Binding Memorandum of Understanding to close Joint Venture on Kibo Uranium Portfolio and £150,000 equity investment by Metal Tiger PLC
- Binding Memorandum of Understanding (“MOU”) for 50/50 Joint Venture on Uranium Portfolio
- £150,000 equity investment by Metal Tiger PLC (“Metal Tiger”) (AIM:MTR)
Louis Coetzee, CEO of Kibo Mining, said: “Kibo is pleased to enter into a commercial relationship with Metal Tiger and we look forward to working together under the proposed JV and as outlined in our Memorandum of Understanding. The Joint Venture will allow Kibo to immediately take the Company’s Uranium portfolio out of care and maintenance and to restart active exploration work on the portfolio.
This is a significant step for the company, recognising the increasing interest in the Uranium sector, as demonstrated recently by the sharp increase in the price of the commodity.
The MOU further marks another major achievement by Kibo over recent months, during which the Company has:
- Initiated three feasibility Studies i.e:
- Rukwa Coal Mine with Phase 1 Stage 1 of the Rukwa Coal Mine’s pre-feasibility study already complete;
- Rukwa 300MW Power Plant on which the full pre-feasibility study is expected to be completed by 30 November 2014; and
- Preliminary Economic Assessment on Imweru Gold Project set for completion during early December 2014.
- Made considerable progress towards securing an appropriate development partner for the Rukwa Coal to Power Project
- Commissioned a Geochemical interpretation of latest exploration results on the Haneti Nickel Project;
- Now re-activated the Company’s Uranium portfolio with an active exploration program to commence during 2015; and
- Stabilized the Company’s cash position
We anticipate significant further news flow across our project portfolio in the coming weeks in what is building into an exciting period for the company and investors.”
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[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”http://kibo.energy/wp-content/uploads/Final-RNS-Pinewood-JV-JSEII.pdf” btn_target=”_blank”]MOU on Kibo Uranium Portfolio and Equity Investment[/ott_teaser]