Oliver Kazunga, Senior Business Reporter
INTEGRATED resource group, Tharisa, says its Zimbabwe chrome operation is “progressing well” with two months of stockpile ahead of its mobile plant commissioning.
A platinum and chrome producer, Tharisa last year announced the acquisition of Salene Chrome Zimbabwe for US$3 million, gaining geographic diversification with access to a premium chrome product.
Located in the Great Dyke, Salene Chrome is a development stage, low cost, open pit asset.
In a trading update for the quarter ended December 31, 2021, the metals miner’s chief executive officer Mr Phoevos Pouroulis said:
“In Zimbabwe, mining on the high-grade Salene Chrome operation is progressing well, with more than two months of stockpile ahead of our mobile plant, which is being commissioned.”
The group, which also incorporates mining, mineral exploration and processing, among others was also developing a platinum mining project in Mhondoro-Ngezi, Mashonaland West province.
The US$4,2 billion investment was being developed by Karo Resources.
Mr Pouroulis said his organisation’s diversification and growth plan sees their projects in Zimbabwe becoming fully integrated into the business within the current financial year.
“Our innovative and strategic initiatives continue to benefit the Tharisa Mine, with both PGM (Platinum Group Metals) and chrome concentrate output up quarter on quarter, and we see this trend continuing, as we work further on improving our grade mix and upgrading our stockpile levels, not only in volume but in overall quality their investments in Zimbabwe
“On Karo Platinum, we eagerly await the final regulatory sign off from our partners, the Zimbabwean Government, so that we can share the exciting plans we have made for the development of this world class resource and project,” he said.
Meanwhile, in the quarter under review, Tharisa had a cash balance of US$79,1 million compared to US$83,4 million in the quarter ended September 30, 2021.
As at the end of the quarter ended December 31, 2021 the group’s debt stood at US$54,7 million against US$35,5 million recorded in the quarter to September 30, 2021.
The increased debt levels were attributable to short-term trade financing flows relating to the timing of chrome concentrate shipments resulting in a positive net cash position of US$24,4 million against US$47,9 million in the quarter ended September 30, 2021. — @KazungaOliver