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European chrome producer buys stake in Zimbabwean platinum business
African investment Cyprus-based chrome producer Tharisa has ac-quired a 26.8% stake in Zimbabwe’s Karo Mining, gaining access to the country’s Great Dyke which contains 96 million oz resources of platinum group metals.
"Recent improvements in the political landscape have precipitated a decision by Tharisa to explore geographic diversification opportuni-ties in Zimbabwe, renowned for having the world’s largest PGM de-posits outside of South Africa," Tharisa said in a statement.
Both the "cash purchase consideration of US$4.5 million and the US$8.0 million debt facility to undertake exploration will be funded by Tharisa from available cash resources," according to the company.
Tharisa says it is an integrated resource group which comprises min-ing, processing, beneficiation, marketing, sales and logistics assets. The group owns and operates the Tharisa mine, located on the south-western limb of South Africa’s Bushveld Complex