Kibo Mining Plc Warrant Update (3711G)
March 01 2018 - 3:15AM
UK Regulatory
TIDMKIBO
RNS Number : 3711G
Kibo Mining Plc
01 March 2018
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')
Dated: 1 March 2018
Kibo Mining Plc ('Kibo' or the 'Company')
Correction to Kibo RNS dated 24 February 2017
The Company wishes to inform shareholders that the 10,000,000
warrants at an exercise price of 9p shown as outstanding to Metal
Tiger plc in Kibo's RNS of 24 February 2017 expire on 23 March 2018
and not on 25 February 2018 as stated in the RNS. The Company
apologises for this typographical error.
**ENDS**
For further information please visit www.kibomining.com or
contact:
Louis Coetzee louisc@kibomining.com Kibo Mining Chief Executive
Plc Officer
Andreas Lianos +27 (0) 83 River Group Corporate Adviser
4408365 and Designated
Adviser on
JSE
Jon Belliss +44 (0) 20 Beaufort Securities Broker
7382 8300 Limited
Andrew Thomson +61 8 9480 RFC Ambrian NOMAD on AIM
2500 Limited
Isabel de +44 (0) 20 St Brides Investor and
Salis / Priit 7236 1177 Partners Ltd Media Relations
Piip Adviser
Notes to editors
Kibo is a multi-asset resource development and energy company
with a long-term goal of becoming a leading power producer in
Sub-Saharan Africa. The Company aims to tackle the acute power
deficit which is severely hindering economic development in the
region.
Kibo's flagship asset is the Mbeya Coal to Power Project
('MCPP') in Tanzania which comprises of the development of the
Mbeya Coal Mine, a 1.5Mt p/a mining operation and the Mbeya Power
Plant, a 300 MW mine-mouth thermal power station.
The Mbeya Coal Mine has a defined 120.8 Mt NI 43 101 thermal
coal resource. A Definitive Feasibility Study has been conducted on
the project which underpinned its value and confirmed an initial
rate of return of 69.2%. The 300 MW mouth-of-mine thermal power
station has long term scalability with the potential to become a
1000MW plant. The completed full Power Feasibility Study
highlighted an annual power output target of 1.8 GW based on annual
average coal consumption of 1.5 Mt. An Integrated Bankable
Feasibility Study report for the entire project indicated total
potential revenues of US$ 7.5-8.5 billion over an initial 25-year
mine life, post tax equity IRR between 21-22%, debt pay-back period
of 11-12 years and a construction period of 36 months.
At the end of 2017 Kibo agreed to acquire 85% of a nearly
identical power project in Botswana from Shumba Energy in an all
share transaction. Mabesekwa Coal Independent Power Project
('MCIPP') consists of 300Mt subset of the current in-situ 777 Mt
coal resource. Notable synergies between the projects provide
considerable benefits, including economies of scale in equipment,
execution, project finance and strong existing MCPP strategic
partnerships. MCIPP already has water and land use permits and
environmental certification in place and Pre-Feasibility Study on
the coal mine and a Scoping Study on the power plant have been
completed. The power plant will have a maximum capacity of 600 MW
(4x150MW) and based on a coal delivery rate of 3.2 Mtpa and a Life
of Mine of over 30 years.
To assist in the execution of this critical power project of the
MCPP, Kibo has assembled an international team of advisors and
partners including Engineering Procurement and Construction ('EPC')
contractors and financial teams that are assisting in the
advancement and development of the MCPP. These include
ABSA/Barclays as Financial Advisor, China based EPC contractor
SEPCO III, General Electric, Tractebel Engineering (Power), Minxcon
Consulting (Mining) and legal advisors Norton Rose Fulbright.
Johannesburg
1 March 2018
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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