79 non-core li­cences re­lin­quished

The Star Early Edition - - COMPANIES -

KIBO Min­ing said on Fri­day that it has re­lin­quished sev­eral early stage non-core prospect­ing li­cences, li­cence of­fers and li­cence ap­pli­ca­tions in the Lake Vic­to­ria Re­gion in Tan­za­nia. This fol­lows Kibo’s com­pre­hen­sive tech­ni­cal and com­mer­cial re­view of its min­eral li­cence port­fo­lio in Tan­za­nia. The re­view was in line with the com­pany’s strat­egy to fo­cus re­sources on its Mbeya Coal-to-Power Project, Haneti nickel project, and the Imweru and Lubando gold projects. The Tan­za­nia fo­cused-min­eral ex­plo­ration and de­vel­op­ment com­pany said this “ra­tio­nal­i­sa­tion” of Lake Vic­to­ria early-stage li­cence port­fo­lios had re­sulted in sig­nif­i­cant cost sav­ings. Kibo said the ra­tio­nal­i­sa­tion was car­ried out as part of the process of fa­cil­i­tat­ing the spin-out of its key gold re­source based projects, Imweru and Lubando in the re­gion, to Ka­toro Gold. Kibo has agreed to sell the project to Ka­toro, its sub­sidiary in which it is a 57.1 per­cent share­holder. The ef­fect of the ra­tio­nal­i­sa­tion is that Kibo has now sur­ren­dered most of its early stage gold li­cences in the Lake Vic­to­ria Gold­fields, and its sole re­main­ing gold in­ter­ests in this re­gion are in the greater Imweru and Lubando li­cence port­fo­lios through its ma­jor­ity in­ter­est in Ka­toro. Al­to­gether, 79 li­cences were sur­ren­dered con­sti­tut­ing a to­tal li­cence area of ap­prox­i­mately 800km². – ANA

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