Tharisa (THS ), the dedicated southern African chrome and platinum miner has mandated DNB Carnegie and HSBC as joint bookrunners, and Absa Bank Limited as co-manager, to arrange a series of fixed income investor meetings commencing on 2nd September 2026.
These financial institutions will test the waters for a new five-year senior secured bond with an initial issue amount of US$300 million that will potentially be issued by Tharisa’s wholly-owned subsidiary Arxo Finance.
The issue of such a bond is subject to market conditions. The net proceeds from the contemplated bond issue will be deployed for capital expenditure at the Karo platinum mine in Zimbabwe, and for general corporate purposes.
View from Vox
Tharisa has already shown itself as a sophisticated operator in the world of mining finance, as it has advanced its operating South African mine through various stages of expansion. Karo is different, in that it is a big development project that will require some financial heft to get it going. But Tharisa has cash flow, has cash in the bank and limited debt, and a well-established track record. This looks like being a big step forward in getting Karo built.