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
