Kibo MiningPlc said July 22 that Acacia Mining plc has agreed to convert its remaining10% interest in the Imweru and Lubando gold projects in Tanzania to a 2% netsmelter royalty.
The agreement will pave the way for Kibo to its Imweru goldproject with Lake Victoria GoldLtd.'s Imwelo gold project in northern Tanzania.
Kibo CEO Louis Coetzee said, "With this agreement inplace, we expect to move promptly towards execution of the definitiveagreement" for the consolidation.
Kibo's unit Reef Miners Ltd. signed the agreement with Acacia'sABG Exploration Ltd.