Kibo Mining updates on “very successful” meetings in Tanzania

Posted on :Thursday , 27th July 2017

Kibo Mining PLC (LON:KIBO) told investors it has concluded a “very successful” second round of follow-up meetings with Tanzanian government departments and Tanzanian stakeholders regarding the proposed Mbeya Coal to Power Project (MCPP).

The company noted that the completion of a special mining right application remains on course, along with environmental certification, but, other milestones were reached as a result of the latest phase of meetings.

“Development of the MCPP is currently advancing on all levels and we are optimistic that this trend will persist going forward,” said Louis Coetzee, Kibo chief executive.

He added: “We are very pleased with progress on the MCPP over the past six weeks and particularly pleased with the significant increase in momentum over the past three weeks.”

Specifically, the company said the Tanzanian Ministry of Energy and Minerals gave official instruction for Kibo and state-backed TANESCO to prepare a final memorandum of understanding to govern the development of MCPP as well as the Power Purchase Agreement for the project.

It is anticipated that the latter will be submitted to the attorney general in the next ten days for review, the company added.

Additionally, the company noted that it has subsequently seen formal expressions of interest from internationally recognized infrastructure investors, seeking potential equity investments into the MCPP.

Further high-level meetings are now anticipated over the next month.

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