Tanzania: Kibo Mining Focused on Finance for Mbeya

Posted on : Saturday , 7th November 2015

Kibo Mining‘s (LON:KIBO) focus is now to complete the financing for its Mbeya coal to power project in Tanzania, it said today.

The group has signed a joint development agreement with Chinese firm SEPCO and during the quarter completed a pre-feasibility study on the mining component.

“With the most important strategic elements now in place for the MCCP, Kibo is now focusing its entire effort on achieving financial closure for this world class project,” said Louis Coetzee, chief executive.

he added the hold-up in the receipt of £526,000 due to broker Hume Capital going bust will have no impact on its business. It took out a £500,000 short term loan yesterday to tide it over until the money comes through.

Both the Metal Tiger joint ventures Morogoro (gold) and Pinewood (uranium) are active and making good progress, Koetzee said, while significant breakthroughs were made at nickel deposit Haneti.