Kibo relinquishes Lake Victoria early stage licences
Source - SMW
Kibo Mining has relinquished several early stage non-core prospecting licences, licence offers and licence applications in the Lake Victoria region following a comprehensive technical and commercial review of its mineral licence portfolio in Tanzania.
It said the relinquishment was in line with its strategy to focus resources on its MCPP development projects (coal mining and coal to power), Haneti project (nickel), and the Imweru and Lubando projects (gold) held by Katoro Gold in which Kibo was a 57.1% shareholder.
Chief executive Louis Coetzee said: "Rationalisation 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."
(LON:KAT) Katoro Gold Mining Plc share price was 0p at 5.13p
(LON:KIBO) Kibo Mining share price was 0p at 5.63p