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Kibo sheds some Lake Victoria gold licences to narrow focus

JOHANNESBURG – Following a comprehensive technical and commercial review of its portfolio, Aim- and AltX-listed Kibo Mining has relinquished several early-stage noncore gold prospecting licences, licence offers and licence applications in the Lake Victoria goldfields, in northern Tanzania.

Kibo surrendered 79 licences covering an area of 800 km2 of “very early-stage” exploration blocks that no longer contribute towards the company’s strategic development objectives.

The move is in line with the Tanzania-focused mineral exploration and development company’s strategy to focus its resources on its Mbeya coal-to-power project (MCPP), the Haneti nickel project and the Imweru and Lubando gold projects under the new spin-off Katoro Gold.

The significant cost savings and additional availability of resources will be reassigned to the MCPP and Haneti nickel projects.

“The rationalisation 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,” said CEO Louis Coetzee in an update to shareholders.

The Imweru and Lubando licence portfolios, through its majority interest in Katoro, were the sole remaining gold interests of Kibo in the region.

Source : Mining Weekly