TIDMKIBO
RNS Number : 9788J
Kibo Mining Plc
16 September 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")
16 September 2016
Kibo Signs Memorandum of Understanding with GE International
Inc.
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX:
KBO), the Tanzania focused mineral exploration and development
Company is pleased to announce that it has signed a Memorandum of
Understanding ("MOU") with General Electric International Inc
("GE"), with respect to the development of the Mbeya Coal to Power
Project ("MCPP" or "the Project"). The MOU provides for GE and its
affiliate companies ("GE Group") to supply equipment, technology
and services to the MCPP power plant, in addition to exploring
opportunities where it can assist Kibo in bringing the Project to
successful financial close. Kibo and GE are in discussions to set
out in detail the terms and conditions of their collaboration into
a binding agreement.
Louis Coetzee, CEO of Kibo Mining, said: "We are extremely
pleased that we have established this relationship with GE, one of
the largest and technologically advanced companies in the World. We
are looking forward to working with GE and benefitting from its
expertise and reputation in the power sector."
About General Electric Company ("GE")
GE is an American multinational digital industrial conglomerate,
headquartered in Boston and operates through a number of business
divisions which includes power generation, oil & gas, aviation,
healthcare, transportation and capital. Across these divisions the
company supplies a broad range of equipment, technology and
services. It is the fourth largest company in the World (Forbes
Global 2000) and the 6(th) largest in the US by gross revenue.
The Company's Power segment serves power generation, industrial,
government and other customers around the world with products and
services related to energy production and water reuse. The
Company's products and technologies harness resources, such as oil,
gas, coal, diesel, nuclear and water to produce electric power and
include gas and steam turbines, full balance of plant, upgrade and
service solutions, as well as data-leveraging software. Its Steam
Power Systems offers steam power technology for coal and nuclear
applications, including boilers, generators, steam turbines, and
Air Quality Control Systems (AQCS) to help efficiently produce
power and provide performance over the life of a power plant.
The Company's Power Services delivers maintenance, service and
upgrade solutions across total plant assets and over their
operational lifecycle, leveraging the Industrial Internet to
improve the performance of such solutions. Its Distributed Power
provides technology-based products and services to generate power
at or near the point of use
Source: www. reuters.com
Contacts
Louis Coetzee +27 (0) 83 2606126 Kibo Mining Chief Executive Officer
plc
--------------------- ---------------------- --------------------- ------------------------------
Andreas Lianos +27 (0) 83 4408365 River Group Corporate Adviser and
Designated Adviser on
JSE
--------------------- ---------------------- --------------------- ------------------------------
Beaufort
Securities
Limited
Jon Belliss +44 (0) 207 Broker
382
8300
--------------------- ---------------------- --------------------- ------------------------------
RFC Ambrian
Oliver Morse +61 8 9480 2500 Limited Nominated Adviser on AIM
--------------------- ---------------------- --------------------- ------------------------------
Daniel Thöle +44 (0) 203 Bell Pottinger Investor and Media Relations
/ 772 2500
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 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
The Company also has extensive gold focused interests including
Lake Victoria Goldfields and Morogoro projects. At Lake Victoria,
the Company has 100% owned projects with a 550,000 oz. JORC
compliant gold Mineral Resource at the Imweru Project and a 168,000
oz. NI 43-101 compliant gold Mineral Resource at the Lubando
Project. 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
16 September 2016
Corporate and Designated Adviser
River Group
This information is provided by RNS
The company news service from the London Stock Exchange
END
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September 16, 2016 02:00 ET (06:00 GMT)
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