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LONDON (Alliance News) - Shares more than doubled in Katoro Gold PLC on Thursday as it said it identified further potential in the exploration and development potential of the Inweru Gold Project in Tanzania.
Shares in the Tanzania-focused gold miner more than doubled to 1.95 pence on Thursday.
Katoro Gold said it has completed its economic feasibility of of the project, based on the preliminary feasibility results as well as new mining legalisation and operations in the country.
In addition, Tanzania's new mining commission said last week it was open to engaging with companies to ensure the success of projects within the frame of the new mining legislation.
In March, a new Finance Act which imposes a 1% clearing fee on the value of all minerals exported from Tanzania from the start of July was approved by parliament.
"We are delighted that the exploration and 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. Our optimism is further bolstered by the latest positive outcomes of discussions between the Tanzania Chamber of Mines and the Ministry of Minerals in relation to various contentious matters in the current mining legislation," said Executive Chairman Louis Coetzee.