Tharisa plc (LON:THS) has restructured its proposed acquisition of the Salene chrome project in Zimbabwe.
Rather than buying 90% of the project outright as initially intended, Tharisa will instead take an option to acquire 90% depending on the outcomes of a US$3.2mln exploration programme, which it will fund.
WATCH: Tharisa makes move into Zimbabwe with Salene Chrome acquisition
Tharisa regards Salene as “a potentially world class chrome opportunity.”
The Great Dyke region of Zimbabwe, where Salene is located, is known to contain illuvial chrome concentrations of up to 30% Cr2O3 at the surface.
Peel Hunt sets a 220p target for Tharisa, based on existing chrome production operations in South Africa.