Galileo Resources PLC - miner with projects in Botswana, Zambia and South Africa - Receives ZAR50.7 million, around GBP2.4 million, from the Glenover asset sale, through the disposal of its indirect holdings via Galagen Pty Ltd to Johannesburg-listed Afrimat Ltd.
In addition, has gained GBP86,000 royalties from the first three shipments from the Star Zinc project sale agreement, and expects a further GBP335,000 from shipments that are subject to final weights and assays.
"This marks the start of earnings from the Star Zinc operation, which are progressing and will continue exporting more material. Our Kashitu operation will shortly be drilled with a view to a similar operation as Star Zinc but under Galileo's control for Galileo benefit other than 3rd party costs related to the Kashitu operation," said Chair and Chief Executive Colin Bird.
Current stock price: 1.18 pence, up 13% on Friday
12-month change: down 37%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Galileo Resourc (GLR)