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Katoro Gold sells Imweru and Lubando licences in Tanzania

A private Australian group, LVG, is paying US$1mln for Reef Miners, the owner of the Imweru and Lubando gold licences.

Katoro Gold - Katoro Gold sells Imweru and Lubando licences in Tanzania
NIckel and lithium will be the new focus at Katoro

Katoro Gold PLC (LON:KAT) has agreed to sell its Lake Victoria projects in Tanzania to focus on the nickel potential at Haneti.

A private Australian group, LVG, is paying US$1mln for Reef Miners, the owner of the Imweru and Lubando gold licences.

WATCH: Katoro Gold to accelerate battery metals plan following gold licence deal

The consideration also includes a 1.5% Net Smelter Royalty and an alternative to take shares instead of cash.

Louis Coetzee, Katoro’s executive chairman, said it remained confident in the potential of the two licences, but the sale releases can for the nickel, platinum-group-elements and lithium asset at  Haneti.

Katoro is a subsidiary of Kibo Enrgy PLC (LON:KIBO), which has a 54.6% stake.

Power Metal Resources PLC (LON:POW) owns a 5.9% stake in Katoro Gold and has a 25% stake in Haneti with a right to raise its interest in the project to 35% for £25,000 in cash by 15 May 2020.

 

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Price: 0.9 GBX

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Market Cap: £1.62 m
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Full interview: Power Metal's Paul Johnson sees 'significant upside...

Power Metal Resources' (LON:POW) Paul Johnson talks Proactive London's Andrew Scott through developments and the exploration potential at the Haneti project in Tanzania. POW has a 25% interest in the project via its stake in Katoro Gold (LON:KAT) - with a right to increase that to 35% through...

on 9/10/19

2 min read