viewKatoro Gold

Katoro Gold booms as it confirms plans to press ahead at Imweru project in Tanzania

Katoro had suspended feasibility work at Imweru while it assessed the project’s economic viability in light of the new mining legislation in Tanzania

gold bars and dollar bills
Imweru currently has a resource of 515,110 ounces of gold

Shares in Tanzania-focused Katoro Gold PLC (LON:KAT) surged at the opening bell on Thursday after it confirmed plans to press ahead with the development of its Imweru project.

The AIM-quoted explorer had suspended feasibility work at the project while it assessed the economic viability in light of the new mining legislation in Tanzania.

READ: Katoro takes a long, hard look at economic feasibility of Imweru

But Katoro said on Thursday it believes there is “still good upside exploration and development potential” at Imweru, which currently has a resource of 515,110 ounces of gold.

Shares jumped 87.5% to 1.55p in early deals.

Tanzania’s new mining commission sat for the first time last week and indicated it was open to working with miners operating in the country to ensure the economic success of projects.

“We are delighted that the exploration / development upside potential for Imweru remains and hope that following further dialogue with the new Tanzanian Ministry of Minerals, we can take the project forward and ultimately develop a gold mine,” said executive chairman Louis Coetzee.

“Our optimism is further bolstered by the latest positive outcomes of discussions between the Tanzania Chamber of Mines and the MoM in relation to various contentious matters in the current mining legislation.”

On top of the news from Imweru, Katoro said it had made “excellent progress” to diversify its portfolio and has drawn up a short-list of projects that fit its investment criteria.

Quick facts: Katoro Gold

Price: 2.37 GBX

Market: AIM
Market Cap: £7.67 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


David Lenigas reckons Greatland Gold's Havieron is 'once in a generation' find

David Lenigas discusses Greatland Gold (LON:GGP) after the company pushed through £1bn market capitalisation last week. Australian gold major Newcrest Mining (ASX:NCM) has a farm-in agreement with GGP to explore and develop the Havieron gold-copper project and earn 70% interest in the 12...

1 hour, 37 minutes ago

2 min read