Tharisa secures $130m offtake-based financing
Platinum group metals and chrome producer Tharisa has, subject to the fulfilment of certain conditions precedent, concluded a $130-million debt facility with Société Générale and Absa Bank, acting through its Corporate & Investment Banking division, as part of the company's ongoing debt capital programme.
Spanning a 42-month tenure, the facility is part of Tharisa's funding strategy of optimising its capital requirements as the company invests in its assets and pursues its growth objectives, while maintaining a sustainable dividend policy.
The facility comprises a term loan of $80-million and a revolving $50-million facility, secured by commodity offtake agreements. This capital raise follows the successful issue of a three-year $32-million bond listed on the Victoria Falls Stock Exchange on December 16, 2022.
"The Société Générale and Absa senior debt facilities, as well as the significant free cash flow generated from the Tharisa mine, provide significant flexibility to Tharisa's capital allocation policy. 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, while maintaining our commitment to delivering a sustainable dividend to our shareholders, which has exceeded $80-million over the past seven years".
This agreement with Société Générale and Absa is an excellent outcome for the company, another key step in Tharisa's development as not only a hugely innovative mining group focused on critical metals, but also a company committed to sustainable growth for the benefit of all of its stakeholders," Tharisa CFO Michael Jones says.
Comments
Research Reports
Latest Multimedia
Latest News
Showroom
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
