(Ecofin Agency) - Tharisa Minerals announced today June 13 it has acquired a 26.8% stake in Karo Mining Holding for $45 million. Karo is active on a Platinum Group Metals (PGM) project in Grand Dyke rock formation which hosts low-cost open-pit PGM deposits at significant palladium and base metal grades.

This acquisition gives Tharisa access to a 23,903 hectare area containing a 96 million ounce PGM resource (on a 4E basis). The company indicated that it could increase stake through further investments.

“Tharisa was not previously involved in Zimbabwe due to political uncertainty in the country. Recent improvements in the political landscape have precipitated a decision by Tharisa to explore geographic diversification opportunities in Zimbabwe, renowned for having the world's largest PGM deposits outside of South Africa,” the company reported in a press release.

Let’s note that the project is expected to produce 1.4 million ounces of platinum group metals annually by 2023.