JOHANNESBURG – Kibo Mining said on Monday that it had completed the sale of Kibo Nickel to Katoro Gold in an all-share deal following receipt of relevant regulatory approvals.
In June, a multi-asset Africa-focused energy and resource company Kibo announced that it had agreed to sell Kibo Nickel's Haneti Nickel Project in Tanzania to Katoro Gold for about 15.4 million shares in Katoro at a price of 1.3 pence per share. total deal at £ 200,000.
Kibo will retain a two percent net royalty of any nickel or mineral concentrate produced and sold by any of Kibo Nickel's properties.
On the AIM in London, Kibo will hold 82.9 million ordinary shares in Katoro, representing 55.53 percent of the expanded share capital of Katoro.
Kibo Mining's Kibo Energy, Kibo Mining, is focused on the development of its three energy projects as it becomes a major regional power player in Africa.
Kibo is simultaneously developing three similar coal-powered power projects in Tanzania, Botswana; and Mozambique, with the aim of leveraging significant economies of scale and timing for strategic partnerships, procurement, equipment, human capital, implementation capability and capacity, as well as project finance.
Louis Coetzee, Kibo's chief executive, said they recognized the potential of Haneti Nickel Project, the board believed it was better placed within Katoro's portfolio as Kibo progresses towards becoming a leading regional energy company.
"This sale enables us to focus exclusively on the advancement of our portfolio of energy projects in Tanzania, Botswana and Mozambique," Coetzee said.
"Progress is being done in the development of each project and we continue to work closely with the different governmental and national bodies as well as our international development partners including General Electric and SEPCOIII .."
African News Agency (ANA)