Kibo Mining PLC (LON:KIBO) and Metal Tiger PLC (LON:MTR) have scrapped their joint venture in Tanzania and handed the licences back to the local authorities.
The two were working together at the Pinewood (uranium) and Morogoro (gold) projects, but Kibo is focused on its Mbeya thermal power plant and gold interests in Tanzania while Metal Tiger has a new venture in Thailand and copper interests in Botswana that are seen as more pressing.
There are no material ongoing costs from ending the joint venture, while Metal Tiger retains 10m warrants to subscribe for Kibo shares initially at a price of 9p.
Metal Tiger has also agreed not to invest in Tanzania for six months from today's date, though Kibo is free to rebuild a uranium portfolio in the country.