4th Mar 2021 14:03
Galileo Resources PLC - miner with projects in Botswana, Zambia and South Africa - Sells Star Zinc project in Zambia to Siege Mining for USD750,000. Notes USD50,000 will be paid on completion and USD700,000 will be paid 90 days after. Says Galileo will be paid a royalty based on future sales of zinc at Star Zinc, while Siege is able to use Galileo's information and experience in relation to the project moving forwards. The minimum royalty rate is 3% and increases by 1% for each USD250 increase in the zinc price above USD2,500 per tonne, up to a maximum of 10%.
"Galileo has interreacted with stakeholders to develop a solution for the mining and operation of the project which will benefit all stakeholders, with Siege, a local Zambian mining company, taking on the operation of the project whilst having access to Galileo's information, know-how and commercial experience," says Chair & Chief Executive Colin Bird.
Current stock price: 1.52 pence, down 15% on Thursday
Year-to-date change: down 7.9%
By Zoe Wickens; [email protected]
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