Copper and uranium hopeful Kiwara - the second Aim-listed miner to take up a primary listing in Johannesburg this week - plans to complete a prefeasibility study and a feasibility study of targets in Zambia during the next two years, and could be producing in 2010, CE Peter Vivian-Neal said after the listing event.

The company, chaired by Jubilee Platinum CEO Colin Bird, did not raise any capital through its Johannesburg debut, but would likely issue new equity within a year.

On Monday, Aim-listed gem producer DiamondCorp also made its debut on the JSE.

Kiwara was currently drilling at its 500-km² prospect at the Kabompo Dome in North Western Zambia, where it planned to firm up a resource at the Kalumbila copper/nickel/cobalt deposit and the Kawanga uranium deposit.

Vivian-Neal said that Kiwara would complete a prefeasibility study on the prospect in 2009, and a feasibility study the following year.

He stated that the company might then decide to develop the mine itself, go into a joint venture (JV), or even sell it.

"There is the possibility we may follow the route of a favourable exit through JV agreements with major mining companies, or we may even dispose of the licence area through an outright sale," said Vivian-Neal.

Kiwara currently had enough funding for its drilling programme, which it raised through its London listing in August last year, but would probably soon raise more.

It was "highly possible" that the company would come back to the market within a year, said Vivian-Neal.

There was also an issue about a lack of liquidity, with directors holding a significant portion of its shares.

"We would like to see increased liquidity," he noted. "We are looking hard at the timing of the future fundraising."

Vivian-Neal said that the timing of this was "completely results driven".

ZAMBIA FOCUS

Vivian-Neal said that the company was comfortable with its Zambian focus, after the country announced a new tax regime last month, in conjunction with a new mining code.

"It brings the country more in line with other mineral producing countries," he said. "It doesn't fundamentally change our determination to continue in the country."

However, Vivian-Neal conceded that this had caused some concern for miners in the country.

"While we are focused on Zambia, we are looking at other targets in the country," stated he. "We've looked at opportunities in Uganda and we will look at opportunities throughout Southern Africa."

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