Tharisa has right to all of $4.2bn Zimbabwe platinum mine
JOHANNESBURG – Tharisa Plc, the publicly traded South African platinum and chrome miner run by the Pouroulis family, has the right to take over a platinum mine project in Zimbabwe that could ultimately cost $4.2 billion.
The company in June last year paid $4.5 million for a 26.8% stake in Karo Mining Holdings Ltd., also run by the family. Karo is overseeing the project, which is seen by the government as key to reviving the economy from a two-decade slump. The mine could be Zimbabwe’s biggest platinum operation.
While Zimbabwe has the world’s second-biggest platinum deposits, their development has been stymied by political instability, economic collapse and a controversial local-ownership law that only recently was softened. Impala Platinum Holdings Ltd., Anglo American Platinum Ltd. and Sibanye Gold Ltd. have operations in the country.
Source: iol.co.za
