Katoro suspends Imweru feasibility work as it assesses project’s economic viability
JOHANNESBURG (miningweekly.com) – Aim-listed Katoro Gold is assessing the economic viability of its Tanzania-based Imweru gold project, based on the results of a prefeasibility study and the new mining legislation and regulations being implemented in Tanzania.
The company said in a statement on Tuesday that an integral part of its assessment will include consideration of a further exploration work programme to enhance and expand the current resource, by exploring some of the previously identified exploration targets that form part of the project.
The company expects to complete the assessment by the end of the second quarter of this year.
Katoro is also planning to engage with the Tanzanian Ministry of Minerals to seek approval for a mining licence for Imweru, to ensure its economic feasibility based on the new mining legislation and regulations.
Katoro has decided to suspend all ongoing feasibility work on the Imweru project until it has reached a final decision on the economic viability and further development of Imweru.
“Having considered the preliminary findings of the prefeasibility work, as well as the impact of the recent updates to the mining regulations in Tanzania, we have decided to first assess the current economic viability of Imweru to determine whether we should continue with the present development strategy, or whether an adjustment is required, to ensure optimal use of resources and realisation of the full potential of the Imweru/Lubando gold projects,” chairperson Louis Coetzee said.
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