22 July 2016
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development company, is pleased to announce it has reached an agreement (“the Agreement”) with Acacia Mining plc, (“Acacia”) for the conversion of Acacia’s residual equity interests in the Imweru and Lubando Projects to a 2% Net Smelter Royalty (“NSR”). The Agreement was signed between Reef Miners Limited, Kibo’s wholly owned Tanzanian subsidiary which holds the Imweru and Lubando project licences, and ABG Exploration Limited, Acacia’s Tanzanian subsidiary which holds the equity interests in the licences.
The Agreement gives Kibo 100% ownership in the equity of the Imweru and Lubando Projects and represents another important component of the definitive agreement with Lake Victoria Gold LTD (“LVG”) to consolidate the companies’ respective Imweru and Imwelo gold projects, as announced on 2nd June.
Louis Coetzee, CEO of Kibo Mining, said: “We are very pleased that we have been able to negotiate this agreement with Acacia promptly and on favorable terms. The agreement allows Kibo and Lake Victoria to maximize value for their respective shareholders from the planned mine development at Imweru and ensures that the consolidated Imweru/Imvelo project will be free of any contingent liabilities and unquantified obligations.
With this agreement in place, we expect to move promptly towards execution of the definitive agreement between Kibo and LVG.”
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[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”https://kibo.energy/wp-content/uploads/Smelter-Royalty-Agreement.pdf” btn_target=”_blank”]Kibo Reaches Net Smelter Royalty Agreement with Acacia at Imweru and Lubando[/ott_teaser]