Galileo and Partner Pursue Resolution Over Luansobe Copper Licences in Zambia
Galileo and Statunga Seek Amicable Resolution to Luansobe Copper Licence Dispute
London-listed Galileo Resources and its joint venture partner Statunga Investments are maintaining their legal position over two small-scale mining licences that make up the Luansobe Copper Project in Zambia, while engaging key stakeholders in an effort to reach an amicable resolution.
The licences, numbered 34543/HQ/SML and 34545/HQ/SML, are central to the Luansobe project, in which Galileo holds a 75% interest through a joint venture agreement with Statunga signed in December 2021.
The latest development follows the discovery in July that the two licences no longer appeared on Zambia’s Mining Cadastre portal.
Statunga subsequently lodged a formal complaint with the relevant authorities and challenged the cancellation through the Zambian courts.
The dispute also involves Mopani Copper Mines, which is contesting ownership of the licences.
Statunga has taken legal action against Mopani and secured an injunction preventing the company from trespassing on the licence area or interfering with the licences while the legal matter is being determined.
Galileo and Statunga maintain that there are no grounds for terminating the licences and continue to pursue the matter through available legal channels.
At the same time, the partners are holding discussions with key stakeholders to explore a negotiated solution.
Galileo said the parties are also engaging with potential partners on plans to commence operations and identify other opportunities to add value to the Luansobe project.
The licence dispute has placed those discussions on hold, potentially delaying plans to advance the project and limiting opportunities for stakeholders to participate in its development.
Luansobe is strategically significant given Zambia’s position as a major copper-producing country and the continued push to expand copper production and attract investment into the sector.
Galileo said it will provide a further update once the ongoing stakeholder discussions reach a satisfactory conclusion.
In the meantime, the company and Statunga intend to preserve their legal rights while pursuing dialogue alongside the legal process.
