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Mbeya Coal to Power Project – Finalizing Memorandum of Understanding with TANESCO on Power Purchase Agreement
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: IE00B97C031
("Kibo" or "the Company")
11 January 2016
Mbeya Coal to Power Project - Finalizing Memorandum of Understanding with TANESCO
on Power Purchase Agreement
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO), the Tanzania focussed
mineral exploration and development company, is pleased to announce that it is busy finalizing a
Memorandum of Understanding ("MOU") with Tanzania Electric Supply Company Limited
("TANESCO"), on a Power Purchase Agreement ("PPA") for the Mbeya Coal to Power Project ("MCPP").
Over the past twelve months Kibo has been engaged in a very constructive dialogue with
TANESCO and the Tanzanian Ministry of Energy and Minerals ("MEM"). During this process the
parties identified an agreed set of principles to guide and direct the development of a PPA for the
MCPP. These principles seek to recognise, balance and protect the interests of all MCPP
stakeholders in a manner that ensures the best interests of the MCPP are served at all times. This
set of principles will be incorporated in an official MOU with TANESCO to serve as the reference
framework within which the parties will jointly develop and implement an appropriate PPA for the
MCPP.
Louis Coetzee, CEO of Kibo Mining, said: "The MCPP continues to make significant progress,
with this latest breakthrough being one of the most important milestones in the development of the
MCPP to date. Finalizing critical commercial arrangements on the MCPP, to ensure optimal
value creation and realization on the Company's flagship asset, is crucial at this stage of the
project's development. This announcement also shows that the Company is diligently and
successfully attending to the MCPP's key commercial development objectives. These efforts are in
turn strongly supported by the ongoing technical feasibility work that is rapidly advancing in
parallel.
Kibo is continuing to progress the final phases of the MCPP Definitive Feasibility Study with
confidence and significant momentum. We have every reason to believe that we will be able to
conclude the MOU in the very near future and that we will complete all remaining feasibility work
on time and in doing so also deliver the Bankable Feasibility Study for the integrated MCPP on
schedule."
Contacts
Louis Coetzee
+27 (0) 83 2606126
Kibo Mining plc
Chief Executive Officer
Andreas Lianos
+27 (0) 83 4408365
River Group
Corporate and Designated Adviser on JSE
Jon Belliss
+44 (0) 207 382 8300
Beaufort Securities Limited
Broker
Oliver Morse
+61 8 9480 2500
RFC Ambrian Limited
Nominated Adviser on AIM
Daniel Thole / Anna Legge
+44 (0) 203 772 2500
Bell Pottinger
Investor and Media Relations
Kibo Mining - Notes to editors
Kibo Mining is listed on the AIM market in London and the AltX in Johannesburg. The
Company is focused on exploration and development of mineral projects in Tanzania, and
controls one of Tanzania's largest mineral right portfolios. Tanzania provides a secure and stable
operating environment for the mineral resource industry and Kibo Mining therein.
Kibo Mining holds a thermal coal deposit at Rukwa, which has a significant JORC compliant
defined resource (See Table 1 below), and is developing a 250-350MW mouth-of-mine thermal
power station, the Mbeya Coal to Power Project ("MCPP"), previously called Rukwa Coal to
Power Project ("RCPP"), with an established management team that includes Standard Bank as
Financial Advisor. Kibo is undertaking a Coal Mining Definitive Feasibility Study and a Power
Pre-Feasibility Study for the Mbeya project with an integrated Coal-Power interim study report
to be released in the near term. On 20th April 2015, Kibo signed a Joint Development Agreement
for the completion of the Definitive Feasibility Studies and development of the MCPP with
China based EPC contractor SEPCO III.
The Company also has extensive gold focused interests including Lake Victoria Goldfields and
Morogoro projects. At Lake Victoria, the Company has projects with a 550,000oz JORC
compliant gold Mineral Resource at Imweru Project (See Table 2 below) and a 168,000oz NI
43-101 compliant gold Mineral Resource at the Lubando Project (See Table 3 below) in which
the Company holds a 90% attributable interest. The Company is currently undertaking a
Definitive Feasibility Study on its Imweru Project.
Kibo also holds the Haneti Project on which the latest technical report confirms prospectivity for
nickel, PGMs, gold and strategic metals including lithium.
Kibo Mining further holds the Pinewood (coal & uranium) project where the company has
entered into a 50/50 Exploration Joint Venture with Metal Tiger plc.
Finally the Company also holds the Morogoro (gold) project where the company has also
entered into a 50/50 Exploration Joint Venture with Metal Tiger plc.
The Company's projects are located 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. The Company has a positive working
relationship with the Tanzanian government at local, regional and national levels and works hard
to maintain positive relationships with all communities where company interests are held. The
Company recognises the potential to enhance the quality of life and opportunity for Tanzanian
citizens through careful development of its projects.
Updates on the Company's activities are regularly posted on its website www.kibomining.com
Johannesburg
11 January 2016
Corporate and Designated Adviser
River Group
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