information can be
found at https://www.zimseza.co.zw/.
Karo Zimbabwe Holdings
Karo Mining Holdings' project in Zimbabwe will establish a large
scale vertically integrated Platinum Group Metals (PGMs) mining
complex, located in the Great Dyke in Zimbabwe. Karo will design
and construct fully integrated facilities to ensure the maximum
extraction of value from mining, through the value chain to final
base metal and precious metal refining. The project is based on
proven technologies and industry best practices. Karo Mining
Holdings will execute the project in partnership with the
Government of Zimbabwe, under the Investment Project Framework
Agreement that was signed between the parties on 22 March 2018.
Tharisa
Tharisa is an integrated resource group incorporating
exploration, mining, processing, and the beneficiation, marketing,
sales and logistics of PGMs and chrome concentrates. The Group is
targeting production of 200 koz of PGMs and 2.0 Mt of chrome
concentrates in 2020, on an annualised basis
Paphos, Cyprus
22 October 2019
JSE Sponsor
Investec Bank Limited
Investor relations contacts:
Ilja Graulich (Head of Investor Relations and
Communications)
+27 11 996 3500
+27 83 604 0820
igraulich@tharisa.com
Daniel Thöle (Investor Relations and Communications)
+27 11 996 3500
Financial PR contacts:
Bobby Morse / Augustine Chipungu
+44 020 7466 5000
tharisa@buchanan.uk.com
Broker contacts:
Peel Hunt LLP (UK Joint Broker)
Ross Allister / James Bavister / David McKeown
+44 207 7418 8900
BMO Capital Markets Limited (UK Joint Broker)
Jeffrey Couch / Thomas Rider / Neil Elliot
+44 020 7236 1010
Berenberg (UK Joint Broker)
Matthew Armitt / Detlir Elezi
+44 20 3207 7800
Nedbank Limited (acting through its Corporate and Investment
Banking division) (RSA Broker)
Shabbir Norath
+27 11 295 6575
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END
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