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(Alliance News) - Tharisa PLC on Wednesday said the acquisition of Salene Chrome Zimbabwe Pvt Ltd went through at the end of March.
The Southern Africa-focused platinum and chrome miner said it has acquired a 100% shareholding in Salene Chrome Zimbabwe for USD3.0 million, or around ZAR43.3 million, from Leto Settlement Trust.
In September 2018, the Tharisa had restructured its acquisition of a majority stake in Salene. Originally in May 2018, Tharisa had agreed to buy a 90% stake in Salene, which was then renegotiated to a 100% stake this year.
Salene Chrome is a development stage, low cost, open pit asset, located in the Great Dyke in Zimbabwe.
"The acquisition provides geographic diversification with access to a premium chrome product, a short development timeline and a low capital requirement," Tharisa said.
Tharisa shares were up 1.0% at ZAR29.50 each in Johannesburg on Wednesday afternoon, while in London its shares remained flat at 147.00 pence.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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