Katoro hopes to sell subsidiary soon, continues to explore Tanzanian deposit
Aim-listed gold and nickel project developer Katoro Gold has been pursuing various project opportunities to benefit the company and advance what it says is a transformational phase for the company.
Subject to funding being secured, the company’s tailings exploitation joint venture (JV) with South African gold producer Blyvoor offers significant revenues from future gold production.
The company also has the potential to monetise its interests in the Lake Victoria gold interests and upside from future exploration in respect of its Haneti polymetallic deposit, in Tanzania.
“These opportunities have been created and advanced during incredibly difficult market conditions and the board believes Katoro is well positioned for a recovering environment with business interests of substantial value and potential for shareholders,” says executive chairperson Louis Coetzee.
Katoro has a 75% interest in Haneti. The development of the project is being advanced with JV partner Power Metal Resources.
Power Metal has the right to increase its interest in Haneti to 35% through a cash payment of £25 000 by May 15.
The project has identified potential for nickel, copper, platinum-group metals, gold, lithium and rare earth elements.
The company will start a drill programme at Haneti soon, subject to funding being available.
Meanwhile, Katoro hopes to conclude a transaction soon whereby Lake Victoria Goldfields will buy the company’s subsidiary Reef Miners.
Reef Miners holds 100% of the Imweru and Lubando gold projects, in Tanzania.
Katoro will receive a cash payment of $1-million and a 1.5% net smelter royalty, should the transaction proceed.
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