Chrome miner Tharisa acquires 90 per cent shareholding in Salene
Chrome miner Tharisa gains access to rich chrome deposits after acquiring 90 per cent shareholding in Salene Chrome Zimbabwe, making it the company's first step into the country.
Cyprus-based Tharisa will now have access to the Great Dyke mineral belt of which Salene has area covering approximately 95 square kilometres.
It acquired the stake from Leto Settlement Trust which retained 10 per cent of the shareholding in Salene and will receive a three per cent royalty on all chrome sales.
The Great Dyke deposit in Zimbabwe is the world's largest known source of platinum group metals and chrome.
Up until now, the company has had its main operation in South Africa with its Tharisa Mine located in the Bushveld complex.
Although the company's earnings have been affected by decreasing chrome prices and a higher rand, it announced that it would give a 2c maiden dividend.
Tharisa announced in its financial results for the six months ending 31 March 2018 that its net profit fell by 44 per cent to $28.4m (£21m) but that both its chrome production and revenue had gone up.