Ubuntu Mining and Metals Inc. (AQSE: UNTU) has confirmed delays in securing mining licences for the Dilotiko Iron Ore Project in Kenya, while continuing to evaluate additional investment opportunities across Africa’s iron ore sector.
The company retains its 25% interest in the Dilotiko project, held through its shareholding in Kenyan-incorporated Dilotiko Limited.
Ubuntu said the mining licences covering the project area were not issued during the third quarter of 2026 as previously anticipated, with regulatory and administrative procedures continuing.
Dilotiko’s management team and consultants are working with the relevant authorities to progress the outstanding applications, although no revised timetable for granting the licences has been announced.
Despite the delay, Ubuntu remains supportive of the Kenyan management team and its efforts to advance the project through the regulatory process.
In parallel, Ubuntu is reviewing additional and complementary iron ore investment opportunities across Africa, seeking to broaden its exposure to the sector while the Dilotiko licensing process continues.
The company believes its existing investment in Kenya provides a foundation for developing a wider portfolio of iron ore interests.
These potential investments could allow Ubuntu to diversify its project exposure and pursue additional growth opportunities, although no specific acquisitions or agreements have yet been announced.
Chairman Eitan Yanuv acknowledged disappointment over the delays in Kenya but reiterated the company’s support for Dilotiko’s management and consultants.
He confirmed that Ubuntu was actively assessing further opportunities within Africa’s iron ore industry and expected to provide additional updates shortly.
For investors, the licensing delay represents a setback to the anticipated development timetable at Dilotiko, with progress dependent on the completion of regulatory procedures and the granting of the necessary permissions.
However, Ubuntu continues to maintain its existing 25% interest while investigating opportunities to expand its investment portfolio.
Attention will now turn to progress on the Kenyan mining licence applications and potential new African iron ore investments, with the company indicating that further announcements could follow in the near term.
