https://newsletter.mw.creamermedia.com
Africa|Business|Resources
Africa|Business|Resources
africa|business|resources

Galileo receives second payment from Afrimat for Glenover business, last payment expected soon

2nd May 2024

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

London-listed Galileo Resources has confirmed receipt of a second payment totalling R48-million, or £2.1-million, from JSE-listed diversified miner Afrimat in its option to buy shares in Glenover Phosphate.

The agreement between the companies signed in December 2021 entailed Afrimat exercising an option to acquire Glenover through shares and shareholder loans, in which Galileo had a 30% direct and 4.9% indirect interest through a company called Galagen.

Galileo expects to shortly receive the last payment totalling R5.7-million, or £250 000.

The total purchase consideration for the Glenover acquisition was R300-million, or £13.3-million.

The Glenover mine is located 90 km north-west of Thabazimbi, in South Africa’s Limpopo province. It has reserves of phosphate, vermiculite and rare earths.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (15/11/2024)
15th November 2024 By: Martin Creamer
Magazine round up | 15 November 2024
Magazine round up | 15 November 2024
15th November 2024

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







sq:4.653 4.761s - 144pq - 2rq
Subscribe Now