Business
Rare Earths project- Update
Rare Earths project- Update.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8682B Galileo Resources PLC 12 June 2019 \n\n \nFor immediate release\n \nDissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).\n12 June 2019\nGalileo Resources Plc\n(\"Galileo\" or \"the Company\")\nRare Earths project - Possibilities For Re-Activation\n \nGalileo draws its shareholders' attention to the recent trade dispute between US and China, and the latter's top economic planning body reportedly 1 studying proposals to establish export controls on rare earths (RE) to US, if the dispute between the two nations deepens. China supplies about 80% of US rare earths 2 and accounts for more than 70% of global output of RE.1 \n \nA US strategic minerals report released in December 2017 reportedly 1 stated \"If China were to stop exports of critical minerals, including RE, for a prolonged longed period , similar to the China's RE embargo 2010, an extended supply disruption could cause significant shocks throughout the U.S. and foreign crucial mineral supply chains\". \n \nThe Company's shareholders are reminded that it holds a 34% interest in the Glenover Rare Earth- Phosphate project (the Project\"). \n \nTwo advanced exploitation options for the Project have been studied, 1) preliminary economic assessment (\"PEA\") of primary RE production with phosphate as a by-product 3 and, 2) primary phosphate (P2O5) production 4 ,for which a proposed preliminary offtake agreement for the phosphate is in place 5, and recovery of RE from the P2O5 production tailings \n \nThe Board therefore considers that the project is well placed to benefit from potential upturn in the RE market and/or from third party major developers and they will be assessing the possibility of reactivating the project. \n \nProject Fundamentals as previously announced (note that should the Project proceed then these will need to be reconsidered and revised as appropriate) \n \n· Project Current Resource Estimate 6\n \n\n\n\n\n \n\n\nSAMREC Code Resource category\n\n\nTonnes\nMillion\n\n\nAttributable b to Galileo \nTonnes Million\n\n\n...