Karo Mining Holdings raise US$36,8 million
LISTED Karo Mining Holdings raised US$36,8 million through a USD denominated structured debt instrument that was successfully listed on the Victoria Falls Stock Exchange.
According to a trading update, the funds raised are being utilised in part-funding the development of Phase 1 of the Karo Platinum Project.
The project is being developed on the Great Dyke in Mhondoro-Ngezi, Mashonaland West Province.
“Construction and mining progress update Karo commenced construction of bulk earthworks in December 2022 and the first concrete was poured in June 2023.
“In the same month, open pit pilot mining commenced with the objective of optimising the mining methods and producing ore to further test and refine metallurgical processing.
“At name plate capacity, Karo will process approximately 2.5 Mtpa of ore and produce 190.0kozpa of PGMs (6E basis).”
The group said.
As at 30 June 2023, Karo employed 540 people on site, of which 99 are Karo employees with the balance being contractor employees.
“Most of these employees are drawn from the local community. The safety and health of all employees on the Karo site is of paramount importance. Karo is proud to report that by the end of June 2023, the project had attained 536 363 lost time injury and fatality-free hours.”
Karo is majority-owned by Tharisa, an integrated PGM and chrome producer listed on the main boards of London Stock Exchange (LSE) and the Johannesburg Stock Exchange (JSE), with a main operating asset, Tharisa Mine, situated in the North West Province of South Africa.