https://www.miningweekly.com

Tharisa buys mining equipment to further owner-mining strategy

Tharisa CEO Phoevos Pouroulis

Tharisa CEO Phoevos Pouroulis

11th May 2017

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Dual-listed Tharisa Minerals, led by CEO Phoevos Pouroulis, has entered into a binding term sheet with MCC Contracts to buy certain of MCC’s equipment, strategic components, site infrastructure and spare parts at the Tharisa platinum group metals and chrome mine in the Bushveld Complex.

This forms part of the miner’s intention to transition from a contract-mining to an owner-mining model and would also allow for the transfer of around 900 employees currently deployed at the mine.

MCC currently provides opencast contract mining services, including drilling, blasting, load hauling and rehabilitation services at the mine.

Tharisa believes with the long life of the mine’s openpit, estimated at 18 years, it would be beneficial to transition from a contract mining to an owner-mining model.

The mine has further potential to extend its life by 40 years though an underground mine extension.

“By taking direct control of our mining operations, we will be better placed to control the reef grades, thereby delivering improved quality ore to the processing plants and optimising the feed and recovery within the plants,” the miner said in a statement.

Tharisa will buy the assets and equipment from MCC for R303.3-million, which includes 153 ‘yellow fleet’ machines such as excavators, off-highway dump trucks, articulated dump trucks and support vehicles.

The transaction will also include 17 additional machines from another MCC site.

In addition, Tharisa will accept assignment in respect of leased equipment comprising drill rigs, excavators and off-highway dump trucks and will continue to lease these 14 machines.

The settlement amount for the leased equipment stood at R100.2-million.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ASTPM
ASTPM

Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...

VISIT SHOWROOM 
AirNox Pty Ltd
AirNox Pty Ltd

AirNox (Pty) Ltd is a level 1 BBBEE manufacturer of complete AdBlue® solutions for operators of SCR diesel engines and AUS40 across South Africa...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.46 1.341s - 337pq - 2rq
Subscribe Now