Arxo Metals to operate Western Platinum's K3 plant

RNS Number : 3433P

Tharisa PLC

31 August 2017

 

Tharisa plc

(Incorporated in the Republic of Cyprus with limited liability)

(Registration number HE223412)

JSE share code: THA

LSE share code: THS

ISIN: CY0103562118

(Tharisa)

Arxo Metals to operate Western Platinum's K3 chrome plant, market and sell UG2 chrome concentrate

Arxo Metals Proprietary Limited (Arxo Metals), a producer of specialised higher margin chemical and foundry grade chrome concentrates and a subsidiary of Tharisa, has entered into an agreement with Western Platinum Limited, a subsidiary of Lonmin Plc, on the operation of its K3 UG2 chrome plant (K3) and for the marketing and sales of the UG2 chrome concentrate produced.  The agreement is effective as of 29 August 2017.

Arxo Metals will unlock greater value for Lonmin from K3 using innovative technology already in use at Tharisa's operations, where chrome recoveries for the six months to 31 March 2017 improved to 68.4% with a target recovery of 65%.

The agreement is in line with Tharisa's strategic objective of initiating third-party trading, adding approximately 200 kt to chrome sales annually.

"The marketing and sales of UG2 chrome from K3 expands the basket of chrome concentrates sold by Tharisa and leverages off its established logistics and marketing platforms," said Tharisa CEO Phoevos Pouroulis. 

Paphos, Cyprus

31 August 2017

JSE Sponsor

Investec Bank Limited

Investor Relations contact:

Tharisa plc

Sherilee Lakmidas

[phone]

[phone]

[e-mail]

Broker contacts:

Peel Hunt LLP (Joint Broker)

Ross Allister/ Chris Burrows

[phone]

BMO Capital Markets Limited (Joint Broker)

Jeffrey Couch/Neil Haycock/Thomas Rider

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Financial PR contacts:

Buchanan

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