Thursday May 8, 04:02 PM
Kiwara to develop iron ore in Kalumbila
LONDON (ShareCast) - Zambia-focused miner Kiwara has negotiated an amendment to its joint-venture agreement with LM Engineering to include the mining of iron ore. Kiwara is paying LM Engineering $100,000 to waive its rights to indepdently
develop the iron ore prospects in the Licence 267 area in the Kabompo region of Zambia. The region is known to contain a large number of stand-alone iron ore outcrops, with grades ranging from 57% to 69% Fe.Kiwara has a 75% stake in the the Kalumbila joint-venture. "The inclusion of iron ore has the potential to significantly enhance shareholder value and it is the company's intention to commence exploration on the Iron Ore targets as soon as is reasonably possible," said Kiwara's chairman, Colin Bird.
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