West Australian cobalt and nickel explorer Galileo Mining has landed on the radar of resources fund managers, who reckon it could be IGO’s next target.
West Australian cobalt and nickel explorer Galileo Mining has landed on resources investors’ radars, with fundies tipping it as acquisitive IGO’s next potential target.
Legendary explorer Mark Creasy is Galileo Mining’s biggest shareholder with nearly 25 per cent of the company.Galileo is all of $318 million market – Fraser Range targets and Norseman – would be right up IGO’s alley. IGO has been seeking to restock its deposit book as production from its Nova mine dips and it has just bought Western Areas to help.
Of course, West Australian explorers hoping for a bid from IGO is nothing new. But fund managers reckon if IGO were to hunt for something to buy in the Fraser Range close to its Nova mine, Galileo would be the best fit.There’s two other listed players in the region – Legend Mining and Boadicea Resources – but neither would be as easy a fit.
Mining billionaire Mark Creasy is all over most of the plays, and particularly Galileo, sitting on a 24.82 per cent stake.
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