Kibo Mining plc – Projects Update

Kibo Mining plc – Projects Update

2014-06-18T20:06:43+00:00June 3rd, 2013|
  • Scoping study about to commence on the Rukwa Coal Project to establish economic and technical parameters for the proposed coal to power project with continued support from the Tanzanian Government
  • Field team mobilising to Haneti funded by JV partner Votorantim
  • Rationalisation of grass-roots exploration ground to focus on priority target areas and reduce licence fees

Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO), (JSE: KBO), the Tanzania focused mineral exploration and development company, is pleased to provide Shareholders with a technical and management update on its activities in Tanzania. The purpose of this update is to provide a management review of progress at the Company’s projects during 2013 to date and its plans for the remainder of the year.

The Board’s focus in the year to date has been in advancing its flagship Rukwa Coal to Power project and implementation of its joint venture with Brazilian conglomerate, Votorantim Metaís Participações Ltda (“Votorantim”) on the Haneti Nickel project. Satisfactory progress has been made on both projects over the last few months. Over the remainder of 2013, management’s focus will continue to be firmly on these projects as the Company prepares to commence a Scoping Study at Rukwa and a work program at Haneti.

In order to prioritise resources and funding for these projects, the Company has decided to defer any significant work on its Lake Victoria, Morogoro and Pinewood projects. Furthermore, following a technical review of its large licence holding the Company has elected in consultation with the Tanzanian Government to relinquish approximately 18,649 km2 of its current licence interests (licences, offers & applications). The Company’s total
licence interests will reduce from approximately 37,000 km2 to 19,000 km2 as a result of the relinquishment. The reduction will result in significant savings in licence fees and allow the Company to focus its resources on priority areas.

Commenting on recent developments and the Company’s plans for the remainder of 2013, Kibo CEO Louis Coetzee said:

“We are pleased with the fact that the company achieved all its stated strategic objectives for the first six months of 2013 and that we are also on course towards successfully achieving those set for the last six months of 2013. In this regard Kibo is particularly excited about finalising definitive agreements with preferred Korean partner EWP and advancing the Rukwa Coal to Power Project beyond the scoping study stage”.


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AIM Share Price
(Ticker: KIBO)
0.43p Change +0.00p
at close on 22 Jan 2020

JSE Share Price
(Ticker: KBO)
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