1st May 2018 13:47
LONDON (Alliance News) - Galileo Resources PLC on Tuesday said progress is going well on securing a definitive supply agreement for raw phosphate rock from its Glenover project.
In early February, Galileo said it was in talks with a "major" phosphate/fertiliser producer for a supply deal lasting up to 15 years.
The potential partner, it said Tuesday, has been carrying out testwork on conditions as part of the deal, and all of these have been met so far. Over the next two months, the production of a 30-tonne bulk sample of phosphate will be produced for testing, another condition to the deal.
Galileo also said its environment impact assessment/management programme is on schedule, and it expects a final submission on May 26.
The Glenover rare earths project is situated in Limpopo province, South Africa.
Chief Executive Colin Bird said: "We are happy to be able to report that negotiations with the producer on all matters relating to the definitive supply (offtake) agreement, an important hurdle,for the Project, are continuing positively towards execution.
"The EIA/EMP for the project is on schedule for submission to the DMR on 26 May 2018. I am pleased to say that we continue to meet all the criteria to facilitate our aim to commence production from the Project. We will keep the market advised of progress on the project."
Shares were up 4.6% on Tuesday at 1.39 pence each.
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