Tharisa, the platinum and chrome mine owned by the Pouroulis family, has acquired the whole of Salene Chrome Zimbabwe in a $3m deal, which will be settled in cash.
“The acquisition provides geographic diversification with access to a premium chrome product, a short development timeline and a low capital requirement,” the company said on Wednesday in a statement.
Tharisa, which is listed on the JSE and London, has already spent $2m of the $3.2m allocated to exploring the chrome property after initially acquiring 90% in Salene Chrome Zimbabwe in 2018.
The Salene chrome project is located in a special economic zone, which permits the import-export of capital without any trade barriers, Tharisa said in a statement.
Benefits beyond the expatriation of capital include a reduced tax rate, duty-free importation of raw materials and exchange control facilities.
Salene Chrome is located along the Great Dyke of Zimbabwe, which contains the world’s largest known platinum group metals and high-grade chrome deposits outside SA.
It also was awarded a number of special grants in both the eastern and western side of the Great Dyke of Zimbabwe, allowing for the mining of various minerals.
The deal is subject to approval by the Zimbabwean Reserve Bank.
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