Kibo Mining (LON:KIBO) has entered into a dynamic phase in its development with material progress being made across the asset portfolio, it told shareholders Wednesday.
The Tanzania-focused mineral exploration and development company provided an operational update at the company’s annual general meeting, with chief executive Louis Coetzee reporting on the “tremendous progress” made despite tough times in the natural resources equity environment.
Coetzee highlighted two main reasons to be cheerful: first, Tanzania is highly supportive of mineral resource development companies; second, in Coetzee’s view, the bearish natural resource climate is potentially nearing its conclusion.
“Whilst share price pressures are frustrating, shareholders should note that Kibo is progressing at some pace, and there will be news flow in the coming days, weeks and months that will further demonstrate the progress being made,” Coetzee pledged.
Shares in Kibo were up 6.4% at 4.26p in lunchtime trading.