Johannesburg - JSE-listed Kibo Mining, a Tanzanian-focused mineral exploration and development company, said on Friday that it had reached an agreement with gold producer Acacia for the conversion of Acacia’s equity interests in the Imweru and Lubando projects to a 2 percent net smelter royalty.
Kibo Mining said the deal was signed between Reef Miners, Kibo’s wholly-owned subsidiary that holds the Imweru and Lubando project licences, and ABG Exploration mining, Acacia’s wholly-owned subsidiary that holds the equity interests in the licences.
The mining company said the agreement gave them a 100 percent ownership in the equity of the Imweru and Lubando projects. It also represented the definitive agreement of a memorandum of understanding with Lake Victoria Gold to consolidate the companies’ respective Imweru and Imvelo gold projects.
Kibo's share price was unchanged at R1.14 on the JSE on Friday.
BUSINESS REPORT