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KIBO MINING PLC - Mbeya Coal to Power Project Announcement regarding TANESCO press reports

Release Date: 03/01/2017 13:45
Code(s): KBO     PDF:  
Wrap Text
Mbeya Coal to Power Project
Announcement regarding TANESCO press reports

 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”)


 3 January 2017

                                Mbeya Coal to Power Project
                        Announcement regarding TANESCO press reports

Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO), the Tanzania focused mineral
exploration and development Company, notes the recent press reports regarding the ongoing changes and
restructuring at TANESCO, the Tanzanian Electric Supply Company.

As previously reported, TANESCO has been undergoing policy changes and restructuring under the new
Tanzanian government. Kibo views the latest announcements re management changes and tariff reviews as
part of this ongoing reform and restructuring process.

Louis Coetzee, CEO of Kibo Mining, said: “The latest announcements with regard to TANESCO
are not directed at any of the utility’s development projects or business development policies, nor
are there any indications that the latest announcements will in any way affect the Mbeya Coal to
Power Project (“MCPP”) or any of the work streams currently underway in this regard. Through
our close and transparent relationship with the Tanzanian government, we will continue to diligently
progress the further development of the MCPP and we will promptly update shareholders should any changes
materially impact the current work programme of the MCPP.”


 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            Broker
                                                                         Limited
                                                                       
  Oliver Morse      +61 8 9480 2500               RFC Ambrian Limited        Nominated Adviser
                                                                                                                    on AIM

  Liz Morley /        +44 (0) 203 772 2500       Bell Pottinger                    Investor and Media Relations
  Anna Legge


 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 Mbeya, which has a significant NI 43-101 compliant
     defined resource, and is developing a 250-350 MW 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 ABSA / Barclays 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 Bankable Feasibility Study report for
     the MCPP to be released in the near term. On 25 August 2016, Kibo signed an Agreement with
     China based EPC contractor SEPCO III granting it the right to become the sole bidder for the EPC
     contract to build the power plant component of the MCPP in exchange for SEPCO III refunding
     50% of the development costs incurred by Kibo to date on the project. Kibo has already received
     the first tranche of this funding in the amount of US$1.8 million on the 5th September 2016

     The Company also has extensive gold focused interests including Lake Victoria Goldfields and
     Morogoro projects. At Lake Victoria, the Company has 100% owned projects with a 550,000 oz.
     JORC compliant gold Mineral Resource at the Imweru Project and a 168,000 oz. NI 43-101
     compliant gold Mineral Resource at the Lubando Project. 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 prioritized 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 recognizes 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
03 January 2017
Corporate and Designated Adviser
River Group
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