Tharisa to raise R1bn, list on JSE

Comment on this story
IOL image JSE interior view INDEPENDENT MEDIA The JSE is seen in this file photo: Leon Nicholas.

Johannesburg - Tharisa, which mines chrome and platinum group metals in South Africa, plans to start trading on the Johannesburg Stock Exchange and seeks to raise 1 billion rand in a private share placement.

The company wants to acquire “large-scale and low-cost projects that are in or close to production,” Paphos, Cyprus-based Tharisa said in a statement today.

Its mine near Rustenburg, 95 kilometres northwest of Johannesburg, made a cash profit in the year ended February 28 and was operating at about 87 percent of planned capacity of 4.8 million metric tons of ore a year, it said.

Offers for shares “can only be made at an aggregate acquisition cost of no less than 1 million rand,” Tharisa said in the statement.

Trading on JSE will start on April 8.

South Africa, the world’s biggest platinum producer, holds more than 70 percent of the world’s reserves for chrome, which is used to make ferrochrome that’s a key ingredient in stainless steel.

China overtook South Africa as the world’s biggest producer of ferrochrome in 2012. - Bloomberg News

sign up

Comment Guidelines

  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines