Tharisa secures new R750m asset revolving finance facility from Nedbank
Johannesburg- and London-listed mining, metals and innovation company Tharisa has secured a new R750-million (about $45.5-million) asset revolving finance facility from financial services provider Nedbank, acting through its Nedbank Corporate and Investment Banking division.
The facility, which incorporates an accordion enabling Tharisa to increase the facility to R1.25-billion (about $75.8-million), ensures that Tharisa's underground fleet, comprising the specialised equipment necessary to support safe, efficient and high-capacity underground extraction, is fully funded.
Cementation Africa has been engaged as mining contractor.
Tharisa in March initiated the first underground blast on the Apollo portal at its Tharisa chrome and platinum group metal mine, on the western limb of the Bushveld Complex in South Africa, marking the official start of the underground development. Ramp-up is progressing as planned with first ore in mill expected early in the second half of the current calendar year, the company says.
Tharisa points out that the new asset revolving finance facility is in addition to the about $56.2-million asset finance facilities currently available to Tharisa for funding its openpit mining fleet.
"This facility with Nedbank is a testament to the strength of Tharisa's balance sheet, our operational record and the confidence our financial partners place in the long-term value of this business. Securing full funding for our underground fleet is a critical enabler of our transition strategy, and we look forward to progressing this next chapter of Tharisa's growth with the certainty and conviction our shareholders expect," comments Tharisa CEO Michael Jones.
The fleet selection process incorporates equipment with improved energy efficiency, lower emissions profiles and enhanced safety systems. This supports Tharisa's sustainability commitments, including its roadmap to carbon neutrality by 2050.
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