Galileo, partner maintain position on Zambia licences, dialogues under way
London-listed Galileo Resources and its joint venture (JV) partner Statunga Investments continue to maintain their legal position regarding the ownership of the small-scale mining licences numbers 34543/HQ/SML and 34545/HQ/SML, which together form the Luansobe copper project, and continue to pursue the matter through all possible legal avenues.
Galileo’s 75% interest in Luansobe is held through a JV agreement with Statunga, dated December 30, 2021.
Galileo and Statunga, however, are in dialogue with key stakeholders to arrive at an amicable solution, the former says in a statement.
This update follows an announcement in July that the licences no longer appear on the Zambian Mining Cadastre portal.
Upon discovery of this irregularity, Statunga, among other actions, lodged a formal complaint with the relevant authorities.
Statunga had formally challenged this cancellation in a Zambian court. It also started legal action against Mopani Copper Mines, a third party contesting ownership of the licences, and had successfully obtained an injunction preventing Mopani from trespassing on the licence area or interfering with the title and quiet enjoyment of the licences pending the final determination of the matter, Galileo said in July.
The company also stressed that there were no grounds for the termination of these licences.
Galileo and Statunga were in advanced discussions with a number of parties regarding starting of operations, partnerships and other value-adding mechanisms.
The notification caused all discussions to be put on hold thus resulting in significant loss of potential value-add for all stakeholders, Galileo said in July.
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