6th Sep 2024 18:13
Galileo Resources PLC - mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Says in shareholder interest to split Luansobe copper project into "separate mining and processing operations each capable of generating a sustainable and profitable business". Galileo has 75% interest in the Zambia-based project.
"The board considers the optionality offered by the resource to be a significant benefit. This optionality is underscored by the wide range of commercial routes afforded the project following approaches from a number of potential investors, partners, and contractors," Galileo adds.
Various "commercial options or routes" include contractor mining, followed by in-house processing.
"Consultation with external expertise is considering all of these options and it remains the responsibility of the board to select the best option or options that will optimise the Luansobe resource and maximise shareholder returns," Galileo adds.
Current stock price: 0.97 pence
12-month change: down 21%
By Eric Cunha, Alliance News news editor
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.