Kabanga Tin Mines is a joint venture mining project between Libra Pty Ltd of Australia and Daled Mining Ltd. of Zambia. Libra is the “Mine Developer”, based in Brisbane Australia, and Daled Mining Ltd operates in Zambia and will be referred to as “The Explorer”.
Exploration on the three tin leases indicates that the Libra tin deposits may be one of the largest in the world. Initial tests show high levels of tin, tantalite and niobium with some reefs of gold and PGM (Platinum Group Metals).
With the rising price of tin and increasing demand for tin, the company is in an excellent position to be a major contributor to the resources industry and supply the world with tin.
The company has sourced the latest technology in ore processing which will give the best recovery of tin and secondary metals such as tantalite, niobium, gold and platinum. At first it can be exported as mixed concentrate, then, later as tin ingots of 99.85% purity and separate metals tantalite, niobium, gold and platinum.
Kabanga Tin Mines has of several leases owned 100% by the Libra Group of Australia and their daughter companies, “Apila Ltd”, “Libra Minerals Ltd” and “Woodsman Investment Ltd” of Zambia.
Daled Mining Ltd of Zambia (the Mine Explorer) will receive from Libra Pty Ltd, royalties of 15% of the net profit before income tax.
Libra Pty Ltd is a private equity investment corporation established in Australia since 1990 and acts as the project developer. The company plans to go public in 2008 and then listed on the Australian Stock Exchange (“ASX”) in May 2009.
Libra now holds 2 mining licenses and several prospecting permits in the tin belt of Zambia.
Libra Pty Ltd has signed a Share Swap Agreement with one of the investors and is no longer involved in this project! Libra shall now focus on its Exploration Projects in Indonesia.
The Tenements are located in the tin belt region of Zambia near Livingstone in the Southern Province (Kalomo and Choma Districts).
A distance of approx 400km south of Lusaka with mostly good access road up to the site.
Libra has applied for a further 16 sites. 3 leases were granted on February-March 2007 and 13 are still pending.
The mining rights are as follows:
Siankopo: 10 years small scale mining license (SML 308)
Ibula: 10 years small scale mining license (SML 307)
Kandiole: 2 years prospecting permit (PP 258)