Kibo, Opera Tanzania gold asset deal progressing well

2nd December 2016

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – The proposed sale of AltX- and Aim-listed Kibo Mining’s northern Tanzania-based gold assets to London-listed Opera Investment has now reached an advanced stage and is expected to conclude in due course.

Kibo on Friday said that, while the spin-off of its Imweru and Lubando gold projects into a newly renamed and to-be-listed company Katoro Gold Mining remained subject to a number of conditions, the deal was progressing well.

“Both Kibo and Opera have been working hard alongside their professional advisers to process the considerable and appropriate transaction documentation and are pleased with progress to date,” said Kibo CEO Louis Coetzee.

The Tanzania-focused mineral exploration and development company and Opera in September signed a heads of agreement for the unloading of Kibo’s wholly-owned UK subsidiary Sloane Developments for 61-million Opera shares of 1p issued at a price of 6p apiece.

Opera will delist from the main market of the London bourse and the enlarged-share rebranded Katoro will list on the Aim market.

“It is likely that the fundraising required to complete the proposed acquisition will take place early in the New Year and every effort is being made to complete the transaction as soon as possible,” Coetzee noted.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION