Announcement regarding TANESCO press reports

RNS Number : 1960T
Kibo Mining Plc
03 January 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")

 

 

3 January 2017

 

Mbeya Coal to Power Project

Announcement regarding TANESCO press reports

 

Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development Company, notes the recent press reports regarding the ongoing changes and restructuring at TANESCO, the Tanzanian Electric Supply Company.

 

As previously reported, TANESCO has been undergoing policy changes and restructuring under the new Tanzanian government. Kibo views the latest announcements re management changes and tariff reviews as part of this ongoing reform and restructuring process.

 

Louis Coetzee, CEO of Kibo Mining, said: "The latest announcements with regard to TANESCO are not directed at any of the utility's development projects or business development policies, nor are there any indications that the latest announcements will in any way affect the Mbeya Coal to Power Project ("MCPP") or any of the work streams currently underway in this regard. Through our close and transparent relationship with the Tanzanian government, we will continue to diligently progress the further development of the MCPP and we will promptly update shareholders should any changes materially impact the current work programme of the MCPP."

 

 

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 8300

Beaufort Securities Limited

Broker

Oliver Morse

+61 8 9480 2500

RFC Ambrian Limited

Nominated Adviser

on AIM

Liz Morley /

Anna Legge

+44 (0) 203 772 2500

Bell Pottinger

Investor and Media Relations

 

 

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 ABSA / Barclays 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 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

 

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

03 January 2017

Corporate and Designated Adviser

River Group


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