Business
Katoro Enters JV on Strategic Iron Opportunity
Katoro Enters JV on Strategic Iron Opportunity.
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[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Katoro Gold plc (Incorporated in England and Wales)\n \n (Registration Number: 9306219)\n \n \n Share code on AIM: KAT\n \n \n ISIN: GB00BSNBL022\n \n \n (\"Katoro\" or \"the Company\")\n \n \n \n \n Dated: 20 September2022\n \n \n \n \n \n Katoro Gold PLC ('Katoro' or the 'Company')\n \n \n \n \n \n KATORO GOLD ENTERS INTO UNINCORPORATED JOINT VENTURE ON STRATEGIC\nIRON PRODUCTION OPPORTUNITY\n \n \n Katoro Gold PLC ('Katoro' or 'the Company') (AIM: KAT), the strategic and precious minerals exploration and development company, is pleased to announce that it has entered into a conditional agreement ('the Agreement') with Trans Namibian Mining and Minerals (Pty) Ltd ('TNMM') to undertake exploration/development activities on TNMM's iron ore project in Namibia.\n \n Below is an overview of the Agreement and Project. Readers are encouraged to review the announcement in its entirety, including the section headed 'Important Information for Shareholders'.\n \n \n OVERVIEW OF THE AGREEMENT AND PROJECT\n \n \n Joint Venture\n \n Katoro has entered into a binding conditional agreement to form a 50/50 unincorporated joint venture ('JV') with TNMM (and together with Katoro, the 'JV Partners'). The JV seeks to continue the development of TNMM's iron ore project.\n The Agreement provides Katoro with a pre-emptive right to acquire up to 60% of the total issued share capital of TNMM and the same percentage of all claims on the shareholder loan account against TNMM should the shareholders of TNMM decide to sell their interest in TNMM.\n \n Project Overview\n \n The TNMM Properties comprise the four farms owned by TNMM in Namibia (the 'Project' or the 'Trans Namibian Iron Ore Venture') and known as Naruchas, Kanubeb Wes, Kanubeb Oos and Kanubeb. The most exploration work undertaken to date has been on an iron ore project based on the Naruchas farm ('Naruchas').\n The deposit on the Naruchas farm is being explored for medium- to high-grade sedimentary iron ore. The iron ore on Naruchas occurs as a black to dark-grey laminated ore with massive magnetite and hematite mineralisation.\n The JV Partners plan to continue the exploration and potential development of deposits of iron ore and any other minerals from the ...