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03 Jun

Galileo Mining, MinRes ink JV, farm-in deal

Australia-listed Galileo Mining said Monday it has inked an agreement with Mineral Resources (MinRes) to sell 30% of its lithium rights on the Norseman project in Western Australia for AUD 7.5 million ($5m). Under a farm-in and joint venture agreement, a wholly-owned MinRes subsidiary will pay Galileo AUD 5m within five days of execution of the agreement. The remaining AUD 2.5m is to be paid within a year of signing the deal, Kallanish understands. Once the agree…
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