Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Major phosphate producer set to carry out pilot plant study Galileo Resources’ Glenover project

The ultimate objective of the study is to either develop the project or sell it in whole or part to the MPP
dollar bills
The unnamed producer could pump in up to US$305,000 of its own cash to carry out the study

A major phosphate producer has confirmed its desire to undertake a two-phase pilot plant phosphate flotation study at Galileo Resources PLC’s (LON:GLR) 34%-owned Glenover project in South Africa.

The ultimate objective of the study is to either develop the project or sell it in whole or part to the MPP, Galileo said.

Two options

At the moment, the unnamed MPP has a couple of options of how it moves forward with the study.

Phase one for both scenarios is the same and will see it carry out a water and ore variability study, something which it is made a start on already.

While that gets underway, the MPP is deciding between one of two options that will follow phase one.

Option A would see the MPP produce 16 tonnes of phosphate concentrate through the pilot plant study. That option would cost around US$195,000.

The other, more expensive option would see the MPP produce 32 tonnes of phosphate concentrate. That would come at a cost of US$305,000.

Potential for a significant return on investment

“Galileo and Glenover JV partner (Ferminore) have been in discussions with various groups concerning the development of the project,” said Galileo chief executive Colin Bird.

“I am pleased that the potential exists by way of this agreement to realise a significant return on the company's initial investment in the project.”

Galileo has appointed a South Africa-based consulting group to execute a mining right application for the project whilst the study is taking place.

Importantly for the explorer, rare earths from the ore tailings would still be available for future beneficiation.

Shares ticked 1.3% higher to 9.9p shortly before market close.

View full GLR profile View Profile

Galileo Resources PLC Timeline

Related Articles

White-Cliff-Minerals-MD-Todd-Hibberd-presenting-Syd-Mar-2017-757.jpg
March 16 2017
Todd Hibberd brought gold, lithium and nickel to investors.
white-rock-minerals_matt-gill-presenting-Melb-May-2017-757x468.JPG
June 02 2017
We are joined by Matthew Gill, CEO and managing director, in Proactive Q&A Sessions™.
Wolf quarterlies highlight progress with Hemerdon tungsten project
January 31 2017
Wolf has restructured debt and secured a firmer hold on its operating Hemerdon tungsten project in Devon

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2017

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use