Victoria Falls Stock Exchange-listed (VFEX) platinum mining company Karo Mining Holdings’ Karo Platinum project in Mhondoro remains on track with major milestones of the first concrete pour and pilot mining already commenced.
Rudairo Mapuranga
This was revealed by Tharisa plc Chief Executive Officer Mr Phoevos Pouroulis in Tharisa production results for the third quarter of Financial Year 2023.
Tharisa, the platinum group metals (PGMs) and chrome co-producer dual-listed on the Johannesburg and London stock exchanges, owns 85 per cent of Karo Mining Holdings which owns the Karo Platinum project.
According to Pouroulis first concrete pour at Karo was completed in June with the pilot mining having commenced.
“At Karo, we remain on track with project construction, completing our first concrete pour in June, with pilot mining having commenced. The equity contribution by Tharisa of US$ 135 million is being drawn down to match capital requirements with cash flow as we finalise the senior debt portion for this globally strategic mine,” he said.
According to Tharisa production results for Q3FY20231 and cash balance as at the quarter end, the Karo Platinum project is yet to record a lost time injury with 540 people on site, 99 of which are Karo employees and the balance being contractor employees.
The report said that the concrete foundation pouring was progressing well, with earthworks nearing completion for the pilot mining phase. Contractors and staff are onsite to commence operational tests. It also said that power line construction was expected to commence during this quarter.
“No LTI recorded on the project to date
- 540 people on site, of which 99 are Karo employees with the balance contractor employees.
- Concrete foundation pouring progressing well with earthworks nearing completion.
- Pilot mining commenced with the contractor and staff onsite to commence operational tests.
- Long-lead items manufacturing progressing as planned with the first major deliveries scheduled for Q4 calendar 2023.
- Power line construction to commence this quarter” reads the report in part.