Kilembe Mines Ltd. has shortlisted three companies as finalists in the bidding exercise that seeks to revamp Kilembe. The three firms include Gingko Energy Investments Co., Tibet-Hima Group and Shree Minerals Limited (ASX:SHH), according to Aston Kajara, the State Minister for Privatisation. Aston Kajara said the three companies have been requested to submit detailed technical and financial proposals before the end of this month for further scrutiny. VettingHe added that the Privatisation Unit (PU), an agency of the Finance ministry, has done preliminary assessment of the companies and they are now doing due diligence on the companies to ensure that whichever company is given the tender has the technical capacity, financial muscle and integrity to implement the project to the benefit Ugandans. The successful bidder will enter into a concession agreement with the government, take over the rehabilitation of assets, revive the mining activities and carry out further exploration activities.

Shree Minerals Limited announced that they will report first half, 2013 results on Feb 28, 2013

The Ugandan government is looking to privatize Kilembe Mines Ltd. and expects to announce the winning firm by late April, 2013. The privatisation unit’s spokesperson, Jim Mugunga said that over the weekend the evaluation of the bids will immediately follow after due diligence is done. "We are issuing the request for proposal and doing the due diligence concurrently in February and March," said Mugunga, adding that by early May, the process should be complete. However, reports indicate that a Cabinet subcommittee on privatization, the Divestiture Reform and Implementation Committee, has approved a list of five shortlisted bidders for Kilembe Mines and recommended them to proceed to the final stage of the divestiture process. The firms are Sinosteel Corporation, Tibet-Hima Group, KCM Plc, Shree Minerals Limited and Gingko Energy Investments Co. (China). Initially there were close to 40 firms interested in Kilembe. Mugunga reports that appeared in the local media that there is already a winner, describing it as a concoction.