TIDMMTR
Metal Tiger Plc
24 February 2017
Metal Tiger Plc
("Metal Tiger" or the "Company")
Cessation of Tanzanian JV
Metal Tiger (LON: MTR), the natural resources investing company
today confirms that it has reached agreement with Kibo Mining plc,
the Company's Joint Venture ("JV") 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.
Background information with regard to the JVs can be found in
market announcements released on 21 November 2014 in respect of
Pinewood and 19 January 2015 in respect of Morogoro.
Both Metal Tiger plc and Kibo Mining plc have experienced
considerable success in respect of certain other projects of their
business portfolio and this has led to these interests becoming the
absolute focus of each company.
Metal Tiger's investment in Botswana has seen a substantial and
developing Copper/Silver discovery and significant progress is
being made in the Company's investment in Thailand where the JV
partner is looking to permit and produce from a longstanding
silver/lead/zinc mine with processing plant (requiring
refurbishment) in-situ. Kibo Mining has substantially advanced its
Mbeya Coal to Power Project as well as its Imweru and Lubando gold
projects, as evidenced by the recent completion of the Integrated
Bankable Feasibility Study announced to the market on 23 January
2017.
From a corporate perspective each of the projects noted latterly
have the ability to materially further the success of the
companies, and also provide a significant opportunity, through
continuing investment, to have a major local economic impact,
providing much needed commodities in the case of Botswana and
Thailand, and power in the case of Tanzania. Furthermore should the
companies continue to invest successfully, there will be a
continuing increase in the number of employment opportunities and
socio-economic benefits for the local communities where the
projects are situated and also for the local, regional and national
governments through the generation of mineral royalties and
corporate taxation.
It is therefore appropriate that both companies focus their
efforts, energies and resources on these important core projects
and take the steps necessary to reduce non-core investments and
activities, including Pinewood and Morogoro, which although
worthwhile in themselves, could distract each company from their
main commercial purpose.
Both companies can confirm that there are no material ongoing
costs to be covered as a result of the cessation of the Joint
Ventures.
Metal Tiger retains 10m warrants to subscribe for Kibo Mining
plc new ordinary shares at a price of 9p (and subject to two
exercise price increases if Kibo Mining shares trade at 18p or
higher for 15 consecutive trading days - full terms detailed in 19
January 2015 announcement) with an exercise period until 25
February 2018.
Metal Tiger has confirmed it will not invest in Tanzania for a
minimum period of 6 months from today's date, however Metal Tiger
agrees that Kibo Mining may work with other parties to reconstruct
a portfolio of Uranium interests in Tanzania, should Kibo choose to
so do at some point in the future."
Michael McNeilly, CEO of Metal Tiger plc 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 GBP450,000 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."
For further information on the Company, visit:
www.metaltigerplc.com:
Michael McNeilly(Chief Tel: +44(0)20 7099 0738
Executive Officer)
Keith Springall (Finance Tel: +44 (0)207099 0738
Director
& Company Secretary)
Sean Wyndham-Quin Spark Advisory Partners Tel: +44 (0)
Neil Baldwin Limited 2033 683 555
(Nominated Adviser)
www.sparkadvisorypartners.com
Nick Emerson SI Capital Tel: +44 (0)1483 413 500
Andy Thacker (Joint Broker)
Andrew Monk VSA Capital Limited Tel: +44 (0)20 3005 5000
Andrew Raca (Joint Broker)
Gordon Poole Camarco Tel: +44 (0)203 757 4980
James Crothers (Financial PR)
Notes to Editors:
Metal Tiger plc is listed on the London Stock Exchange AIM
Market ("AIM") with the trading code MTR and invests in high
potential mineral projects with a precious and strategic metals
focus.
The Company's target is to deliver a very high return for
shareholders by investing in significantly undervalued and/or high
potential opportunities in the mineral exploration and development
sector timed to coincide, where possible, with a cyclical recovery
in the exploration and mining markets. The Company's key strategic
objective is to ensure the distribution to shareholders of major
returns achieved from disposals.
Metal Tiger's Metal Projects Division is focused on the
development of its key project interests in Botswana, Spain and
Thailand. In Botswana Metal Tiger has a growing interest in the
large and highly prospective Kalahari copper/silver belt. In Spain
Metal Tiger the Company has tungsten and gold interests in the
highly mineralised Extremadura region. In Thailand Metal Tiger has
expanding interests over licences, applications and critical
historical data covering antimony, copper, gold, silver, lead and
zinc opportunities.
The Company has access to a diverse pipeline of new
opportunities focused on the natural resource sector including
physical resource projects, new natural resource centred
technologies and resource sector related fintech opportunities.
Pipeline projects deemed commercially viable may be undertaken by
Metal Tiger or by an AIM or NEX Exchange (formerly ISDX) partner
with whom the Company is engaged.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170224005194/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
February 24, 2017 05:00 ET (10:00 GMT)
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