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Katoro Gold remains ahead of schedule and within budget in development of Imweru

On the PFS, all desktop work has now been completed. Engineering and pit optimisation studies are in an advanced stage, and finalisation of the PFS is awaiting completion of the restated resource and results from the metallurgical and geotechnical tests

Mining exploration
Preparation and submission of the mining right application should occur much sooner than originally scheduled

Tanzania-focused gold mine developer Katoro Gold PLC (LON:KAT) remains well ahead of schedule in its development of the Imweru project.

Preparation and submission of the mining right application for Imweru should occur much sooner than originally scheduled, the company said in its half-year results statement.

READ: Katoro Gold says registration letter issued for environmental impact study at its Imweru Project in Tanzania

Katoro owns two gold projects in Tanzania – the other one is the Lubando project – but its main emphasis at the moment is Imweru, where the company is working towards a feasibility study.

The project has an initial target of 50,000 ounces of gold a year within 18-24 months of the company's admission to AIM, which took place in May of this year.

"We are very pleased with progress on the Imweru project. We are currently still well ahead of schedule, within budget and on course to meet our objective of commencing with production by the end of 2018," said Louis Coetzee, executive chairman of Katoro.

“We continue to liaise closely with the Government of Tanzania and have what we believe to be a clear and visible development schedule,” he added. 

READ: Katoro Gold reports continuing significant progress on Imweru project, successfully exports samples

As a pre-revenue company, the profit & loss statement is not very meaningful, but for the record, the company made a loss before tax of £1.18mln in the first half of 2017, about half of which was accounted for by the cost of listing on AIM.

Shares in Katoro were unchanged in the first hour of trading.

Quick facts: Katoro Gold

Price: 1 GBX

AIM:KAT
Market: AIM
Market Cap: £1.8 m
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