JSE/AIM-listed Kibo Mining, the multi-mineral focused junior which controls one of Tanzania’s largest mineral rights portfolios, is aggressively pursuing its strategy to elevate its status from explorer to developer and producer, and is targeting its three priority projects to do so.
The intention, CEO – Louis Coetzee tells Laura Cornish, is to have an operating gold mine – Imweru – by 2017 (dependent on market conditions) and a fully-fledged coal-to-power project – Mbeya – by 2019.
Considering Kibo Mining (Kibo) is the biggest mineral rights holder in Tanzania, with five different projects (from early stage to well-advanced) across the country, its entire focus lies within the country’s borders.
“Tanzania is the most politically stable country in Africa. It is also safe and has huge economic potential,” says Coetzee, who believes the country is destined to become the economic powerhouse of Africa, “or at least sub-Saharan Africa. It also has a ‘progressive’ mining code with regards to right of tenure, which contributes to a favourable foreign investment environment.”
Kibo’s minerals portfolio in Tanzania includes gold, coal, nickel and uranium. Its two most advanced, high priority projects – Imweru and Mbeya – are respectively located in the established and gold prolific Lake Victoria Goldfields and the Mtwara Corridor in south-west Tanzania where the government has prioritised infrastructural development, attracting significant recent investment in coal and uranium. Although its third priority nickelpredominant project Haneti is at an early lifecycle phase, requiring extensive drill test work, Kibo aims to continue its fast-track approach and complete a feasibility study no later than 2017, subject to exploration results.
The company’s “low priority” projects have not been shifted outside focus boundaries either but will be developed in joint venture partnerships. These include the Morogoro gold project near Dar es Salaam and the Pinewood coal and uranium project in southern Tanzania that are already included in active joint venture partnerships with AIM-listed Metal Tiger.
Mbeya coal-to-power project (100% owned)
The Mbeya coal project MCPP consists of a 48 km long strike length. The resource has been tested along strike and dip to prove the consistent presence of coal. Approximately 12 km of the 48 km was subsequently subjected to…