Tanzania: Miner gets secondary listing

Johannesburg. Ireland’s Kibo Mining joins the Johannesburg Stock Exchange (JSE ) for a secondary listing today, introducing South African investors to its gold and nickel exploration and development projects in Tanzania and giving the company an extra avenue to raise capital.

Kibo, which is traded on London’s Alternative Investment Market (AIM), has two flagship projects in Tanzania: the Itetemia gold exploration project 5km east of African Barrick’s Bulyanhulu gold mine, and the Luhala gold project in the Mwanza region."While access to capital is not one of the primary reasons for the listing, the company would like to be in a position where access to capital is facilitated to accommodate future growth," Kibo said in its prelisting statement.

Kibo has secured the approval of the JSE and South African Reserve Bank for the listing on AltX. It does not have mineral assets in SA. Kibo has agreed with its 18% shareholder, Mzuri Gold, to list at least R12m worth of shares on AltX.Kibo was open to developing its gold and nickel assets itself, entering joint ventures or selling them on to major companies, depending on what would unlock the most value, founder and CEO Noel O’Keeffe told Business Day last month.

"We’ll look at it as we go and we don’t have fixed ideas. I’m more enthused at the exploration side, finding gold and mineral deposits, rather than … mining them, but it really comes down to whatever strategy will get best value for our shareholders." Itetemia hosts the Golden Horseshoe Reef, with a resource of 422250oz of gold in 4,23-million tons at 3,1g/ton. Luhala has 111900oz in 1,86-million tons at a grade of 1,9g/ton.Morogoro Gold owns Jubilee Resource and Savannah Mining, both of which have early-stage gold exploration projects.

"Morogoro Gold has access to an extensive portfolio of licences within two prospective project areas within Tanzania," mining experts Venmyn said in a report. (Agencies)