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 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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
How taking a two-year career break could leave a £26k hole in your pension
Career breaks are increasingly common but it is important to take steps to protect your pension, as gaps compound over time
-
Cash in on your attic: Thousands could be sitting dormant in your storage
Selling your valuables at auction could be far more lucrative than you think. We take a look at how auctions work, and some tips to help you maximise your profits