Tharisa PLC - Cyprus-headquartered platinum miner - Says the total investment in its subsidiary Karo Mining Holdings PLC in Zimbabwe amounts to $135.3 million, imputing an entry valuation of USS180.4 million. Recently, Karo Mining raised $65.0 million through rights offer, Tharisa says at an annual general meeting held on Wednesday. Karo Mining has an indirect shareholding of 85% in Karo Platinum. Tharisa says it followed its rights in the Karo Mining offer, increasing its stake to 75% from 70%. Says applying the rights offer subscription for the additional 5% shareholding imputes a value of $390.0 million to Karo Mining and thus $457.8 million for Karo Platinum.

In December 2022, Tharisa raised $31.8 million through a bond issue in Zimbabwe. Says all the resolutions at the AGM were passed by the requisite majority. Tharisa has previously warned that it would delay commissioning its Karo platinum project in Zimbabwe to June 2025, citing weaker PGM prices and uncertain global economic outlook. This project was scheduled to commence production this year.

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