Kibo sharp­ens fo­cus

Weekend Argus (Saturday Edition) - - FRONT PAGE -

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

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