Alecto haggles on Rift Valley purchase, shares jump

The Africa focused minerals explorer, Alecto, has negotiated a 10 percent reduction in the price it is paying for Rift Valley Resources.

The price reduction took place after Alecto discovered Rift Valley needs an additional exploration licence at the Wayu Boda project in southern Ethiopia.

Alecto has also completed an acquisition of Nubian Gold Exploration, owner of the Aysid-Metekel project, also in Ethiopia.

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Alecto's Executive Director, Damian Conboy, said he was "pleased" to have negotiated the discount, he also emphasised the "encouraging findings" across the group's Ethiopian portfolio.

Shares in Alecto had gained 5% by 10:43.

BS