The company exercised an option to increase its share from the existing 51% and in turn gain greater stake in the number of manganese projects in Zambia.
Kaboko will buy 24 million shares trading at A$ 0.019 ($0.018) by paying $ 432,000 for the deal.
The manganese projects that Kaboko now expects to have a greater stake in include – five large scale prospecting licenses and three small scale mining licenses covering a total of 2,480 square kilometer.
The area is known to be rich in Manganese ore, comprising of Emmanuel, Peco and Canona Projects.
Impondo Zambia also has a small scale mining license for Chowa Open Pit Mine, which is part of the Emmanuel Project. It is from here that Impondo has mined high grade Manganese ore, completed the trial shipments and executed a offtake with Chinese steel giant Sinosteel.
It is the same steel giant with which Kaboko has an agreement to sell 180,000t of manganese ore.
According to sources, the first of the exports would begin later this year and the ore is expected to be shipped out of either Dar-e-Salam in Tanzania or Beira in Mozambique, directly to the shores of China.
