Kibo Mining Plc MCPP SEPCO III Agreement Update (9149I)
September 05 2016 - 1:30AM
UK Regulatory
TIDMKIBO
RNS Number : 9149I
Kibo Mining Plc
05 September 2016
Kibo Mining Plc (Incorporated in Ireland) (Registration Number:
451931)
(External registration number: 011/007371/10) Share code on the
JSE Limited: KBO
Share code on the AIM: IBOISIN:IE00B97C0C31
("Kibo" or "the Company")
05 September 2016
Kibo Receives First Payment Under Newly Signed SEPCO III
Agreement
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX:
KBO), the Tanzania focused mineral exploration and development
Company, is pleased to announce that it has today received proof of
payment for the amount of USD1, 800, 000.00 from SEPCO III. This
payment was received in settlement of the first fixed payment due
under the new Agreement (the "Agreement") with major international
China based EPC contractor, SEPCO III, announced on 25 August
2016.
Louis Coetzee, CEO of Kibo Mining, said: "SEPCO III's prompt and
diligent performance with regard to the first payment due under the
Agreement demonstrates great enthusiasm for and belief in the MCPP
as well as in the Company. We believe that all the remaining
conditions in the Agreement will be met with the same diligence and
that the Kibo / SEPCO III relationship will play a pivotal role in
the further development and ultimate delivery of the MCPP."
Contacts
Louis Coetzee +27 (0) 83 Kibo Mining Chief Executive
2606126 plc Officer
--------------------- -------------- -------------------- -------------------------
Corporate Adviser
Andreas Lianos +27 (0) 83 River Group and Designated
4408365 Adviser on JSE
--------------------- -------------- -------------------- -------------------------
Beaufort
Securities
Limited
Jon Belliss +44 (0) 207 Broker
382
8300
--------------------- -------------- -------------------- -------------------------
RFC Ambrian
Oliver Morse +61 8 9480 Limited Nominated Adviser
2500 on AIM
--------------------- -------------- -------------------- -------------------------
Daniel Thöle +44 (0) 203 Bell Pottinger Investor and Media
/ Anna Legge 772 Relations
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
Standard Bank 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 20th
April 2015, Kibo signed a Joint Development Agreement for the
completion of the Definitive Feasibility Studies and development of
the MCPP with China based EPC contractor SEPCO III.
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
05 September 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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September 05, 2016 02:30 ET (06:30 GMT)