Kibo Mining Plc Update on Acquisition by Opera (7479Q)
December 02 2016 - 2:01AM
UK Regulatory
TIDMKIBO
RNS Number : 7479Q
Kibo Mining Plc
02 December 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")
02 December 2016
Update on Acquisition by Opera of the Imweru and Lubando Gold
Projects
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX:
KBO), the Tanzania focused mineral exploration and development
Company announced on 23 September 2016 that a Heads of Terms had
been agreed by Opera and the Company, for Opera to acquire the
Imweru and Lubando gold projects from Kibo Mining Plc ("the
Proposed Acquisition").
Kibo and Opera are pleased to announce that the Proposed
Acquisition is progressing well and is at an advanced stage. Both
Kibo and Opera have been working hard alongside their professional
advisers to process the considerable and appropriate transaction
documentation and are pleased with progress to date.
It is likely that the fundraising required to complete the
Proposed Acquisition will take place early in the New Year and
every effort is being made to complete the transaction as soon as
possible. Shareholders should note that there remain a number of
matters that the Proposed Acquisition is conditional upon which are
expected to be successfully completed in due course.
Further announcements in relation to the Proposed Acquisition
will be made as soon as appropriate.
Louis Coetzee, CEO of Kibo Mining, said: "We are very pleased
with the significant progress that has been made towards finalizing
the Imweru / Lubando transaction, alongside the considerable
progress made on advancing the Mbeya Coal to Power Project."
NOTE: The Company's latest updated corporate presentation can be
viewed at www.kibomining.com and includes an updated perspective on
the MCPP work streams currently underway.
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
--------------------- ---------------------- --------------------- -------------------------------
Jon Belliss +44 (0) 207 Beaufort Broker
382 Securities
Limited
8300
--------------------- ---------------------- --------------------- -------------------------------
Oliver Morse +61 8 9480 2500 RFC Ambrian Nominated Adviser on AIM
Limited
--------------------- ---------------------- --------------------- -------------------------------
Liz Morley / +44 (0) 203 Bell Pottinger Investor and Media Relations
Anna Legge 772 2500
--------------------- ---------------------- --------------------- -------------------------------
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
ABSA / Barclays 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
02 December 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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