Thakadu Resources, which is also supported by the Independent Development Corporation (IDC) says that not only has this transaction brought an immediate R52 million injection into ChromTech’s project pipeline but it has also increased the company’s BEE ownership to 26%.
ChromTech has a strong track record of partnering with platinum group metal mining companies to beneficiate UG2 chrome ore.
Furthermore, Thakadu Resources notes that the transaction comes at a time when ChromTech has been able to secure R250 million to build a chrome recovery plant as part of the Bulk Tailings Treatment (BTT) project now underway at platinum producer, Lonmin.
Commissioning and ramp up to full production of the BTT are expected during FY2018.
Ruli Diseko, Thakadu’s CEO, comments: “Ours is a long-term strategic partnership which will result in value maximisation. The next one to two years will see the business activities of our two companies gaining momentum.”
ChromTech CEO Craig Bennett adds, “The Thakadu transaction signifies a period of growth and possibilities for both companies and we are very excited about the future.”
Named among the Mail & Guardian’s Top 200 young South Africans of 2014 and with more than 10 years’ experience in commodities trading, mining and metals, Diseko established Thakadu in 2015 to invest in beneficiation plants in order to produce and trade higher value products.
Bennett, who has over 20 years’ experience in the chrome and ferrochrome industries, founded ChromTech in 2006 with the strategic vision of beneficiating UG2 chrome ore.
It has since built five UG2 chrome recovery plants, employing around 125 people and currently producing and marketing around 250 000 t of chrome ore per annum.