On September 11, Tharisa announced the successful pricing of a $294 million debt offering to advance development of its Karo platinum project in Zimbabwe. The company issued $300 million in five-year senior secured notes at 98 percent of par, carrying an annual coupon rate of 11.00 percent. The transaction attracted broad international demand across European, British, Middle Eastern, North American, and Asian institutional desks, resulting in an oversubscribed allocation.
Construction financing will enable Tharisa to complete infrastructure at the site, which sits within Zimbabwe’s geologically prospective Great Dyke formation. Management projects that phase one operations will yield approximately 226,000 ounces of platinum group metals annually, effectively more than doubling the firm’s current PGM output. Commercial production is targeted for the fourth quarter of 2027.
The issuer noted that the bond’s pricing incorporates both the sovereign risk profile of the host country and the developmental stage of the asset. As global auto and industrial catalyst demand continues to rely on stable PGM supply chains, the project’s progression will be closely watched by commodity traders and downstream buyers assessing near-to-mid-term availability from southern Africa.