Tharisa PLC - Special Economic Zone to benefit Karo Zimbabwe
(Incorporated in the
(Registration number HE223412)
JSE share code: THA
LSE share code: THS
A2X share code: THA
('Tharisa' or the 'Company')
Tharisa is pleased to advise that the
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
"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."
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/.
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
Investec Bank Limited
Investor relations contacts:
+27 11 996 3500
+27 83 604 0820
Daniel Thöle (Investor Relations and Communications)
+27 11 996 3500
Financial PR contacts:
+44 020 7466 5000
+44 207 7418 8900
+44 020 7236 1010
+44 20 3207 7800
Nedbank Limited (acting through its Corporate and Investment Banking division) (RSA Broker)
+27 11 295 6575
This information is provided by RNS, the news service of the
Quick facts: Tharisa PLC
Market Cap: £174.9 m
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