Katoro still expects LVG acquisition to go through
Lake Victoria Gold (LVG), which is set to acquire Tanzania-focused explorer and developer Katoro Gold’s Imweru gold project, in Tanzania, has requested an extension to finalise the acquisition for the payment of the first tranche of monies due to Katoro of $50 000.
The initial deadline for completion of the proposed acquisition was October 31.
The proposed acquisition of the Imweru gold project, by LVG, will combine two strategic gold assets in LVG upon completion. This will increase the project’s footprint and in situ gold resource, which Katoro believes will allow for a faster route to gold production.
While the Katoro board is still considering the request, it confirmed on Friday that it believes that the disposal of Imweru to LVG is still in the company’s best interest at this time.
Additionally, Aim-listed Katoro said other parties have also expressed an interest in its Lake Victoria gold assets.
While the company’s focus, for now, remains on working with LVG, it noted that it would consider other proposals should they be appropriate.
Katoro executive chairperson Louis Coetzee, meanwhile, referred to the improved sentiment regarding mining in Tanzania, which he said was “evident through the level of interest shown by other gold mining companies”.
“While we would like to see the LVG acquisition complete, and we expect that to occur, there are possible alternative value-generative routes available,” he noted, adding that the current gold price had moved in the company's favour, at $1 495/oz.
The gold price is up 17% year-to-date, its best performance since 2010.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
The Steel Tube Export Association of South Africa was established to develop sustainable, internationally competitive carbon steel tube and pipe...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
