Cyprus-based Tharisa Minerals has announced it re-cently acquired a controlling interest in Karo Mining under a deal worth US$27 million which is to be settled through the issuance of 13.69 million new shares in Tharisa to The Leto Settlement, a related party.
Tharisa Minerals said in a statement that the Karo platinum project in Zimbabwe is "a long-life asset with an initial 20 year life of mine … and project post tax net present value … of USD770.4 million at spot PGM prices."
The Zimbabwean project "has initial probable reserves of 35.5 Mt at 2.31 g/t and 2.6 Moz (5PGE+Au) and a 3PGE+Au resource prill split favouring platinum (45.0%), palladium (42.0%) rhodium (4.0%) and gold (9.0%) with material base metal credits," according to the Cy-prus-based business.