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
-
Zoopla: UK property supply hits eight-year high ahead of general election
News More homeowners are putting their properties up for sale but many are relisting after failing to find a buyer last year - is now a good time to buy?
By Marc Shoffman Published
-
What’s happening to the NatWest share sell-off? Impact of general election 2024 explained
The UK government has held shares in NatWest Group since the 2008 Financial Crisis. But a plan to sell off a large chunk of them appears to have been delayed.
By Henry Sandercock Published