This morning Tharisa Plc (JSE:THA) listed on the Johannesburg Stock Exchange (JSE) and became the third company to be welcomed to the exchange's Main Board this year.
Tharisa is an integrated resources group incorporating the production and sale of processed platinum group metals (PGM's) and chrome concentrate. The company is headquartered in Cyprus, but holds a 74% shareholding in Tharisa Minerals which owns and operates the Tharisa Mine, a shallow and large-scale open pit PGM and chrome mine located outside Rustenburg. The mine has an estimated open-pit life of greater than 23 years with an estimated further 36 years underground and has been in production since November 2009.
"The JSE is proud to be able to play to our part in Tharisa's growth story. Basic resource companies make up almost a quarter of the JSE's total market capitalisation and are a crucial part of the South African economy. We are pleased to provide a platform where this sector can raise capital to expand further" says Zeona Jacobs, the Director of Issuer and Investor Relations at the JSE.
"Successfully fulfilling our commitment to list on the JSE is an important milestone for all of us at Tharisa and we are grateful for the support from our shareholders and partners in arriving here. We are optimistic about the outlook for platinum and chrome markets and we believe Tharisa is uniquely positioned through our low cost, open pit integrated mining, processing, marketing, sales and logistics operations to service the growing global demand in PGM, chrome and other steel raw material sectors" says Phoevos Pouroulis, the CEO of Tharisa Plc.
Tharisa's listing brings the number of basic resource companies listed on the JSE to 68. These companies represent about R2,6 trillion of the JSE's total market capitalisation of R11,2 trillion. Tharisa will issue up to 257 million shares and will be trading under the Main Board's General Mining subsector.
