Mining Rights Mbeya Coal to Power Project Update

RNS Number : 4742L

Kibo Energy PLC

06 September 2019

 

Kibo Energy 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: 06 September 2019

Kibo Energy PLC ('Kibo' or the 'Company')

Mining Rights for Mbeya Coal to Power Project - Update

Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to announce a status update on the seven Mining Rights for its Mbeya Coal to Power Project ('MCPP') which were approved and granted as announced in the RNS of 15 August 2019.

The Company was informed by its Tanzanian subsidiary, Mbeya Coal Ltd, that the required statutory payments to the Mining Commission related to the final processing and issuance of the Mining Rights were made well within the required payment time frame and subsequently accepted by the Tanzanian Ministry of Minerals.

Louis Coetzee, CEO of Kibo, commented, "Today's announcement provides further confirmation that the MCPP is rapidly gaining momentum and we are looking forward to providing further updates in due course."

**ENDS**

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.

For further information please visit www.kibo.energy or contact:

Louis Coetzee	[e-mail]	Kibo Energy PLC	Chief Executive Officer
Andreas Lianos	[phone]	River Group	Corporate and Designated Adviser on JSE
Jason Robertson	[phone]	First Equity Limited	Joint Broker
Andrew Thomson	[phone]	RFC Ambrian Limited	NOMAD on AIM
Isabel de Salis / Gaby Jenner	[phone]	St Brides Partners Ltd	Investor and Media Relations Adviser

Notes

Kibo Energy PLC is a multi-asset, Africa focused, energy company positioned to address the acute power deficit, which is one of the primary impediments to economic development in Sub-Saharan Africa. To this end, it is the Company's objective to become a leading independent power producer in the region.

Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power Project ('MCPP') in Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in Botswana; and the Benga Independent Power Project ('BIPP') in Mozambique.  By developing these projects in parallel, the Company intends to leverage considerable economies of scale and timing in respect of strategic partnerships, procurement, equipment, human capital, execution capability / capacity and project finance.

Additionally, the Company has a 60% interest in MAST Energy Developments Limited ('MED'), a private UK registered company targeting the development and operation of flexible power plants to service the Reserve Power generation market.

Johannesburg

06 September 2019

Corporate and Designated Adviser

River Group

 

END

 

 

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