Kibo, Metal Tiger call it quits on JV projects

Imeandikwa na -


JOHANNESBURG (miningweekly.com) – Dual-listed Kibo Mining has terminated joint venture (JV) activities with Metal Tiger at the Pinewood and Morogoro mines, in Tanzania.
The companies will also relinquish the mine licences back to the local authorities.
The miner explained in a statement on Friday that both companies had experienced considerable success in other projects, which has led to these interests becoming the absolute focus of each company.

Metal Tiger's investment in Botswana has resulted in a substantial and developing copper/silver discovery, while significant progress is being made in the company's investment in Thailand, where its JV partner is looking to permit and produce from a long-standing silver/lead/zinc mine with an on-site processing plant.
Meanwhile, with substantial progress made at Kibo’s Mbeya coal-to-power project, paired with advancements at its Imweru and Lubando gold projects, Kibo Mining would shift its focus to these projects.
“Each of the projects can materially further the success of the companies, and provide a significant opportunity, through continuing investment, to have a major local economic impact,” Kibo said.
No material ongoing costs would need to be recovered as a result of the termination, with Metal Tiger retaining ten-million warrants to subscribe for new ordinary shares in Kibo Mining at a price of 9p each.

Maoni

Chapisha Maoni

Machapisho maarufu kutoka blogu hii

Tanzania intra-SADC trade decline by 15 pc

Imeandikwa na -
Picha
Zambian President Edgar Lungu with Magufuli By Mnaku Mbani Tanzania’s intra-SADC trade declined by 15.5 percent to USD 1,697.3 million in 2015 from the amount recorded in preceding year. The Bank of Tanzania Economic Operations and annual report for the year ended in June 2015 published mid this month this development was attributed to a decrease in both exports and imports.
Endelea kusoma

DSE all share index down

Imeandikwa na -
By Mnaku Mbani The Dar es Salaam Stock Exchange (DSE) All Shares Index (DSEI) closed at 2,273.06 yesterday, down by 18.60 per cent when compared with Wednesday. The fall of the DSEI, which calculate the performance of all locally listed and cross listed companies was a result of fall of some share prices including East African Breweries Limited which dropped by 3.39 per cent, KCB Limited by 3.70 per cent and NMG price which fell by 2.14 per cent.
Endelea kusoma

The beauty queen from Tanzania who is building a furniture empire

Imeandikwa na -
Picha
Jacquiline Ntuyabaliwe MFONOBONG NSEHE , Forbes Magazine : Weaving in and out of Dar es Salaam’s grating midday traffic in her chauffeured white Mercedes S550, Jacqueline Ntuyabaliwe, a svelte 38-year-old beauty, is transfixed by an image of a dining set on her phone. With a slim, elegant finger, she prods her cellphone screen to show me the picture she’s looking at. “This is one of our pieces,” she says, pointing to the picture of a 5-piece dining set. It’s one of the items produced by Molocaho by Amorette , the furniture-manufacturing firm she recently founded. “This set was handcrafted from timber which was reclaimed from old cargo boats from the Indian Ocean along Tanzania’s coastline,” says the entrepreneur earnestly.
Endelea kusoma