Kibo Mining (LON:KIBO) and Metal Tiger (LON:MTR) revealed today the Pinewood uranium joint venture had kicked off and they see a positive shift in the uranium space.
The Pinewood project is a 50:50 exploration joint venture in Tanzania.
Work has begun with a review of a 2009 study of the Pinewood licences, which consist of 43 permits over 9,033 sq km, and regional potential of the African country and is expected to be completed and delivered during October this year.
Alongside this, the joint venture will continue to seek uranium acquisition opportunities within Tanzania and other jurisdictions, Kibo said.
Kibo chief executive Louis Coetzee said the 2009 report was extremely useful in identifying strategic opportunities.
"We have long recognised the potential for a resurgence of interest in the Uranium sector and full benefit from any such return to favour requires the JV to be well positioned in advance."
"By taking the strategic decision to build the JV's uranium exposure we are acting in readiness for a uranium sector revival with all the potential upside that offers to our shareholders."
Cameron Parry at Metal Tiger said it was pleasing to report the partners' strategic decision to work together to consider the acquisition of additional uranium interests broadening and deepening both companies uranium sector exposure."
Kibo also said today it had issued 363,290 shares at 5.38p for cash to settle an invoice of £19,545 for geological services for the on-going Mbeya Coal-to-Power project definitive feasibility study.
Kibo and Metal Tiger shares both nudged higher on Wednesday morning before easing back. Kibo fell 2.17% to 5.625p, while Metal Tiger's fell 2.5% at 0.975p.