Tharisa plc announced Thursday that it has placed $300 million in bond proceeds into escrow, marking a significant milestone in the financing of its Karo Platinum Project on Zimbabwe's Great Dyke.
The funds were deposited following the satisfaction of a major condition precedent to settlement. Proceeds will be released to the group once remaining release conditions are fulfilled, CEO Phoevos Pouroulis said.
The proceeds come from a five-year senior secured Nordic bond issued by Tharisa's wholly owned subsidiary, Arxo Finance plc. The instrument was priced at 98% of principal with an 11% semi-annual coupon and was oversubscribed on September 11. DNB Carnegie and HSBC acted as joint bookrunners for the offering.
"Reaching this milestone brings us a decisive step closer to fully funding Karo Platinum," Pouroulis said in a statement. "Escrowing these proceeds reflects the discipline and confidence with which our lenders and investors have backed this project, and we now turn our full attention to the remaining conditions ahead of project drawdown."
Tharisa, which is dual-listed on the Johannesburg and London stock exchanges, operates the Tharisa Mine on the southwestern limb of South Africa's Bushveld Complex. The company is based in Paphos, Cyprus.
The Karo Platinum Project is targeted to deliver first ore to the mill in the fourth quarter of calendar year 2027, according to the company.
