The company says that a key aspect of the business consolidation
strategy was to prioritise development of its three projects. The
Ireland-based firm has five on-going projects, which are Mbeya Coal to
Power Project (MCPP), Lake Victoria Project, Haneti Project as well as
the Morogoro and Pinewood projects.
“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,” a
recent review of its operations reads in part.
According to CEO Louis Coetzee, the plan was to have an operating
gold mine by 2017 and a fully-fledged coal-to-power project by 2019. The
third priority project is the Haneti nickel and gold venture in Dodoma
whose feasibility study set to be completed no later than 2017.
Kibo’s two most advanced, high priority projects are the Imweru (gold) in the Lake Victoria zone and Mbeya (coal).
These 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.
“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 Metal
Tiger,” Kibo explained in a statement.
The statement says Kibo is the biggest mineral rights holder in
Tanzania, with five different projects some of which are at early stage
of development while others are well-advanced.
Coetzee says Tanzania has a ‘progressive’ mining code with regards
to right of tenure, which contributes to a favourable foreign investment
environment.
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