IN BRIEF: Galileo Resources swings to interim profit on Glenover sale
Galileo Resources PLC - copper, gold and lithium mine development in Zambia, Zimbabwe and Botswana - Swings to pretax profit of GBP2.3 million in the six months that ended September 30 from a GBP471,761 loss a year before. Galileo has no operating income. The swing to profit is thanks to GBP2.5 million profit on sale of asset, compared to no such gain a year before. This is from Galileo's 35.7% total interest in Glenover Phosphate (Pty) Ltd, which back at the end of 2021 agreed to sell the Glenover phosphate project in South Africa to Johannesburg-listed Afrimat Ltd for ZAR250 million, about GBP11.6 million. Then in 2023, Galileo also agreed to sell its stake in the Glenover subsidiary to Afrimat. It received the second tranche payment for this in May. Read More