Katoro Aims For Diversification Amid Positive Gold Project Outlook

20th Mar 2018 11:29

LONDON (Alliance News) - Katoro Gold PLC said Tuesday it expects to complete the assessment on the economic feasibility of Imweru gold project located in Tanzania by the end of the second quarter or early third quarter 2018, and in addition, the company aims to diversify its portfolio further.

The AIM listed gold project development company said earlier in March that the current assessment of the economic feasibility of Imweru is based on the preliminary pre-feasibility results and the new mining legislation and regulations in Tanzania.

The board aims to diversify the company's portfolio and "has approved a specific strategy and programme for the identification and evaluation of new an additional projects," the company said.

The company added it has a strong cash position of approximately GBP540,000 to pursue the execution of its strategy and work programmes.

"It should be remembered that is has always been the company's objective to bring the Imweru gold project into production on an expedited basis, so as to generate sufficient revenues to self-fund the further development and expansion of the Imweru and Lubando gold projects," Executive Chairman Louis Coetzee said. "We are also committed to diversifying our asset portfolio and are assessing various projects that the Board believes to be value accretive opportunities. I look forward to updating shareholders with our progress and findings moving forward," Coetzee added.

Katoro shares were 21% down at share price 1.03 pence on Tuesday morning.

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