Glenover moves ahead with term sheet for phosphate project

July 6, 2017

Responsive image

Aim-listed Galileo Resources has executed a two-year term sheet with its joint venture partner Fer-Min-Ore (FMO) to advance the pursuit of a mining right for the Glenover phosphate/rare earth project, in Limpopo. Galileo will fund the execution of the mining right application by way of a loan convertible to 4% of the equity in Glenover Phosphate – 2% acceptance of the application by the Department of Mineral Resources and 2% on formal granting of the mining right.

Category: General