Kibo Mining Plc Lake Victoria Early Stage Licence Portfolio Update (9078G)
June 02 2017 - 3:00AM
UK Regulatory
TIDMKIBO TIDMKAT
RNS Number : 9078G
Kibo Mining Plc
02 June 2017
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")
02 June 2017
Successful Achievement of Strategic Development Objectives
Result in Significant Cost Savings via Rationalization of Lake
Victoria Early Stage Licence Portfolios
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX:
KBO), the Tanzania focused mineral exploration and development
Company, is pleased to announce that following a comprehensive
technical and commercial review of its mineral licence portfolio in
Tanzania it has relinquished several early stage non-core
prospecting licences, licence offers and licence applications
(together "the Licences") in the Lake Victoria Region. This
relinquishment (the "Rationalization") is in line with the
Company's strategy to focus resources on its MCPP development
projects (coal mining & coal to power), Haneti project
(nickel), and the Imweru & Lubando projects (gold) held by
Katoro Gold PLC ("Katoro") in which Kibo is a 57.1%
shareholder.
Lake Victoria Project
The Rationalization was carried out as part of the process of
facilitating the spin-out of Kibo's key gold resource based
projects, Imweru and Lubando in the region, to Katoro (admitted to
trading on AIM on 23 May 2017). The effect of the Rationalization
is that the Company has now surrendered most of its early stage
gold Licences in the Lake Victoria Goldfields ("LVG") of northern
Tanzania 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 800
km(2) . The surrendered Licences cover various non-contiguous
single Licence and small Licence blocks scattered throughout the
LVG. All the Licences are at a very early stage of exploration and
no longer contribute towards the Company's strategic development
objectives.
Maps showing the Company's updated Licence holdings in the Lake
Victoria Region following the Rationalization can be found within
the Lake Victoria project page on the Company's website
www.kibomining.com.
Louis Coetzee, CEO of Kibo Mining, said: "Rationalization of our
Lake Victoria project is a result of a continuous in-house
evaluation of our mineral portfolios to ensure they are aligned
with and positively support and contribute towards our corporate
development strategy. The significant cost savings and additional
availability of resources from this rationalization will be
re-assigned to our flagship MCPP and Haneti nickel projects."
Enquiries
Kibo Mining plc +27 (0) 83 2606126
Louis Coetzee
River Group +27 (0) 83 4408365
Andreas Lianos
Beaufort Securities Limited +44 (0) 207 382 8300
Jon Belliss
RFC Ambrian Limited +61 8 9480 2500
Andrew Thomson
Bell Pottinger +44 (0) 203 772 2500
Liz Morley
Molly Stewart
Kibo Mining - Notes to editors
Kibo Mining is listed on the AIM market in London and the AltX
in Johannesburg. Kibo Mining is focused on exploration and
development of mineral projects in Tanzania, and controls a large
mineral rights portfolio in Tanzania. 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 43-101compliant defined resource, and is developing
a 250-350 MW mouth-of-mine thermal power station, the Mbeya Coal to
Power Project ("MCPP"), previously called the Rukwa Coal to Power
Project ("RCPP"), with an established management team that includes
ABSA / Barclays as Financial Advisor. Kibo has completed a Coal
Mining Definitive Feasibility Study and a Power Pre- Feasibility
Study for the Mbeya project and has recently announced the
completion of an Integrated Bankable Feasibility Study report for
the project. On 25 August 2016, Kibo signed an Agreement with China
based EPC contractor SEPCO III granting it the right to become the
sole bidder for the EPC contract to build the power plant component
of the MCPP in exchange for SEPCO III refunding 50% of the
development costs incurred by Kibo to date on the project. Kibo has
already received the first tranche of this funding in the amount of
US$1.8 million on the 5th September 2016 and signed an EPC contract
with SEPCO III on the 19th December 2016.
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's projects are located in central Tanzania and in
the Mtwara Corridor in southern Tanzania where the Government has
prioritized infrastructural development attracting significant
recent investment in coal and uranium. Kibo Mining 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. Kibo Mining 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
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
Johannesburg
02 June 2017
Corporate and Designated Adviser River Group
This information is provided by RNS
The company news service from the London Stock Exchange
END
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