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Kibo commences with work program on Haneti Nickel JV with Brazilian major Votorantim
Kibo Mining Plc
(Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B61XQX41
(“Kibo” or “the Company”)
Kibo commences with work program on Haneti Nickel JV with Brazilian major
Votorantim
Dated: 10 April 2013
All conditions precedent for Kibo’s joint venture agreement with major Brazilian
industrial conglomerate Votorantim Metaís Participações Ltda for the further
exploration of its Haneti Nickel Project have been fulfilled.
JV Agreement now unconditional
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO), (JSE: KBO), the Tanzania
focused mineral exploration and development company, is pleased to report that all
outstanding conditions precedent (See RNS dated 4 December 2012) to the joint venture
agreement (“Joint Venture”) with Brazilian Votorantim Metaís Participações Ltda, a member
of Votorantim Group, (“Votorantim”) to conduct a joint further exploration work program on
its Haneti properties (“Haneti Project”) prospective for nickel and other base and precious
metals have now been fulfilled.
First Joint Venture draw down approved, commencement of work program
The first drawdown against the GBP 2,7 million funding package to be provided by
Votorantim for the agreed work program on the Haneti Project has now been approved, and
fieldwork will commence forthwith. It is the intention of the Joint Venture to direct the work
program with a view to establishing a JORC compliant mineral resource at Haneti, where
after the Joint Venture will consider the further development of the project on the merits of
the exploration results achieved.
About Votorantim
Votorantim is one of the largest industrial conglomerates in Latin America. A Brazilian
company with operations in 24 countries worldwide, Votorantim Group’s activities are
focused on key sectors of the economy that demand capital intensive and high scale
production processes in commodities and products including aluminium, nickel, zinc, and
steel. In 2012, Votorantim Industrial which is the holding entity for the industrial part of the
Group’s business had net revenues of US$ 12,4 billion. Its cash generation (EBITDA)
amounted to US$ 2.5 billion, whilst investments reached US$ 1.9 billion, earmarked for
capacity expansion projects, operating improvement and acquisition of companies.
Votorantim Metals is the mining and metallurgy arm of Votorantim Industrial. Votorantim
Group is rated as Investment Grade by the world’s top three credit rating agencies – Standard
& Poor’s (BBB), Fitch Ratings (BBB-) and Moody’s (Baa3). This achievement is attributed
to the Group’s leadership in the markets where it operates, its management model, and its
governance and transparency policies.
Commenting on the commencement of the work program, Kibo CEO Louis Coetzee said:
“ We are pleased that the legal and administrative formalities in respect of the Joint Venture
have finally been concluded and we are looking forward to pursuing the promising initial
exploration results achieved on the Haneti Properties further with our Brazilian partners. ”
Louis Coetzee +27 (0)83 2606126 Kibo Mining plc Chief Executive Officer
Andreas Lianos +27 (0)83 4408365 River Group Corporate Adviser and
Designated Adviser on JSE
Jon Belliss +44 (0) 20 3216 2630 XCAP Joint Broker
Matthew Johnson +44 (0) 20 7796 8800 Northland Joint Broker
Capital Partners
Limited
Stuart Laing +61 8 94802500 RFC Ambrian Nominated Adviser on AIM
Limited
Matt Beale +44 (0)7966 389196 Fortbridge Investor Relations
Updates on the Company’s activities are regularly posted on its website
www.kibomining.com
General Background & Strategy
Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania, East
Africa and was admitted to AIM in London on 27 April 2010 and AltX in Johannesburg on
30 May 2011. The Board of Kibo is composed of professionals whose experience include
mineral exploration, mine development, mining finance, tax, law, mergers and acquisitions,
and financial control of public companies. It is supported by a competent and motivated
Tanzanian staff that operates from Kibo's operations office in Dar es Salaam.
The mineral assets of the Company comprise five projects areas in Tanzania - Haneti (nickel,
PGE and gold), Morogoro (Gold), Lake Victoria (Gold), Rukwa (Coal) and Pinewood (Coal
& Uranium).
The Haneti project is the subject of a joint venture with Brazilian Votorantim Metais
Participações Ltda, a member of Votorantim Group. The Rukwa and Pinewood projects are
situated close to the Mtwara Corridor, an area where the Tanzanian Government has
committed to significant infrastructure development and which has seen recent multi-million
dollar investment in coal and coal-fired power stations and uranium exploration.
The Rukwa project is substantially more advanced than Kibo’s existing exploration projects,
with a significant Mineral Resource of thermal coal already defined. The project enjoys
strong support expressed by the Tanzanian Government for the expedited development of a
coal mine and mine-mouth coal-fired power plant.
Kibo's objective is to build shareholder value in a sustainable manner. This objective will be
pursued primarily through active exploration of its own projects and by using the Company's
experience in Tanzania to acquire attractive exploration and development assets on
competitive terms that can be moved swiftly up the value curve by using the Company’s own
skills base whilst also seeking to benefit from strategic collaborative relationships with
industry leaders who have special skills and competencies within their chosen fields of focus.
Kibo will undertake continual risk assessment of its projects and take whatever actions it
believes are necessary to ensure that these risks are mitigated.
Johannesburg
10 April 2013
Corporate and Designated Adviser
River Group
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