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First Financial Indicators for Rukwa Coal to Power Project ("RCPP")
Kibo Mining Plc
(Incorporated in Ireland)
Registration Number: 451931
(External registration number: 2011/007371/10)
Share code on the JSE: KBO
Share code on the AIM: KIBO
ISIN: IE00B61XQX41
("Kibo" or the "Company")
09 October 2014
First Financial Indicators for Rukwa Coal to Power Project ("RCPP")
Highlights
* Initial financial modelling confirms robust project economics;
* Continuous surface mining technology is expected to result in reduced direct mining costs.
Kibo Mining plc ("Kibo" or the "Company"), the mineral exploration and development company focused
on gold, nickel, coal and uranium projects in Tanzania, is pleased to announce positive first key financial
indicators for the Rukwa Coal Mine, produced from the feasibility work done thus far. Initial financial
modelling based on conventional mining methods indicates:
* Capital expenditure well below initial estimates;
* Attractive rates of investment return over life of mine;
* Short indicative capital payback period;
* Direct mining cost estimate of between USD1.60/t - USD1.90/t
A preliminary investigation into continuous surface mining as a possible replacement to
traditional coal seam mining through blasting and drilling, on which all modelling has been done
thus far, is expected to bring about significant reductions in direct mining costs. Continuous
surface mining is also expected to provide the following additional advantages:
* Fast, precision mining of the coal seam; and
* Reduction in crushing requirement.
Louis Coetzee, C.E.O. of Kibo Mining, commented: "The initial robust economics of the Rukwa Coal Mine
are better than expected and bode well for the remaining RCPP feasibility work. The results obtained from
feasibility work done so far will now be subjected to further rigorous interrogation during the ensuing, more
advanced, stages of the feasibility study. Incorporating specific requirements / specifications from the
Power Feasibility Study will further refine the economic assessment of the Rukwa Coal Mine."
Kibo Mining - Notes to editors
Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania. The Company was
admitted to AIM in London on 27 April 2010 and the AltX in Johannesburg on 30 May 2011. The Company
is developing the Rukwa mouth-of-mine thermal power station and controls one of Tanzania's largest
mineral right portfolios, including the Haneti (nickel, PGE and gold), Morogoro (gold), Lake Victoria
(gold), and Pinewood (coal & uranium) projects.
Kibo's projects are located both 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
prioritised infrastructural development, attracting significant recent investment in coal and uranium.
Kibo's objective is to build shareholder value sustainably. This will be achieved primarily through
exploration of its own projects and leveraging the Company's experience in Tanzania to acquire exploration
and development assets on competitive terms. The focus is on assets that can be moved swiftly up the value
curve whilst benefitting from strategic relationships with industry leaders with special skills and
competencies within their chosen fields.
Updates on the Company's activities are regularly posted on its website www.kibomining.com
Technical Data
RUKWA COAL RESOURCE SUMMARY- GEMECS (Pty) Ltd
SEAM NI 43-101 IN SITU
SEAM THICKNESS
METRES CLASS MILLION TONS
S4 1.14 Indicated 2.17
S3U 2.04 Indicated 6.92
S3L 2.3 Indicated 12.63
S2 3.45 Indicated 23.43
S1U 2.48 Indicated 7.34
S1L 2.92 Indicated 17.4
S0 1.08 Indicated 1.44
Total Indicated
Resources 71.34
S4 1.31 Inferred 1.38
S3U 2.24 Inferred 2.94
S3L 2.27 Inferred 3.86
S2 3.42 Inferred 7.94
S1U 2.05 Inferred 6.5
S1L 3.15 Inferred 12.83
S0 1.06 Inferred 2.6
Total Inferred
Resources 38.05
TOTAL
RESOURCES 109.39
Kibo holds 100% of the Rukwa Coal Project
Review by Qualified Person
The information in this announcement that relates to the Rukwa coal Mineral Resource is taken from
a report titled "Independent Technical Report for the Rukwa Coal Project, Mbeya Region, United
Republic of Tanzania" dated 19th April 2012 by CD van Niekerk Director and Principal Geologist
with the firm GEMECS (Pty) Ltd. Mr van Niekerk is a Professional Natural Scientist with the South
African Council for Natural Scientific Professions (SACNASP), Registration No. 400066/98 and a
Fellow Member of the Geological Society of South Africa. He has relevant experience and technical
qualifications to be a "Qualified Person" for reporting coal resources to the NI 43-101 Standard. The
Company's Exploration Director, Noel O'Keeffe has also reviewed the technical reports and the
references to them in this announcement.
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
Abigail Wayne
+44 (0) 20 3693 1470
Hume Capital Securities Plc
Broker
Oliver Morse
Trinity McIntyre
+61 8 94802500
+61 8 94802500
RFC Ambrian Limited
Nominated Adviser on AIM
Daniel Thšle
Lydia Eades
+44 (0) 203 772 2500
+44 (0) 203 772 2500
Bell Pottinger
Investor and Media Relations
Johannesburg
09 October 2014
Corporate and Designated Adviser
River Group
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