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Tharisa deepens Zimbabwe exposure with platinum deal

Tharisa has made clear its interest in moving into Zimbabwe's Great Dyke region, which is considered to have chrome and platinum reserves comparable to those it mines in the Bushveld region of South Africa.


Reuters Last Updated at 13 Jun 2018, 13:06 IST South Africa, Zimbabwe
Tharisa deepens Zimbabwe exposure with platinum deal
  • Tharisa CEO Phoevos Pouroulis on Wednesday told Reuters Tharisa would adopt a phased approach and could increase its exposure further. (Image Credit: Twitter)

South African miner Tharisa on Wednesday deepened its exposure to Zimbabwe, saying it had bought a 26.8 percent stake in platinum group reserves for $4.5 million.

Tharisa has made clear its interest in moving into Zimbabwe's Great Dyke region, which is considered to have chrome and platinum reserves comparable to those it mines in the Bushveld region of South Africa.

In May it also bought a 90 percent stake in chrome business Salene in Zimbabwe in May.

It has added to that with a deal that gives it access to an area covering 23,903 hectares on the Great Dyke of Zimbabwe, containing an estimated 96 million ounces in platinum group metals, including platinum and palladium.

Both assets have been acquired from holding companies owned by the Pouroulis family that leads Tharisa.

The family's Cyprus-based Karo Resources signed a $4.2 billion outline deal in March to develop a platinum mine and refinery in Zimbabwe, although it was not clear when the full investment would be made.

Tharisa CEO Phoevos Pouroulis on Wednesday told Reuters Tharisa would adopt a phased approach and could increase its exposure further.

"It's a once in a lifetime opportunity," he said, adding the company was getting early mover advantage as Zimbabwe opens up to international investment.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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