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Irish exploration firm lists on JSE's AltX

30 May 2011

Irish mineral exploration and development company Kibo Mining plc has secured a secondary listing on the JSE's AltX board.

Kibo, which has its primary listing on the London Stock Exchange's Alternative Investment Market (AIM), focuses on gold and nickel projects in Tanzania.

Through a strategic investment in Mzuri Gold, Kibo has access to one of the largest mineral right portfolios in Tanzania, both in the established and gold-prolific Lake Victoria Goldfields and in the newly emerging goldfields of eastern Tanzania between the towns of Morogoro, Dodoma and Handeni.

"The approval by the JSE of our dual listing marks an important step in the company's development and supports our strategy to be a significant African mineral exploration and development company," Kibo Mining CEO Noel O'Keefe said in a statement last week.

Offshore allowance

Listing on the AltX, a separate board of the JSE that focuses on quality, high-growth companies, also raises the profile of Kibo Mining, while providing the company with an additional market through which its projects can be funded and developed.

The dual listing also frees capital to consolidate the company's position in the industry by acquisition of other potential mineral assets.

South African individuals will be able to acquire Kibo shares on the JSE, without restriction. Consequently, the purchase of Kibo shares by a South African individual would not affect their R2-million offshore investment allowance.

SAinfo reporter