Kasbah Resources has made a first move into exploration in Central Africa, now that it has completed a definitive feasibility study on its Achmmach project in Morocco and is looking to secure financing to develop that project, with 25% to come from its Japanese partners.
The company has signed an exploration farm-in agreement with the Ugandan subsidiaries of the Australian private company Starfield Metals Limited in Starfield’s Kikagati Tin Project in south-western Uganda. This agreement covers Starfield’s mining and exploration licences covering 96 km2 in area, located in south-western Uganda and provides the opportunity for Kasbah to earn up to 51% interest in this project. In a statement managing director Wayne Bramwell said: “Kasbah‘s primary interest in this region is to utilize its exploration skills to identify and develop easily accessible, shallow tin deposits. South-western Uganda is a highly prospective tin belt with historic production from small scale hard rock and alluvial mines between 1927 and 2001 of some 13,000 tonnes of tin in concentrate. This tin field extends south and west into Rwanda, the DRC and Northern Tanzania, and has had little systematic exploration since the 1950s.”
Kasbah also reported on 30 June that Toyota Tsusho Corporation (TTC) has completed its acquisition of a 20% interest in the Achmmach project. TTC has paid $16M to Kasbah since 2012 and with this final payment of $1.2M takes TTC’s total project level investment to approximately $17.2M. The JV interests are now confirmed as: Kasbah 75%, TTC 20% and Nittetsu Mining 5%.