Tharisa, the chrome and platinum producer newly listed on the JSE, will raise R500 000 through its listing, half the value it anticipated last week due to difficult market conditions.

The issue price of shares have been reduced to R38 per share, well below the R42.70 per share that was originally announced. Tharisa spokesman Nic Bennett has said that the offer has been scaled back owing to a timing issue and because of general sentiment in the sector.

Tharisa needed to list on the JSE to meet an agreement with Chinese shareholders that helped finance the company in 2011. Bennett has said investors are waiting to see how “things play out” in terms of the prolonged platinum wage strike that has not been resolved after 11 weeks.

Nevertheless, Tharisa CEO Phoevos Pouroulis assures that investor feedback has been “exceptionally good,” and that the company will focus on prioritising the optimisation programme.

The Tharisa Mine is a shallow and large-scale open-pit PGM and chrome mine that has an estimated open-pit life of greater than 23 years and an estimated further 36 years underground and has been in production since November 2009.

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