Tharisa plans to start platinum output in Zimbabwe in two years
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.