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Kibo Mining Plc (KIBO)

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Friday 02 March, 2018

Kibo Mining Plc

Update on Broker and Placement Proceeds

RNS Number : 5484G
Kibo Mining Plc
02 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: 2 March 2018


Kibo Mining Plc ('Kibo' or the 'Company')

Update on Broker and Placement Proceeds


Kibo Mining plc (AIM: KIBO; AltX: KBO), the multi-asset Africa-focused energy and resource company, notes the announcement regarding Beaufort Securities Limited ("BSL") and Beaufort Asset Clearing Services Limited ("BACSL") being placed into insolvency.  Additionally, the Company notes that the Financial Conduct Authority ("FCA") has also imposed requirements on BSL and BACSL, with immediate effect, requiring them to cease all regulatory activity.


BSL is the Company's broker pursuant to AIM Rule 35 and as a result of the requirements imposed by the FCA BSL is no longer able to provide broking services to the Company pursuant to AIM Rule 35.  The Company is seeking to appoint a replacement as soon as possible and a further announcement will be provided upon such an appointment.


The Company also notes that, further to the announcement dated 27 February regarding a placement for gross proceeds of £750,000 (the "Placement"), the application for the Admission to AIM of 17,647,060 ordinary shares in the Company is to be put on hold until further notice as the Placement was conducted through BSL and to date the Company has not received any of the Placement proceeds.  


The Company is however urgently seeking further clarification on the matter, in particular the timeline for the expected release of the outstanding Placement proceeds to Kibo.  An update on this situation will be provided as soon as more information is available.





For further information please visit or contact:


Louis Coetzee

[email protected]

Kibo Mining Plc

Chief Executive Officer

Andreas Lianos

+27 (0) 83 4408365

River Group

Corporate Adviser and Designated Adviser on JSE

Andrew Thomson

+61 8 9480 2500

RFC Ambrian Limited


Isabel de Salis / Priit Piip

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations Adviser


This announcement contains inside information as stipulated under the Market Abuse Regulations

(EU) no. 596/2014 ("MAR").


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.



02 March 2018

Corporate and Designated Adviser

River Group


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The company news service from the London Stock Exchange

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