Tharisa Plans South Africa Trade, to Raise $93 Million for Mines

Tharisa Plc, which mines chrome and platinum group metals in South Africa, plans to start trading on the Johannesburg Stock Exchange and seeks to raise 1 billion rand ($93 million) in a private share placement.

The company wants to acquire “large-scale and low-cost projects that are in or close to production,” Paphos, Cyprus-based Tharisa said in a statement today. Its mine near Rustenburg, 95 kilometers (59 miles) northwest of Johannesburg, made a cash profit in the year ended Feb. 28 and was operating at about 87 percent of planned capacity of 4.8 million metric tons of ore a year, it said.

Offers for shares “can only be made at an aggregate acquisition cost of no less than 1 million rand,” Tharisa said in the statement. Trading on JSE Ltd. will start on April 8.

South Africa, the world’s biggest platinum producer, holds more than 70 percent of the world’s reserves for chrome, which is used to make ferrochrome that’s a key ingredient in stainless steel. China overtook South Africa as the world’s biggest producer of ferrochrome in 2012.

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