Kibo Mining Plc MCPP: O&M Expression of Interest for Power Plant (6527E)
July 20 2016 - 2:00AM
UK Regulatory
TIDMKIBO
RNS Number : 6527E
Kibo Mining Plc
20 July 2016
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:IE00B97C0C31
("Kibo" or "the Company")
20 July 2016
MCPP: O&M Expression of Interest for Mbeya Power Plant
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX:
KBO), the Tanzania focused mineral exploration and development
Company is pleased to announce another milestone in the progress of
the Mbeya Coal to Power Project ("MCPP") following the finalization
of an Expression of Interest process, focused on developing the
Operations and Maintenance (O&M) Agreement for the Mbeya Power
Plant.
In order to assess the appetite of the market for operation and
maintenance services to the 2x150MW Coal Fired Power Plant as part
of the MCPP, a Request for Expression of Interest (REOI) was
recently launched. The REOI was sent to a number of pre-selected
leading service providers in the O&M third party market, on the
basis of their established international track record as third
party O&M service providers for coal fired power plants.
The REOI received positive expressions of interest from 90% of
the companies approached, with one company declining the
opportunity on the basis of capacity constraints. This constitutes
a positive reaction from the market and indicates strong confidence
in the project.
Louis Coetzee, CEO of Kibo Mining, said: "The further
development of the Mbeya Power Station, post - DPFS, involves the
parallel development and finalization of the EPC and O&M
contractual arrangements. We are delighted to note that the
response to our invitation for expressions of interest, from
leading international O & M providers, indicated a strong
market interest in the MCPP, but also confirmed the robustness of
the project based on the willingness of prospective O&M
contractors to commit for the entire life of plant i.e. 25
years
As we diligently continue with the last remaining work required
to finalize the Integrated Bankable Feasibility for the MCPP, we
are in parallel finalizing the definitive agreement with Lake
Victoria Gold Limited ("LVG") to amalgamate our Imweru gold project
with LVG's Imvelo gold project. Further progress updates with
regard to both initiatives will follow shortly"
Contacts
+27 (0) 83 2606126 Kibo Mining Chief Executive Officer
Louis Coetzee plc
--------------------- ---------------------- --------------------------- ---------------------------------
Corporate Adviser and
Andreas Lianos +27 (0) 83 4408365 River Group Designated Adviser on
JSE
--------------------- ---------------------- --------------------------- ---------------------------------
Beaufort Securities
Jon Belliss +44 (0) 207 382 Limited Broker
8300
--------------------- ---------------------- --------------------------- ---------------------------------
RFC Ambrian
Oliver Morse +61 8 9480 2500 Limited Nominated Adviser on
AIM
--------------------- ---------------------- --------------------------- ---------------------------------
+44 (0) 203 772
Daniel Thöle 2500 Bell Pottinger Investor and Media Relations
/ Anna Legge
--------------------- ---------------------- --------------------------- ---------------------------------
Kibo Mining - Notes to editors
Kibo Mining is listed on the AIM market in London and the AltX
in Johannesburg. The Company is focused on exploration and
development of mineral projects in Tanzania, and controls one of
Tanzania's largest mineral right portfolios. 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 43-101 compliant defined resource, and is developing
a 250-350 MW mouth-of-mine thermal power station, the Mbeya Coal to
Power Project ("MCPP"), previously called Rukwa Coal to Power
Project ("RCPP"), with an established management team that includes
Standard Bank as Financial Advisor. Kibo is undertaking a Coal
Mining Definitive Feasibility Study and a Power Pre-Feasibility
Study for the Mbeya project with an integrated Bankable Feasibility
Study report for the MCPP to be released in the near term. On 20th
April 2015, Kibo signed a Joint Development Agreement for the
completion of the Definitive Feasibility Studies and development of
the MCPP with China based EPC contractor SEPCO III.
The Company also has extensive gold focused interests including
Lake Victoria Goldfields and Morogoro projects. At Lake Victoria,
the Company has projects with a 550,000 oz. JORC compliant gold
Mineral Resource at Imweru Project and a 168,000 oz. NI 43-101
compliant gold Mineral Resource at the Lubando Project in which the
Company holds a 90% attributable interest. The Company is currently
undertaking a Definitive Feasibility Study on its Imweru
Project.
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 further holds the Pinewood (coal & uranium)
project where the company has entered into a 50/50 Exploration
Joint Venture with Metal Tiger plc.
Finally, the Company also holds the Morogoro (gold) project
where the company has also entered into a 50/50 Exploration Joint
Venture with Metal Tiger plc.
The Company's projects are located in the established and gold
prolific Lake Victoria Goldfields, the emerging goldfields of
eastern Tanzania and the Mtwara Corridor in southern Tanzania where
the Government has prioritized infrastructural development
attracting significant recent investment in coal and uranium. The
Company 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. The Company recognizes the potential to enhance
the quality of life and opportunity for Tanzanian citizens through
careful development of its projects.
Updates on the Company's activities are regularly posted on its
website www.kibomining.com
Johannesburg
20 July 2016
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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