Tharsis Mining S.L. entered into a conditional framework agreement to acquire La Zarza Copper-Gold Project in Spain from Ormonde Mining plc for Ç2.3 million.

Tharsis Mining S.L. entered into a conditional framework agreement to acquire La Zarza Copper-Gold Project in Spain from Ormonde Mining plc (ISE:ORQ1) for Ç2.3 million on July 29, 2022. Under the terms of the agreement, Ormonde Mining will receive Ç0.8 million on completion of the sale, with the balance to be paid in three equal payments of Ç500,000 on the first, second and third anniversaries of Completion. Ormonde will hold security over the deferred cash payments.

The sale is conditional on approval by Ormonde shareholders.