The HTC One Mini, a cheaper version of HTC’s flagship smartphone, will go on sale this August, according to sources for Bloomberg. The device will have a smaller display with a lower-resolution screen and a slower processor, but it will be priced less to compete with devices like the Samsung Galaxy S4 Mini.

We’ve already seen what is believed to be the HTC One Mini — several times, but HTC is yet to make the handset official. But “according to two people briefed on the plans,” who have been speaking to Bloomberg, it will get its grand unveiling this summer before going on sale in August.

The device will reportedly feature a 4.3-inch display, and a “less-powerful” Qualcomm processor, according to the sources. Recent rumors have suggested we can also expect 2GB of RAM, 16GB of storage, and a 4-megapixel UltraPixel camera.

Although the One Mini won’t be quite as powerful as its bigger brother, it will deliver HTC’s latest features — including the new Sense 5 user interface and its UltraPixel camera — to fans on a tighter budget.

It’s thought that the device will help HTC’s bid to claw back some smartphone market share and turn its fortunes around by competing with cheaper Android device from the likes of Samsung. It could also give the company a competitor to the rumored low-cost iPhone that’s expected to launch later this year.