Kibo Energy PLC Update on Mbeya Coal Mining Licence Application (9772E)
July 09 2019 - 9:35AM
UK Regulatory
TIDMKIBO
RNS Number : 9772E
Kibo Energy PLC
09 July 2019
Kibo Energy 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")
Dated: 09 July 2019
Kibo Energy PLC ('Kibo' or the 'Company')
Progress Update on Mbeya Coal LTD Mining Licence Application
Kibo Energy PLC, the multi-asset, Africa focused, energy
company, is pleased to announce a further positive development on
the Mbeya Coal to Power Project ("MCPP") licencing process.
Highlights
-- SML Application recommended for Approval, September 20, 2018 (RNS, September 26, 2018);
-- Special Mining Licence ("SML") Application converted to seven
Mining Licence ("ML") Applications in the interest of a better
economic outcome for all concerned stakeholders; and
-- Excellent cooperation and support by the Mining Commission of Tanzania.
Louis Coetzee, CEO of Kibo Energy, commented, "We are very
encouraged by the latest developments in respect of our
ML-application, which is the product of constructive and
co-operative interaction with the Mining Commission. The conversion
of the SML-application into seven ML-applications demonstrates the
willingness and commitment of the Mining Commission to cooperate
with investors under the latest mining legislation and to find
practical solutions in the interest of all stakeholders in order to
stimulate the mining industry in Tanzania. The change in approach
with regard to the ML-application has also provided further clarity
with regard to ongoing development of the MCPP in general and will
afford the MCPP with a very welcome gain in forward momentum."
Details
Following the publication by the Mining Commission on September
20, 2018 (see RNS of September 26, 2018) that the Mbeya Coal Ltd
Application for a SML was recommended for approval, Kibo remained
engaged in communication with the Mining Commission regarding the
approval process, which amongst other items also required cabinet
approval. The Mining Commission and Kibo recently agreed that on
technical and procedural grounds converting the SML-application
into seven ML-applications would be the most efficient and
effective approach under prevailing legislation to licence the area
under application for commercial mining activity and to ensure
proper support for the successful delivery of the MCPP. This
approach also allows for improved opportunity to serve the
interests of all stakeholders in a more balanced manner over the
long term. There is no difference in the status of a SML versus
that of a ML with the key differences between the two types of
licences being (1) Surface Area, (SML - 70 Km(2) ; ML - 10Km(2) );
(2) Duration, (SML - Life of Mine; ML - 10 Years, renewable until
depletion of deposit) and (3) Level of Approval (SML - Cabinet
level; ML - Ministerial level. Further updates on the progress of
the seven ML-applications will be provided in due course.
**ENDS**
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014.
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo.energy Kibo Energy PLC Chief Executive Officer
Andreas Lianos +27 (0) 83 4408365 River Group Corporate and Designated
Adviser on JSE
------------------- ----------------------- -------------------------
Ben Tadd / +44 (0) 20 3700 SVS Securities Limited Joint Broker
Tom Curran 0093
------------------- ----------------------- -------------------------
Jason Robertson +44 (0) 20 7374 First Equity Limited Joint Broker
2212
------------------- ----------------------- -------------------------
Andrew Thomson +61 8 9480 2500 RFC Ambrian Limited NOMAD on AIM
------------------- ----------------------- -------------------------
Isabel de Salis +44 (0) 20 7236 St Brides Partners Investor and Media
/ 1177 Ltd Relations Adviser
Gaby Jenner
------------------- ----------------------- -------------------------
Notes
Kibo Energy PLC is a multi-asset, Africa focused, energy company
positioned to address the acute power deficit, which is one of the
primary impediments to economic development in Sub-Saharan Africa.
To this end, it is the Company's objective to become a leading
independent power producer in the region.
Kibo is simultaneously developing three similar coal-fuelled
power projects: the Mbeya Coal to Power Project ('MCPP') in
Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in
Botswana; and the Benga Independent Power Project ('BIPP') in
Mozambique. By developing these projects in parallel, the Company
intends to leverage considerable economies of scale and timing in
respect of strategic partnerships, procurement, equipment, human
capital, execution capability / capacity and project finance.
Additionally, the Company has a 60% interest in MAST Energy
Developments Limited ('MED'), a private UK registered company
targeting the development and operation of flexible power plants to
service the Reserve Power generation market.
Johannesburg
09 July 2019
Corporate and Designated Adviser
River Group
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END
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