Kibo Mining Plc Mbeya Coal to Power Project ("MCPP") - Update (6261O)
August 22 2017 - 1:01AM
UK Regulatory
TIDMKIBO
RNS Number : 6261O
Kibo Mining Plc
22 August 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")
22 August 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 provide the following update following the
Company's RNS dated 26 July 2017:
-- An updated MOU, in reply to an 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, has been duly
submitted as instructed. A version of the MOU approved for
execution is expected shortly, subject to any further request(s)
for clarification that may be received;
-- The Company has progressed discussions with various
internationally recognized infrastructure investors that had
formally expressed interest in an equity investment in the MCPP.
Formal negotiations with these groups will be undertaken over the
coming weeks, with the objective of working towards finalizing a
comprehensive funding arrangement that will satisfy the MCPP equity
funding requirement; and
-- The Company did not receive any further clarification
requests from the Tanzania National Environmental Management
Council ("NEMC") over the past weeks with regard to the MCPP
Environmental & Social Impact Assessment ("ESIA") and final
certification is expected shortly
Louis Coetzee, CEO of Kibo Mining, said: "Over the past two
months we have seen a significant increase in momentum in all the
MCPP work streams and from the above update it is clear that this
trend will continue for the foreseeable future. The Company has an
extremely busy and exciting period ahead of it".
Contacts
Louis Coetzee +27 (0) 83 2606126 Kibo Mining plc Chief Executive Officer
---------------- --------------------- -------------------- --------------------------
Andreas Lianos +27 (0) 83 4408365 River Group Corporate Adviser
and
Designated Adviser
on JSE
---------------- --------------------- -------------------- --------------------------
Jon Belliss +44 (0) 207 382 Beaufort Securities Broker
8300 Limited
---------------- --------------------- -------------------- --------------------------
Andrew Thomson +61 8 9480 2500 RFC Ambrian Limited Nominated Adviser
on AIM
---------------- --------------------- -------------------- --------------------------
Liz Morley +44 (0) 203 772 Bell Pottinger Investor and Media
/ 2500 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 22 August 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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