Wrap Text
Mbeya Coal to Power Project: Publication of Project Description and Timeline
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:IE00B97C0C31
(“Kibo” or “the Company”)
14 March 2016
Mbeya Coal to Power Project: Publication of Project Description and Timeline
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development company, has published an interactive process description and timeline for the Mbeya Coal to Power Project (“MCPP” or “the Project”), as previously announced.
The interactive process description and timeline, details and clarifies all work streams critical to the Project, and should be used as a reference point for future updates provided by the Company. In this regard it is important to note the following:
1. Key milestones i.e. “Development Ready”, “Financial Close Ready”, “Construction Ready” and “Production Ready”. These milestones represent the most critical progressive deliverables in the MCPP development process;
2. The due date for “Financial Close Ready” has been adjusted in the above referred timeline. It is now expected that the MCPP will be “Financial Close Ready” (ready to commence with the process of financial close) by the end of Q2 2016. This adjustment means that financial close will now commence slightly later than previously announced. The slight delay does not impact on the overall timeline, as reflected in the due date for the next critical milestone which remains the same as before. Both the Mining and Power Definitive Feasibility Studies (“MDFS” and “PDFS”) are still on schedule, with the PDFS still expected at the end of Q1 and the MDFS shortly thereafter, subject to the timely receipt of the various Government permits / licenses relevant to the MDFS. The adjustment in the timeline was caused by:
a. The eleven-month delay in receiving funds from the February 2015 Hume placing. This prevented the Company from commissioning all the required feasibility work streams in parallel due to cash flow constraints, resulting in a slight lag on some of the work which has since been corrected subsequent to securing the latest funding arrangement with Sanderson; and
b. Alignment with the various governmental approvals and permitting processes which constitutes a significant amount of the current and upcoming activities of the feasibility studies. A number of feasibility study activities are dependent on government approvals and / or permitting and can only be completed upon receiving the relevant approval / license / permit.
3. The Integrated Bankable Feasibility Study (“IBFS”) for the MCPP, which is the key deliverable to reach “Financial Close Ready” status, is now, for the reasons mentioned under point 2 above, also expected during the latter part of Q2 2016.
4. The process description and timeline is an interactive presentation with clear navigation instructions which will allow the reader to obtain additional information and clarification in respect of each of the different elements of the high level MCPP development process. The current format in which the presentation is posted on the website will shortly be replaced by a more user friendly web-enabled application.
The process description and timeline is available on the Company’s website at: http://kibomining.com/wp-content/uploads/MCPP-Process_V2.6.ppsx
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 Thöle / 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
14 March 2016
Corporate and Designated Adviser
River Group
Date: 14/03/2016 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
