The London Stock Exchange and AIM-Listed Metal Tiger plans to invest a further $1.5-million in the Botswana-based Kalahari Metals (KML), which will increase its stake in the company to 62.2 percent.
Additionally, Metal Tiger has been conditionally granted a 2% net smelter royalty over all of KML’s wholly-owned licences, which currently total seven licences covering 6 650 km2. The royalty will fall away should Metal Tiger invest a further amount that is lower than the investment, subject to a cap of $500 000. Effectively, any further investment by Metal Tiger up to $500 000 must be at the same valuation as the investment. KML will use Metal Tiger’s latest equity investment to fund exploration drilling at the Kitlyana East, Okavango Copper and Kitlyana West projects, which are located in the Botswana portion of the Kalahari Copperbelt.
KML will utilise the proceeds of the Investment to fund exploration drilling programmes at the Kitlanya East (‘KIT-E’), Okavango Copper Project (‘OCP’) and Kitlanya West (‘KIT-W’) projects, located in the Botswana portion of the Kalahari Copper Belt. Environmental approvals are now in place for drilling on all of KML’s projects. Drilling and soil sampling programmes are planned to start at KIT-E in March 2020, followed by further target drilling at the OCP and KIT-W project.
Metal Tiger chief executive, Michael McNeilly, said the investment will allow the KML team to progress exploration and increase Metal Tiger’s exposure to the Kalahari Copper Belt. “This investment will allow the KML team to progress exploration and prove up other targets at KIT-E, Kit-W and OCP, and also increases Metals Tiger’s exposure to the highly prospective Kalahari Copper Belt, which currently includes our interest in KML, as well as in Sandifire’s T3 Project and A$ Project, where MTR has capped US$2m,” said McNeilly.
He added: “In the context of our expectation of an increasing global requirement for copper production, and therefore exploration, we expect the Kalahari Copper Belt to become an increasingly more valuable area to be situated and one delighted to increase our interest in the area.” Drilling at the KIT-E will consist of four scout diamond holes, which will target fold hinge structures. Results from the soil sampling are expected to assist in advancing these targets for geophysical follow-up and drilling testing.
Completed drilling at the OCP has demonstrated the effectiveness of targeting the prospective DKF-NPF contact using AEM modelling. Further diamond drilling is planned to target extensions of the contact from Cupric Canyon’s Zone 5 and Zone 5 north deposits after completion of the KIT-E drill programme. Assays are still awaited from the previous drill programme. Drilling is planned at KIT-W after completion of target drilling on OCP.
The Kalahari Metals holds interests in 12 highly prospective exploration licences covering a total area of 8.595km2 in the Kalahari Copperbelt of Botswana, comprising two 100 percent owned exploration licences, five exploration licences subject to a binding earn-in agreement.
China’s Gross Domestic Product (GDP) expanded by 3% year-on-year to 121.02 trillion yuan ($17.93 trillion) in 2022 despite being mired in various growth pressures, according to data from the National Bureau Statistics.
The annual growth rate beat a median economist forecast of 2.8% as polled by Reuters. The country’s fourth-quarter GDP growth of 2.9% also surpassed expectations for a 1.8% increase.
In 2022, the Chinese economy encountered more difficulties and challenges than was expected amid a complex domestic and international situation. However, NBS said economic growth stabilized after various measures were taken to shore up growth.
Industrial output rose 3.6% in 2022 over the previous year, while retail sales slightly shrank by 0.2% data show that fixed-asset investment increased 5.1% over 2021, with a 9.1% hike in manufacturing investment but a 10% fall in property investment.
China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million, and officials have stressed the importance of continuing an employment-first policy in 2023.
Meanwhile, China tourism market is a step closer to robust recovery. Tourism operators are in high spirits because the market saw a good chance of a robust recovery during the Spring Festival holiday amid relaxed COVID-19 travel policies.
On January 27, the last day of the seven-day break, the Ministry of Culture and Tourism published an encouraging performance report of the tourism market. It said that domestic destinations and attractions received 308 million visits, up 23.1% year-on-year. The number is roughly 88.6% of that in 2019, they year before the pandemic hit.
According to the report, tourism-related revenue generated during the seven-day period was about 375.8 billion yuan ($55.41 billion), a year-on-year rise of 30%. The revenue was about 73% of that in 2019, the Ministry said.
The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.
Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.
According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.
The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.
Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.
Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.
Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana. The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.