Kibo sharpens focus
KIBO Mining said it had relinquished several early stage non-core prospecting licences, licence offers and licence applications in the Lake Victoria Region in Tanzania after a review of its portfolio.
The review was in line with the company’s strategy to focus resources on its Mbeya Coal-toPower Project, Haneti nickel project, and the Imweru and Lubando gold projects.
Yesterday Kibo said it had agreed to sell the project to Katoro, its subsidiary in which it is a 57.1% shareholder.
Louis Coetzee, chief executive at Kibo Mining, said the rationalisation would align its development strategy.
S&P rating ‘welcome’
THE National Treasury has welcomed S&P’s decision of maintaining South Africa’s sovereign credit rating with a long-term foreign currency sovereign credit rating of “BB+”, and a long-term local sovereign currency credit ratings of “BBB-” with a “negative” outlook.
“While government agrees with S&P that the pace of economic growth is slow and as such poses risks to fiscal consolidation and rising contingent liabilities, the fiscal policy stance continues to be guided by chapter 13 of the constitution,” the Treasury said in a statement. – ANA