LONDON (ShareCast) - Tanzania-focused resources group Kibo Mining made "extensive business progress" over the final quarter of 2014 as it continues to develop a number of projects.
The Rukwa Coal-to-Power Project (RCPP), which has been Kibo's "primary focus" this year, has now seen reports completed for its coal mining and power generation components. The company is currently in discussions with "numerous potential partners".

However, with the firm focusing its energy on RCPP the preliminary economic assessment for its Imweru gold project has taken longer than expected. Nevertheless, this has now been completed and will be reported to shareholders in due course.

The company's nickel, gold, platinum group metals, lithium and tantalum/niobium asset at Haneti is progressing with geochemical interpretation work nearing completion. Discussions with possible partners for this project are also ongoing.

During the quarter, Kibo also made progress on its Pinewood Uranium Project with a proposed 50/50 joint venture with Metal Tiger, and is currently looking for a partner for its Morogoro Gold Project.

"At the close of 2014 we have a considerable business, diversified by commodity and stage of exploration or development cycle," said chief executive Louis Coetzee.

"It has been a good year but the Company believes there are far greater value generation possibilities ahead and we as a team are highly enthused to continue our work, with regular and material news flow from the start of 2015."

The stock was down 6.3% at 8.32p by 10:00 on Tuesday.

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