Kibo Mining Plc MCPP Receives Formal Reconfirmation (8075G)
01 June 2017 - 4:00PM
UK Regulatory
TIDMKIBO TIDMKAT
RNS Number : 8075G
Kibo Mining Plc
01 June 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")
01 June 2017
Mbeya Coal to Power Project ("MCPP") Receives Formal
Reconfirmation to Continue with Accelerated Development of MCPP
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 extensive
interaction with the Ministry of Energy and Minerals ("MEM") over
the past month, the Company has received written reconfirmation
from the MEM calling for expedited development of the MCPP. The
letter follows a period during which the MEM has been the subject
of in depth policy reviews and management changes.
Louis Coetzee, CEO of Kibo Mining, said: "We are very pleased
with the latest response from the MEM, following recent policy and
structural changes at the MEM and TANESCO. The process of
negotiating and agreeing a final power purchase agreement should
now progress at a considerably faster pace than over preceding
months, as this remains the key to completing development of the
MCPP.
We are particularly encouraged by the MEM's acknowledgement of
the very advanced development status of the MCPP and its key role
as a strategic regional power hub able to tackle the unique
challenges faced by the Tanzania energy sector at all levels,
thereby providing a catalyst for further economic development."
Enquiries
Kibo Mining plc +27 (0) 83 2606126
Louis Coetzee
River Group +27 (0) 83 4408365
Andreas Lianos
Beaufort Securities Limited +44 (0) 207 382 8300
Jon Belliss
RFC Ambrian Limited +61 8 9480 2500
Oliver Morse
Bell Pottinger +44 (0) 203 772 2500
Liz Morley
Anna Legge
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 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 43-101compliant 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 01 June 2017
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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