https://www.miningweekly.com

Kibo, Lake Victoria to consolidate Tanzania projects

Kibo CEO Louis Coetzee

Kibo CEO Louis Coetzee

2nd June 2016

By: Creamer Media Reporter

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Tanzania-focused mineral exploration and development company Kibo Mining and Australia-based Lake Victoria Gold plan to consolidate their respective Imweru and Imwelo gold projects, in Tanzania.

The companies on Thursday signed a memorandum of understanding to establish the terms and conditions under which they intend to amalgamate the gold projects by vending them into a new company (Newco).

The parties expected to sign a definitive agreement by June 30.

Kibo CEO Louis Coetzee would be executive chairperson of the Newco, while Noel O’Keeffe and Louis Scheepers from Kibo would also serve on the Newco board.

Lake Victoria would be represented on the board by Seth Dickinson as CEO of the Newco, while Bjorn Zikarsky would be FD.

The combined project would have a resource base of some 755 000 oz of gold.

“Amalgamation of the two projects will establish a project with a significant gold resource with the added strategic advantage of an existing mining right and the opportunity to pursue near-term production.

“At a resource level, we believe the combined project can reach more than a one-million-ounce resource. This view is based on the resource expansion potential identified in the latest Imweru competent persons report [which shows that] the Imweru resource can be increased with a further 40% to 80% through an already defined third-phase exploration programme,” commented Coetzee.

He added that the combination of the two projects also provided potential to achieve production of 100 000 oz/y of gold.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.152 0.185s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: