https://www.engineeringnews.co.za

Galileo confirms Zambia rare-earth project tenure

11th January 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – London-listed Galileo Resources on Friday said it had completed due diligence at the Nkombwa Hill rare-earth project, in Zambia, after confirming tenure.

The emerging rare-earth exploration and development company intended issuing 5.25-million shares at 5p or $0.08 a share to Rare Earth International (REI) following the findings that the large-scale prospecting licence was the sole existing exploration right over the Nkombwa Hill deposit.

Last year, Galileo entered into a heads of agreement with joint venture partner REI to earn an interest in the rare-earth project, but delays in the completion of due diligence ensued when the Zambian Mines Development Department’s administration centre declined to release key licensing documentation, owing to a moratorium on licences held.

A Zambia-based legal practise, contracted by Galileo, also found that the licence was in “good standing” with, and recognised by, the Zambian Ministry of Mines and Mineral Development.

"We are extremely pleased that the due diligence report is now finalised and that it confirms that the Nkombwa prospecting licence is in good standing and unencumbered,” said Galileo executive chairperson Colin Bird.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 
Monitor Distributors
Monitor Distributors

We at Hawk High Pressure Pumps specialise in industrial pumps and pumping systems. Our high pressure washing equipment is locally manufactured and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.05 0.094s - 140pq - 2rq
Subscribe Now