Katoro Gold PLC (AIM:KAT), a mining company that specialises in precious minerals, said today that it has “formally engaged” joint venture partner Lake Victoria Gold (LVG) over a missed payment milestone.
The mining company said LVG has not provided proof of payment for an agreed capital contribution that was due by 31 December 2023 under a joint venture agreement.
The companies formed a joint venture in early 2022 to develop the Imweru Gold Project in Tanzania.
Katoro Gold said it is awaiting a response from LVG and will update the market.
Katoro’s share price fell by more than 17% in early trades on Wednesday to 0.12 pence per share.