Zimbabwe central banker stockpiles gold to bolster ZiG currency
The ZiG - short for Zimbabwe gold — is the nation’s sixth attempt at having a functioning local currency in the last 15 years.
South Africa-based Tharisa Plc on Monday said it had agreed a $130 million debt facility with Société Générale and Absa as part of its debt capital program.
The platinum group metal (PGM) and chrome producer said the facility, which spans three and a half years, is made up of a loan of $80 million and a revolving $50 million facility, secured by commodity offtake agreements.
“This debt raise forms part of our strict approach to capital allocation and combines ongoing investment in our producing mining operations and our growth projects,” CFO Michael Jones said in a statement.
Tharisa, which produces PGMs and chrome from its open pit mine in Rustenburg, South Africa, is currently building its 70% owned Karo PGM mine in Zimbabwe for $391 million.
Karo is expected to begin production in July 2024 with an initial output of 194,000 ounces.
Last December, Tharisa said it had raised $31.8 million for the Karo project through a three-year bond issue on Zimbabwe’s Victoria Falls Stock Exchange.
(By Nelson Banya; Editing by Jason Neely)
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