Tharisa Plc, the South African miner run by the Pouroulis family, plans to start producing platinum in Zimbabwe within 24 months after acquiring a controlling interest in the Karo mine.
While Zimbabwe has the world’s third-biggest reserves of platinum-group metals, development has been stymied by political instability, economic collapse and previous local-ownership rules. Impala Platinum Holdings Ltd., Anglo American Platinum Ltd. and Sibanye Stillwater Ltd. also have operations in the country.“We’ve kick-started the development,” Pouroulis said. “There is potential to expand further.”
Tharisa, which also has interests in chrome, paid $27 million for control of Karo on March 31. The first-phase development will also include a pilot smelter.
“We want to do the whole value chain in Zimbabwe,” the CEO said.
The Pouroulis family set up the South African platinum-mining ventures Lefkochrysos and Eland Platinum. Eland was sold to Xstrata Plc in 2007 for the equivalent of $1.1 billion.
