Salene Chrome Zimbabwe
Tharisa has acquired a 90% shareholding in Salene Chrome Zimbabwe. Salene has been awarded three special grants under the Zimbabwe Mines and Minerals Act covering an area of approximately 9 500 hectares (95 km2) on the eastern side of the Great Dyke in Zimbabwe, which entitles it to mine the minerals thereon including illuvial chrome, being near surface chrome fines generated from seams as a result of weathering.
Based on available geological information and similar illuvial chrome mining activities in the region, Tharisa considers this to be a highly prospective opportunity to meaningfully expand its chrome mining interests. The acquisition provides Tharisa with a low-cost entry into a promising growth project in a new mineral rich geography.
After securing the necessary environmental permits, Salene will embark on a trenching programme over the special grant areas in order to determine the extent of the mineralisation and the sampling thereof to determine the in situ grade of the chrome content. The budgeted cost for the geological test work to be spent over a twelve-month period is USD3.2 million.
Based on the results of the geological test work, Salene will construct a pilot plant to treat the illuvial chrome deposits. The nature of the special grant areas allows for a project that is a scalable open pit operation that can be brought into production on a low risk and relatively low cost basis in a short time horizon.