Though the numbers are incidental at this stage, South African rare-earths explorer Galileo Resources turned in a net loss of £1.8m in its first full-year returns since it was admitted to trading on Aim last September. Of more significance was news that Galileo had made an agreement with Rare Earth International (REI) - a joint venture partner of Aim-traded African Consolidated Resources (ACR) - to take interests in three projects in Zambia, Mozambique and Spain searching for rare earths, which are much in demand in electronics components.
Two boreholes that were previously drilled at the Zambian Nkombwa project – in which ACR indirectly holds the prospecting licence - crossed intervals of rare earths that were four to six metres thick. On re-assaying by REI, these sections revealed 5 and 8 per cent rare earth oxides.
