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IBI CORP V.IBI



TSXV:IBI - Post by User

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Comment by bjhernonon Feb 01, 2011 10:56am
146 Views
Post# 18054734

RE: Uganda Foreign Investment Increase 8.9% on Min

RE: Uganda Foreign Investment Increase 8.9% on MinHa Ha Ha ... typical !!!
This is just like IBI rehashing their MD&A. The Original article was put out last August - and NOTHING has changed since !!!

Uganda Expects Foreign Investment to Increase 8.9% on Oil, Mining Spending

By Fred Ojambo - Aug 23, 2010 4:15 AM ET

Foreign direct investment in Uganda, set to become an oil producer in 2011, may grow 8.9 percent this year amid increased investment in the country’s energy and mining industries, the Uganda Investment Authority said.

Planned investment may climb to $1 billion in the 12 months through December from $917.9 million in 2009, Maggie Kigozi, the executive director of the agency, said in an Aug. 20 interview from Kampala, the capital. The economic recovery following the global financial crisis may also spur investors to commit to projects in the East African nation, she said.

“I would expect us to hit $1 billion as far as FDI is concerned because a lot of companies are expressing interest in investment in the oil and mining sectors,” Kigozi said. “Last year, we were hurt by the global financial crisis, but the situation is now much better.”

Uganda will become Africa’s latest oil producer when Tullow Oil Plc begins production at the Kasamene field next year. The country has an estimated 2 billion barrels of oil, with 800 million barrels already discovered, according to Tullow.

Ugandan President Yoweri Museveni announced last year the country has deposits of uranium in an area of 52,900 square kilometers (22,780 square miles) in its central and western regions. IBI Corp., a Port Perry, Canada-based company, was licensed in 2007 to explore for the nuclear fuel.

Investment by both domestic and foreign investors may total $2.5 billion this year, from $1.6 billion last year, Kigozi said, without providing further details.

To contact the reporter on this story: Fred Ojambo in Kampala via Johannesburg at pmrichardson@bloomberg.net.



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BI:CN
IBI Corp
IBI's Grey Crowns Plans Toronto IPO to Fund Uganda Gold Mines

By Fred Ojambo

Dec. 14 (Bloomberg) -- IBI Corp.'s Grey Crowns Resources Ltd. plans to raise as much as $20 million in an initial public offering in Toronto to fund gold-mine projects in Uganda.

``We're going public in the second quarter of next year,'' Gary Fitchett, chief executive officer of Port Perry, Canada- based IBI said in an interview yesterday in the Ugandan capital, Kampala. ``We want to raise $15 million to $20 million.''

Grey Crowns will use the funds to expand its Busitema Gold Co. operations in eastern Uganda and explore for the precious metal in two license areas in the southeast of the country, he said. Uganda is trying to develop its mining industry to spur development in the $6.5 billion economy.

To contact the reporter on this story: Fred Ojambo in Kampala via the Johannesburg bureau at 1933 or abolleurs@bloomberg.net

Last Updated: December 14, 2007 05:35 EST

https://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=IBI:CN&sid=auZ2f9m8MPzU

So does it appear that IBI has a writer on staff to "pump up the rhetoric"?
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