JOHANNESBURG (miningweekly.com) – Work has started at Tanzania-focused mineral explorer Kibo Mining’s Pinewood uranium project, with the immediate focus on updating a 2009 study and report on prospectivity and exploration potential in the region.
Kibo and joint venture (JV) partner Metal Tiger would also continue to seek uranium acquisition opportunities in Tanzania and other jurisdictions.
The Pinewood portfolio, located in south west Tanzania between the regional capitals of Iringa, Mbeya and Songea, comprised 43 licences, offers, applications and tenders with a combined surface area of about 9 033 km2.
"The information provided in the original 2009 report proved extremely useful in the identification of strategic uranium opportunities in Tanzania and we anticipate this updated report will prove equally valuable,” Kibo Mining CEO Louis Coetzee highlighted.
He added that the company had recognised the potential for a resurgence of interest in the uranium sector and full benefit from any such return to favour requires the JV to be well positioned in advance.
“By taking the strategic decision to build the JV's uranium exposure, we are acting in readiness for a revival with all the potential upside that offers to our shareholders,” he said.
The updated study report was expected to be completed and delivered during October.