Galileo Resources PLC (LON:GLR) has said it is to assume the rights owned by Enviro Mining Ltd, a subsidiary of BMR Group PLC, with the exception of the Kabwe small scale mining licence and associated rights to property and plant held by Jubilee Group Metals (LON:JLP).
The Galileo acquisition relates to the Star Zinc and Kashitu zinc projects in Zambia, which it has now fully earned into.
On completion of the arrangement, which is subject to Zambian ministerial approval, the company will be in a position to finalise third-party offtake agreements for Star Zinc and to continue its exploration activities on the Kashitu prospect.
"This arrangement completes, subject to ministry approval, all matters necessary for Galileo actively to pursue mining development of the Star Zinc project and accelerate exploration of Kashitu,” Galileo’s chief executive Colin Bird said in a statement.
“The two projects combined have the potential for a significant zinc development in Zambia "