Wrap Text
Mbeya Coal to Power Project: Kibo attends key meeting with Tanzania Minister of Energy and Minerals
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")
Mbeya Coal to Power Project: Kibo attends key meeting with Tanzania Minister of
Energy and Minerals
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO), the Tanzania
focussed mineral exploration and development company continues to attract strong
Tanzanian government support for the Mbeya Coal To Power Project (MCPP).
This follows a successful meeting between Kibo CEO Louis Coetzee and Tanzania's Minister
of Energy and Minerals ("MEM"), Hon. Professor Sospeter Muhongo, and his team.
The meeting took place last week, on request of the Minister and updated the MEM on
progress with the MCPP. Attendees of the meeting included the National Development
Corporation (NDC), State Mining Corporation (STAMICO), Tanzania Electrical Supply
Company Ltd (TANESCO) and senior staff from the MEM.
Louis Coetzee, CEO of Kibo Mining, said: "My latest meeting with the Hon. Professor
Sospeter Muhongo and his team was pivotal in the ongoing development of the Mbeya
project. As progress on the overall feasibility work for the project continues at pace, it is
highly encouraging to receive continued support from the Tanzanian government.
During the meeting the Hon. Professor Sospeter Muhongo reiterated Tanzania's urgent
requirement for a reliable supply of base load power. Emphasizing that power is at the heart
of realizing a stable economy, Professor Sospeter Muhongo argued that in order to meet the
nation's 2025 goal of establishing a middle class society, the government must work in close
cooperation with projects such as the MCPP and requested Kibo to do everything possible to
fast track the project.
The Mbeya project represents a significant power opportunity for Tanzania, and continued
support from the government is key to achieving our ambitious timescale with the first phase
of production, 300MW, scheduled for 2019. As we have done throughout our feasibility work
thus far, we look forward to working closely and cooperatively with the MEM and all
stakeholders to ensure the Mbeya project does not experience unnecessary delays."
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
+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 and a 168,000oz NI 43-101
compliant gold Mineral Resource at the Lubando Project 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
25 February 2016
Corporate and Designated Adviser
River Group
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