Kibo Mining Plc MCPP Finalizes Transmission Line Bid (0987P)
August 29 2017 - 2:01AM
UK Regulatory
TIDMKIBO
RNS Number : 0987P
Kibo Mining Plc
29 August 2017
Kibo Mining Plc (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM:KIBO
ISIN: IE00B97C031
("Kibo" or "the Company")
29 August 2017
Mbeya Coal to Power Project ("MCPP") Finalizes Transmission Line
Bid
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX:
KBO), the Tanzania focused mineral exploration and development
Company, is pleased to announce that the Company has over the past
week concluded the final bid clarification with regard to the
construction of the transmission line that will evacuate power from
the Mbeya Power Plant in the Songwe District to the TANESCO Mbeya
sub-station.
The Engineering, Procurement and Construction ("EPC") (Power)
contractual work was divided into two lots, i.e. Lot 1, the Power
Station EPC contract, and Lot 2, the Power Line Construction EPC
contract. Lot 1 was awarded conditionally to SEPCO III during
December 2016 with Lot 2 to be finalised subject to concluding a
comprehensive line study. Following completion of various technical
studies related to the transmission line, most notably an
in-country line reconnaissance and survey by a combined Tractebel
Engineering and SEPCO III team, a final bid was prepared and
submitted to the Company by SEPCO III. Kibo Mining and Tractebel
Engineering conducted and concluded a clarification workshop
regarding the aforementioned final bid with the SEPCO III technical
team on 21 and 22 August 2017 in Beijing, China. The purpose of the
clarification workshop was to finalise the technical component of
the Power Line Construction EPC contract which is to be awarded to
SEPCO III as an integral part of the Power Station EPC contract,
subject to final technical, financial and operational benchmarking
that will be conducted by Tractebel Engineering over the course of
the next month.
Louis Coetzee, CEO of Kibo Mining, said: "Finalization of the
transmission line bid concludes all technical development work on
the MCPP prior to financial close. The Company is also continuing
to make significant progress on the remaining work streams it has
reported on over the past two months, with further updates to
follow in this regard.".
Contacts
Louis Coetzee +27 (0) 83 Kibo Mining Chief Executive
2606126 plc Officer
---------------- ------------- -------------------- --------------------
Andreas +27 (0) 83 River Group Corporate Adviser
Lianos 4408365 and
Designated Adviser
on JSE
---------------- ------------- -------------------- --------------------
Jon Belliss +44 (0) 207 Beaufort Securities Broker
382 8300 Limited
---------------- ------------- -------------------- --------------------
Andrew +61 8 9480 RFC Ambrian Nominated Adviser
Thomson 2500 Limited on AIM
---------------- ------------- -------------------- --------------------
Liz Morley +44 (0) 203 Bell Pottinger Investor and
/ 772 2500 Media Relations
Molly Stewart
---------------- ------------- -------------------- --------------------
Kibo Mining - Notes to editors
Kibo Mining is listed on the AIM market in London and the AltX
in Johannesburg. Kibo Mining is focused on exploration and
development of mineral projects in Tanzania, and controls a large
mineral rights portfolio in Tanzania. Tanzania provides a secure
and stable operating environment for the mineral resource industry
and Kibo Mining therein.
Kibo Mining holds a thermal coal deposit at Mbeya, which has a
significant NI 43-101compliant defined resource, and is developing
a 250-350 MW mouth-of-mine thermal power station, the Mbeya Coal to
Power Project ("MCPP"), previously called the Rukwa Coal to Power
Project ("RCPP"), with an established management team that includes
ABSA / Barclays as Financial Advisor. Kibo has completed a Coal
Mining Definitive Feasibility Study and a Power Pre- Feasibility
Study for the Mbeya project and has recently announced the
completion of an Integrated Bankable Feasibility Study report for
the project. On 25 August 2016, Kibo signed an Agreement with China
based EPC contractor SEPCO III granting it the right to become the
sole bidder for the EPC contract to build the power plant component
of the MCPP in exchange for SEPCO III refunding 50% of the
development costs incurred by Kibo to date on the project. Kibo has
already received the first tranche of this funding in the amount of
US$1.8 million on the 5th September 2016 and signed an EPC contract
with SEPCO III on the 19th December 2016.
Kibo also holds the Haneti Project on which the latest technical
report confirms prospectivity for nickel, PGMs, gold and strategic
metals including lithium.
Kibo Mining's projects are located in central Tanzania and in
the Mtwara Corridor in southern Tanzania where the Government has
prioritized infrastructural development attracting significant
recent investment in coal and uranium. Kibo Mining has a positive
working relationship with the Tanzanian government at local,
regional and national levels and works hard to maintain positive
relationships with all communities where company interests are
held. Kibo Mining recognizes the potential to enhance the quality
of life and opportunity for Tanzanian citizens through careful
development of its projects.
Updates on the Kibo Mining's activities are regularly posted on
its website www.kibomining.com.
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
Johannesburg
29 August 2017
Corporate and Designated Adviser
River Group
This information is provided by RNS
The company news service from the London Stock Exchange
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