Kibo Mining Plc Mbeya Coal to Power Project ("MCPP") - Update (1377L)
July 14 2017 - 7:30AM
UK Regulatory
TIDMKIBO
RNS Number : 1377L
Kibo Mining Plc
14 July 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")
14 July 2017
Mbeya Coal to Power Project ("MCPP") - Update
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX:
KBO), the Tanzania focused mineral exploration and development
Company, is pleased to announce that, following a week of follow-up
meetings with Government departments and other Tanzanian
stakeholders regarding the further development of the MCPP, there
is no identified adverse impact on the further development of the
MCPP as a result of recent changes in the legislative environment.
Further, on the basis of these discussions the Company does not
anticipate any future adverse impact on the development of the
MCPP, however the Company will be diligently reviewing its position
on this matter going forward.
Kibo reiterates that the completion of the Mbeya Coal special
mining right application remains on schedule as does the
environmental certification of the Mbeya Coal Mine and Mbeya Power
Plant.
Further high level workshops and meetings will take place in the
course of next week as part of the recently announced priority
development schedule for the MCPP and the Company looks forward to
updating shareholders in due course.
Louis Coetzee, CEO of Kibo Mining, said: "As far as continued
progress in the development of the MCPP is concerned, we have not
seen any slowdown or hesitation from the Tanzanian government or
regulatory authorities as a result of the recent legislative
changes. As stated before it is business as usual for Kibo, while
we continue to study the latest amendments to the mining act to
understand any possible impact these may have on Kibo and its
projects
We will continue to keep the market updated".
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 14July 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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