Galileo Resources PLC (AIM:GLR) said it had agreed the sale of the vermiculite mining right at its Glenover asset to Afrimat Limited for roughly £523,000 in cash.
Colin Bird Galileo’s chief executive, said: “This is a further favourable step in the progressive sale of the Glenover Asset. The funds will be employed in releasing value from our lithium project in Zimbabwe and Copper-Gold projects in Southern Africa".
JSE-listed Afrimat is in the process of acquiring the whole of Galileo’s 29% direct and 4.99% indirect stake in Glenover.
Vermiculite is used primarily in gardening.
Shares in Galileo rose 8% to 1.05p.