Chromex Mining a chrome mining company focused in Southern Africa, has concluded a binding Heads of Agreement to acquire 49 percent of Falvect Mining.
Falvect, a company owned and operating in Zimbabwe was acquired for a nominal consideration.
Under the terms of the acquisition, Chromex will have the exclusive right to co-develop all Falvect chrome concessions in the Shurugwi region and tribute agreements in the Ngezi area.
Chromex will market all the chrome products produced from those operations.
“In return, the company will provide working capital into Falvect and funding for the development of current projects and any additional acquisitions in Zimbabwe, which is host to significant high grade chrome ore deposits.
“A technical review of the contained mineralisation will commence once final agreements have been concluded,” said Chromex.
In line with the development of its business, Chromex is already investigating the economics of setting up beneficiation facilities in Zimbabwe.
Source: Zimbabwe Telegraph
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