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Metal Tiger and Kibo agree to part ways on JV

By BFN News | 01:01 PM | Friday 24 February, 2017


Metal Tiger has confirmed that it has reached an agreement with Kibo Mining, the Company's Joint Venture partner in Tanzania to cease JV activities at the Pinewood and Morogoro Joint Ventures with immediate effect and relinquish the licences back to the local authorities. Michael McNeilly, CEO of Metal Tiger commented: "Both Kibo Mining and Metal Tiger commenced the Joint Ventures as smaller companies with earlier stage interests. Both companies have been fortunate and achieved considerable success in certain projects and it has been necessary to focus time and resources on the areas of our business where the most rapidly advancing progress was possible. Given the need for continuing focus for commercial reasons, and reflecting the impact our commercial success would have on the local economies in which we work, it is essential for us to ensure we focus our efforts in the most important areas. We wish our friends at Kibo Mining great success with their work and are grateful for the opportunity that the investment in Kibo Mining in late 2014 and early 2015 and the Joint Ventures themselves, provided for the Metal Tiger business and its shareholders." Kibo Mining's CEO. Louis Coetzee commented: "In late 2014 and early 2015 the £450,000 invested by Metal Tiger made a material difference to the financing of Kibo Mining at the time, and we were and are grateful for that support. The Joint Ventures at Pinewood and Morogoro have not progressed as planned as explained above and although unfortunate, this reflects the need to focus investment correctly in smaller companies with multiple projects. Our decision is however in perfect alignment with our stated strategy to reduce the Company's exposure to early stage exploration projects." At 1:01pm: (LON:MTR) Metal Tiger Plc Ord 0.01p share price was -0.08p at 2.2p Story provided by StockMarketWire.com

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