Kibaran Resources Limited: Positive Development from Tanzanian Government Letter of Guarantee for Mining Licence Renewal
Kibaran Resources Ltd. (Kibaran or the Company) (ASX: KNL) is pleased to announce that following positive discussions with the Tanzanian Government, the Mining Commission has issued a letter to the Company stating the Commission will renew the Mining Licence for the Epanko Graphite Project (Epanko or the Project) for an additional 10 years upon its expiry, providing that the requirements of Section 53 of the Mining Act 2010 are fulfilled. This aligns the Mining Licence to the term of senior debt facilities proposed for the Project. The guarantee letter was a major requirement of the lenders. The original Mining Licence was signed by the Minister of Energy and Minerals, Hon. George Simbachawene (MP) on 13 July 2015 and was at the time the remaining major milestone for the Project. This letter of guarantee for its renewal is an important demonstration of Government support for the Project and formed part of broader discussions that are currently taking place with the Commission. The current discussions are to finalise the remaining requirements of the lenders so the financing and subsequent construction of Epanko can proceed as soon as possible.
The Company wishes to thank the Honourable Minister of Minerals Ms Angela Kairuki (MP), the Chairman of the Mining Commission Professor Idris Kikula and the Executive Secretary of the Commission Professor Shukrani Manya and their staff.
For further information, please contact:
INVESTORS MEDIA
Andrew Spinks Paul Armstrong, Managing Director Read Corporate
T: +61 8 6424 9002 T: +61 8 9388 1474