TIDMKIBO
RNS Number : 8490F
Kibo Mining Plc
21 June 2012
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")
Half year results for the period ended 31 March 2012
Dated: 21 June 2012
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO)
the mineral exploration and development company focused on gold,
nickel, coal and uranium projects in Tanzania, is pleased to
announce its unaudited half year results for the period ended 31
March 2012.
Louis Coetzee, CEO of the Company, commented today:
"These interim accounts show an increase in our issued share
capital following an equity investment by Mzuri Gold Limited during
February. Subsequent to 31 March 2012 the Company announced the
signing of two definitive corporate acquisition agreements which
will significantly expand and diversify our mineral project
portfolios in Tanzania. Most significantly, these agreements
provide for the Company to acquire a minimum of 51% interest in a
JORC-compliant 109 million tonne (Mt) thermal coal resource for
which a Memorandum of Understanding (MOU) with an Asian
Conglomerate is in place for the development of a 250-350 megawatt
(MW) mine mouth coal fired power station"
Highlights from the Chairman, Christian Schaffalitzky's
statement:
- .....further significant progress in the development of your
Company in terms of funding, corporate acquisition, exploration and
joint venture activity;
- Successful placing in February raised GBP750,000;
- MEL and Mayborn acquisitions will re-position Kibo as a major
multi-commodity mineral explorer and developer in Tanzania;
- Promising results from its Stage 1 exploration programme are
being reported in a separate Operational Update which is being
released to coincide with these interim results.
Chairman's Statement
Dear Shareholder,
I am pleased to present our accounts for the six month period
ending 31 March 2012. This period has marked further significant
progress in the development of your Company in terms of funding,
corporate acquisition, exploration and joint venture activity.
In February the Company undertook a placing for GBP750,000 to
fund its on-going exploration programmes in Tanzania. This placing
was fully subscribed to by Mzuri Gold Limited, the Company's
largest shareholder. In early April the Company announced that it
had signed agreements to acquire a minimum of 51% interest in
Canadian company, Mzuri Energy Limited ("MEL") and South African
company Mayborn Resource Investments (Pty) Limited ("Mayborn").
These acquisitions, which are currently being completed, bring with
them substantial Tanzanian coal and uranium mineral assets and will
re-position Kibo as a major multi-commodity mineral explorer and
developer in the country. In tandem with these acquisitions, MEL's
wholly owned subsidiary, Mzuri Coal Limited ("MCL") has signed an
MOU with a major Asian conglomerate for the development of a coal
mine and mouth-of- mine coal fired power plant based on the 109 Mt
Rukwa coal resource, the major asset in MEL to be acquired by Kibo.
In a separate arrangement, Kibo has also entered an MOU with a
subsidiary of the major Brazilian Industrial group, Votorantim, for
the continuing exploration of its Haneti project. Also on the
exploration front, Kibo has been very active during the period and
promising results from its Stage 1 exploration programme are being
reported in a separate Operational Update being released to
coincide with these interim results.
Corporate
I believe that the acquisition of MEL and Mayborn ("the
acquisitions") provides the Company with attractive mineral assets
that will allow it to generate significant value for shareholders
over the next few years. The major asset in the portfolio, the
Rukwa coal resource, has a JORC-compliant resource of 109 Mt (71 Mt
Indicated & 38 Mt Inferred) and is located in an area of
southern Tanzania for which the Government is prioritising
energy-related mineral project development and associated
infrastructure to address the insufficient power generating
capacity in the country. This region has seen significant recent
investment in coal resources and associated thermal coal power
generation, including a US$3 billion investment by Chinese group
Sichuan Hongda in September 2011 (the investment also includes a
nearby iron ore mine). The MOU signed between MCL and an Asian
Conglomerate, who wishes to remain anonymous pending finalisation
of a definitive agreement, represents strong confidence in the
development potential of the Rukwa coal resource. The MOU provides
for the development of a 250-350 MW coal-fired mouth-of-mine plant
which will be constructed over a 3 year period.
The acquisitions also provide Kibo with approx.18,000 km2 of
early stage uranium and coal prospective tenements ("Pinewood
project") in this region which is experiencing high levels of
exploration activity for uranium (as well as coal) following the
success of Mantra Resources Mkuju River discovery (now operated by
Uranium One). A welcome addition to the Pinewood project is that it
comes with GBP0.7M of exploration funding for initial aerial
geophysical surveys. I believe this asset can bring significant
additional value to the Company and supports its diversification
into the burgeoning energy mineral sector in Tanzania.
On a separate front, the Votorantim MOU is also a welcome
development and, contingent on proceeding to a definitive
agreement, will allow the Company to accelerate exploration over
its nickel- PGM-gold prospective Haneti project for which results
to date have been very encouraging. A key provision in the MOU
requires Votorantim to expend up to GBP2.7M on exploration over a
three year earn-in phase to earn a 50% interest in the project with
an initial spend of GBP0.5M required by the end of 2012.
Exploration
As well as being very active on the corporate acquisition and
joint venture negotiation fronts during the period, Kibo completed
its Stage 1 exploration programme on its projects at Lake Victoria,
Haneti and Morogoro. I am delighted to report that results are very
encouraging and provide the Company with some drill targets for
testing during early Stage 2 work which is to commence shortly. The
results have also resolved areas for follow up with more detailed
surface exploration in order to identify further targets that may
warrant drilling in due course. An Operations Update which is being
released in conjunction with these Interim Results provides
detailed information on the Stage 1 exploration and the results
obtained.
In conclusion, I wish to thank Shareholders for their support
while we implement the corporate restructuring currently underway
that is necessitated by our acquisition of MEL and Mayborn. As you
are aware, the Company's shares remain suspended on AIM to allow us
complete this work which I am glad to report is near completion and
I anticipate that share trading will recommence before the end of
July 2012 with re-admission of the Company to AIM.
Christian Schaffalitzky
Chairman
Unaudited condensed consolidated interim statement of
comprehensive income
For the six months ended 31 March 2012
6 months 6 months 12 months
to to to
---------------------------------- ----------- ------------ --------------
31 March 31 March 30 September
---------------------------------- ----------- ------------ --------------
2012 2011 2011
---------------------------------- ----------- ------------ --------------
Continuing Operations GBP GBP GBP
---------------------------------- ----------- ------------ --------------
Administrative expenses (245,410) (421,132) (831,342)
---------------------------------- ----------- ------------ --------------
Write down of exploration costs - - (2,442,897)
---------------------------------- ----------- ------------ --------------
Share based payments - - (424,570)
---------------------------------- ----------- ------------ --------------
Operating Loss (245,410) (421,132) (3,698,809)
---------------------------------- ----------- ------------ --------------
Finance income 2,372 - 7,248
---------------------------------- ----------- ------------ --------------
Loss on ordinary activities
---------------------------------- ----------- ------------ --------------
before tax for the period (243,038) (421,132) (3,691,561)
---------------------------------- ----------- ------------ --------------
Tax - - -
---------------------------------- ----------- ------------ --------------
Loss for the period (243,038) (421,132) (3,691,561)
---------------------------------- ----------- ------------ --------------
Other comprehensive income:
---------------------------------- ----------- ------------ --------------
Exchange differences on
---------------------------------- ----------- ------------ --------------
translating foreign operations (11,988) (3,657) (74,656)
---------------------------------- ----------- ------------ --------------
Other comprehensive income for
the
---------------------------------- ----------- ------------ --------------
period, net of tax (11,988) (3,657) (74,656)
---------------------------------- ----------- ------------ --------------
Total comprehensive income for
the
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