JOHANNESBURG (miningweekly.com) – Aim- and AltX-listed Kibo Mining expects to finalise a definitive agreement with Australia-based Lake Victoria Gold within the next two weeks.
The companies announced last month that they would consolidate their respective Imweru and Imwelo gold projects, in Tanzania, to create a combined resource base of some 755 000 oz of gold.
The parties had expected to sign a definitive agreement by June 30, but, owing to an unforeseen delay in completing compliance and legal work, this has been delayed.
“Kibo and Lake Victoria have made significant progress towards finalising the transaction and the delay . . . will not have any impact on meeting the agreed project deadlines as we continue to implement the agreed transaction,” Kibo CEO Louis Coetzee said on Tuesday.