[miningmx.com] — AIM-listed junior explorer Kibo Mining which controls five gold projects in Tanzania, is to dual-list on the JSE’s AltX market on May 30.
Kibo was established in 2008 and listed on AIM in April last year. Its two main projects are Itetemia – which has a JORC-compliant gold resource of 422,250 ounces – and Luhala, which has a JORC-compliant gold resource of 111,900 oz.
The other projects – Haneti (nickel, platinum, gold), Morogoro (gold) and Lake Victoria (gold) – are all at the early exploration stage.
According to the Kibo’s JSE pre-listing statement, being on the JSE will increase the profile of the company and also provide an additional market through which its projects can be developed and funded.
“Whilst 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.’
The pre-listing document pointed out Kibo has no black economic empowerment (BEE) status, because this is not a requirement in any of the countries in which it operates. This means its securities are available “to all and any investors’.
Kibo is an Irish-registered company but two of the six directors are South African: Lukas Maree, who is based in Pretoria, and Louis Coetzee, who is based in Cyprus.
According to the competent person’s report carried out by SA consultants Venmyn Rand, the attributable fair value of Kibo’s mineral assets is $28.5m.
Venmyn Rand MD Andy Clay said: “Kibo has access to an extensive, well-balanced portfolio of prospecting licences within a number of prospective projects areas with Tanzania.
“While the Golden Horseshoe Reef should be rapidly moved to a development project stage, the majority of Kibo’s portfolio of licences will require a persistent and systematic approach to prospecting and development as well as a thorough understanding of the local geology and regional structural environments of each of the project areas.’
