JOHANNESBURG (miningweekly.com) – Given the potential of mineral asset explorer and developer Kibo Mining’s flagship 550 000 oz Imweru project, in Tanzania, to generate early cash flows, Kibo said on Friday that it had decided to prioritise the implementation of fast-track development at the mine.
The London Aim- and Johannesburg AltX-listed company said that it had undertaken a high-level optimisation study in recent months in conjunction with its independent consultants to test the economic feasibility of developing a mine at the site.
This work concentrated on a full internal review of historic Imweru exploration data to identify the optimal route for further development.
“I am pleased to say that the results to date have been most encouraging and have demonstrated the potential of the resource to support a standalone mining operation with attractive investment returns based on the existing resource estimate alone, subject to required feasibility work and mine planning,” Kibo chairperson Christian Schaffalitzky commented.
Meanwhile, he also pointed out that initial results emerging from the definitive mining feasibility study, revealed that Kibo’s Rukwa coal power project, in Tanzania, demonstrated the economic and technical robustness of the Rukwa coal resource and its potential to sustain a 300 MW power plant over a minimum mine life of 40 years.
The company on Friday also reported a 13% decrease in the basic and dilutive loss an ordinary share to £0.68 for the six months ended June 30.
Kibo's mineral right access in Tanzania spans gold, nickel, uranium and coal.