JOHANNESBURG - Multi-asset Africa focused energy and resource company Kibo Mining said on Friday its wholly owned subsidiary Kibo Mining had sold Kibo Nickel to Katoro Gold in an all share transaction.
It said this was in line with Kibo’s strategy of becoming a major regional power player in Africa as the sale allows it to focus on its three energy projects currently in development.
"Whilst Kibo Nickels’ project is very exciting, it can be better advanced within Katoro," Kibo CEO Louis Coetzee said.
"Our full focus will be on developing our initial three energy projects and delivering value to shareholders by capitalising on the acute power shortage in the region.”
Kibo's flagship asset is the MCPP in Tanzania, which comprises the development of the Mbeya coal mine, a 1.5Mt per annum mining operation and the Mbeya power plant, a 300MW mine-mouth thermal power station.
It also holds an 85 percent interest in the Mabesekwa Coal independent power project in Botswana on which feasibility studies are well advanced.
Most recently, Kibo announced a joint venture in Mozambique, to participate in the further assessment and potential development of the Benga independent power project, including the right to construct and operate a 150-300MW coal fired power station.
- African News Agency (ANA)