Kibo Mining Plc Net Smelter Royalty Agreement with Acacia (9550E)
July 22 2016 - 2:00AM
UK Regulatory
TIDMKIBO
RNS Number : 9550E
Kibo Mining Plc
22 July 2016
Kibo Mining Plc (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM:KIBO
ISIN:IE00B97C0C31
("Kibo" or "the Company")
22 July 2016
Kibo Reaches Net Smelter Royalty Agreement with Acacia at Imweru
and Lubando
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 2(nd) 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."
Contacts
+27 (0) 83 2606126 Kibo Mining Chief Executive Officer
Louis Coetzee plc
--------------------- ---------------------- --------------------------- ---------------------------------
Corporate Adviser and
Andreas Lianos +27 (0) 83 4408365 River Group Designated Adviser on
JSE
--------------------- ---------------------- --------------------------- ---------------------------------
Beaufort Securities
Jon Belliss +44 (0) 207 382 Limited Broker
8300
--------------------- ---------------------- --------------------------- ---------------------------------
RFC Ambrian
Oliver Morse +61 8 9480 2500 Limited Nominated Adviser on
AIM
--------------------- ---------------------- --------------------------- ---------------------------------
+44 (0) 203 772
Daniel Thöle 2500 Bell Pottinger Investor and Media Relations
/ Anna Legge
--------------------- ---------------------- --------------------------- ---------------------------------
Kibo Mining - Notes to editors
Kibo Mining is listed on the AIM market in London and the AltX
in Johannesburg. The Company is focused on exploration and
development of mineral projects in Tanzania, and controls one of
Tanzania's largest mineral right portfolios. Tanzania provides a
secure and stable operating environment for the mineral resource
industry and Kibo Mining therein.
Kibo Mining holds a thermal coal deposit at Mbeya, which has a
significant NI 43-101 compliant defined resource, and is developing
a 250-350 MW mouth-of-mine thermal power station, the Mbeya Coal to
Power Project ("MCPP"), previously called Rukwa Coal to Power
Project ("RCPP"), with an established management team that includes
Standard Bank as Financial Advisor. Kibo is undertaking a Coal
Mining Definitive Feasibility Study and a Power Pre-Feasibility
Study for the Mbeya project with an integrated Bankable Feasibility
Study report for the MCPP to be released in the near term. On 20th
April 2015, Kibo signed a Joint Development Agreement for the
completion of the Definitive Feasibility Studies and development of
the MCPP with China based EPC contractor SEPCO III.
The Company also has extensive gold focused interests including
Lake Victoria Goldfields and Morogoro projects. At Lake Victoria,
the Company has 100% owned projects with a 550,000 oz. JORC
compliant gold Mineral Resource at the Imweru Project and a 168,000
oz. NI 43-101 compliant gold Mineral Resource at the Lubando
Project. The Company is currently undertaking a Definitive
Feasibility Study on its Imweru Project.
Kibo also holds the Haneti Project on which the latest technical
report confirms prospectivity for nickel, PGMs, gold and strategic
metals including lithium.
Kibo Mining further holds the Pinewood (coal & uranium)
project where the company has entered into a 50/50 Exploration
Joint Venture with Metal Tiger plc.
Finally, the Company also holds the Morogoro (gold) project
where the company has also entered into a 50/50 Exploration Joint
Venture with Metal Tiger plc.
The Company's projects are located in the established and gold
prolific Lake Victoria Goldfields, the emerging goldfields of
eastern Tanzania and the Mtwara Corridor in southern Tanzania where
the Government has prioritized infrastructural development
attracting significant recent investment in coal and uranium. The
Company has a positive working relationship with the Tanzanian
government at local, regional and national levels and works hard to
maintain positive relationships with all communities where company
interests are held. The Company recognizes the potential to enhance
the quality of life and opportunity for Tanzanian citizens through
careful development of its projects.
Updates on the Company's activities are regularly posted on its
website www.kibomining.com
Johannesburg
22 July 2016
Corporate and Designated Adviser
River Group
This information is provided by RNS
The company news service from the London Stock Exchange
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