Platinum group metals and chrome producer Tharisa Minerals has concluded agreements with its black economic empowerment (BEE) shareholders to acquire their 26% interest in the company for R390 million ($25.6 million).
The transaction would be settled through the issue of 13. 9 million new ordinary shares of the group.
The transaction will see Tharisa Minerals as a wholly-owned subsidiary that meets the empowerment requirements set by the Mineral and Petroleum Resources Development Act and the Mining Charter while allowing the BEE shareholders to benefit from the wider and diversified asset portfolio of the Tharisa group.
“The broader exposure includes the Group’s integrated sales and logistics platform, research & development and beneficiation division and strategic interests in PGM and chrome projects in the Republic of Zimbabwe,” it said.
Tharisa’s principal asset is the long-life open-pit Tharisa Mine, which produces both PGMs and chrome in a mechanised, low cost and energy-efficient environment, with product beneficiation taking place on-site.
The company owns 74% of the issued ordinary shares of Tharisa Minerals, with the BEE shareholders Thari Resources owning 20% and The Tharisa Community Trust owning 6%.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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