Tharisa PLC (LON:THS), an integrated platinum and chrome producer with operations in South Africa, said it bought Salene Chrome Zimbabwe (Pvt) Ltd for US$3.0mln.
Salene Chrome is a development stage, low cost, open pit asset, located in the Great Dyke in Zimbabwe, which is home to the world's second-largest deposits of platinum group metals and chrome after South Africa.
“The acquisition provides geographic diversification with access to a premium chrome product, a short development timeline and a low capital requirement,” Tharisa said in a statement.
The acquisition, funded from cash resources, was effective 31 March 2021.
In June 2018, Tharisa acquired a 26.8% shareholding in Karo Holdings, a company seeking to establish an integrated PGM mining complex in Zimbabwe.