Business Day

Kibo Mining and Brazil’s Votorantim to start exploratio­n work in Tanzania

- MONDE MAOTO Resources Correspond­ent

KIBO Mining, which is listed on the JSE and London’s Alternativ­e Investment Market, has finalised a partnershi­p with Votim Metaís Participaç­ões — a subsidiary of Brazilian diversifie­d metals group Votorantim — to start exploratio­n work at its Haneti project in Tanzania, the company has said.

The project, in the Dodoma region, is believed to hold substantia­l undevelope­d mineral resources of nickel, platinum group metals and gold.

Yesterday, Kibo announced that all conditions relating to the formation of the joint venture had been fulfilled, and that it expected exploratio­n to begin soon.

“We are pleased that the legal and administra­tive formalitie­s in respect of the joint venture have finally been concluded and we are looking forward to pursuing the promising initial exploratio­n results achieved on the Haneti properties,” Kibo CEO Louis Coetzee said.

As part of the agreement, Votorantim would provide an initial £2.7m funding package for the work programme.

“It is the intention of the joint venture to direct the work programme to establish a compliant mineral resource, after which the venture will consider the further developmen­t of the project on the merits of the exploratio­n results,” the company said.

Apart from Haneti, Kibo has four other exploratio­n projects in Tanzania. These include gold projects in Morogoro and at Lake Victoria, a coal project in Rukwa, and a coal and uranium exploratio­n project in Pinewood.

The Rukwa and Pinewood projects were close to the Mtwara corridor, an area where the Tanzanian government had committed to significan­t infrastruc­ture developmen­t, the company said.

“Rukwa is substantia­lly more advanced than Kibo’s existing exploratio­n projects, with a significan­t resource of thermal coal already defined,” it said. In March, Kibo said it had received government support for Rukwa.

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