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Jubilee Metals Group PLC and Galileo Resources PLC said on Friday they have signed an agreement that will see Galileo help develop Jubilee’s Molefe copper mine in Zambia in collaboration with Jubilee. The two noted in separate statements that the deal will accelerate the development at Molefe. The agreement offers Galileo the right to earn up to a 23.75% interest in the Molefe holding company, with Jubilee retaining a 71.25% interest. The remaining 5% will be held by a local Zambian firm. As part of the co-operation and development agreement, Galileo will fund a resource definition and exploration programme for a minimum investment of $700,000. Galileo must complete the scope of work within eight months of the date of the agreement to acquire the sale shares from Jubilee. ‘We are delighted to have found a partner with such an established track record in Zambia for the co-development of Molefe,’ Jubilee Chief Executive Officer Leon Coetzer said. ‘We believe that this collaboration agreement provides a unique skill set to explore the smaller mining opportunities well beyond concept but sub-definition,’ Galileo Chair & Chief Executive Officer Colin Bird said. Shares in Jubilee share price were down 0.8% to 2.95 pence in London on Friday morning, and they fell 1.5% to 67 rand cents in Johannesburg. In London, Galileo shares were flat at 0.77p. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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