Kibo Mining Plc Mbeya Coal to Power Project ("MCPP") - Update (1130M)
July 26 2017 - 02:01AM
UK Regulatory
TIDMKIBO
RNS Number : 1130M
Kibo Mining Plc
26 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")
26 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 recent
announcements (See RNS' of 01 June 2017, 14 June 2017 and 14 July
2017), the Company has during the past week concluded a very
successful second round of follow-up meetings with Government
departments and other Tanzanian stakeholders regarding the further
development of the MCPP.
Whilst completion of the Mbeya Coal special mining right
application remains on course, as does the environmental
certification of the Mbeya Coal Mine and Mbeya Power Plant, the
following significant milestones were also achieved during the past
week:
-- Official instruction by the Tanzanian Ministry of Energy and
Minerals ("MEM"), to the Company and TANESCO, to prepare a final
Memorandum of Understanding that will govern the further
development of the MCPP in general and the Power Purchase Agreement
("PPA") in particular. The latter is to be submitted to the
Attorney General for review within the next ten days, with the
Company anticipating receipt of approval sometime thereafter in the
absence of any feedback to the contrary;
-- On the back of the latest progress made in the further
development of the MCPP, several formal expressions of interest
were received from internationally recognized infrastructure
investors, expressing interest in making equity investments in the
MCPP.
Further high level workshops and meetings will take place over
the course of next month as part of the ongoing priority
development schedule for the MCPP and the Company looks forward to
updating shareholders in due course.
Louis Coetzee, CEO of Kibo Mining, said: "We are very pleased
with progress on the MCPP over the past six weeks and particularly
pleased with the significant increase in momentum over the past
three weeks. Development of the MCPP is currently advancing on all
levels and we are optimistic that this trend will persist going
forward.
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
26 July 2017
Corporate and Designated Adviser
River Group
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCRFMATMBMTMLR
(END) Dow Jones Newswires
July 26, 2017 02:01 ET (06:01 GMT)
Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Feb 2024 to Mar 2024
Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Mar 2023 to Mar 2024