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Tharisa restructures Salene acquisition, retains upside, minimises risk

The Salene acquisition takes Tharisa into one of the world's most prospective chrome regions

The deal expands Tharisa's existing chrome footprint

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.

Quick facts: Tharisa PLC

Price: 65 GBX

Market: LSE
Market Cap: £173.3 m

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