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KIBO MINING PLC - Comment on Proposed Legislative Changes to Tanzania Mining Act

Release Date: 04/07/2017 09:00
Code(s): KBO     PDF:  
Wrap Text
Comment on Proposed Legislative Changes to Tanzania Mining Act

 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”)


 04 July 2017
                Comment on Proposed Legislative Changes to Tanzania Mining Act

Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO), the Tanzania focused
mineral exploration and development Company, notes the submission of proposed legislation to
the Tanzanian Parliament which recommends material changes to the legal framework concerning
the natural resources sector in Tanzania.

Kibo is currently reviewing the proposed legislation and will continue to monitor the situation
closely. The Company will provide an update to the market when appropriate.

                                            -Ends-


Contacts



  Louis Coetzee     +27 (0) 83 2606126    Kibo Mining plc       Chief Executive Officer

  Andreas                                                       Corporate Adviser and
                    +27 (0) 83 4408365    River Group
  Lianos                                                        Designated Adviser on JSE
                    +44 (0) 207 382       Beaufort Securities
  Jon Belliss                                                   Broker
                    8300                  Limited
  Andrew                                  RFC Ambrian           Nominated Adviser
                    +61 8 9480 2500
  Thomson                                 Limited               on AIM
  Liz Morley /      +44 (0) 203 772                             Investor and Media
                                          Bell Pottinger
  Molly Stewart     2500                                        Relations


Kibo Mining - Notes to editors

Kibo Mining is listed on the AIM market in London and the AltX in Johannesburg. Kibo
Mining is focused on exploration and development of mineral projects in Tanzania, and
controls a large mineral rights portfolio in Tanzania. 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 43-101compliant
defined resource, and is developing a 250-350 MW mouth-of-mine thermal power station, the
Mbeya Coal to Power Project (“MCPP”), previously called the Rukwa Coal to Power Project
(“RCPP”), with an established management team that includes ABSA / Barclays as Financial
Advisor. Kibo has completed a Coal Mining Definitive Feasibility Study and a Power Pre-
Feasibility Study for the Mbeya project and has recently announced the completion of an
Integrated Bankable Feasibility Study report for the project. 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 and signed an EPC contract with SEPCO III on the 19th December 2016.

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's projects are located in central Tanzania and in the Mtwara Corridor in southern
Tanzania where the Government has prioritized infrastructural development attracting
significant recent investment in coal and uranium. Kibo Mining 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.
Kibo Mining recognizes the potential to enhance the quality of life and opportunity for
Tanzanian citizens through careful development of its projects.

Updates on the Kibo Mining's activities are regularly posted on its website www.kibomining.com.

This announcement contains inside information as stipulated under the Market Abuse Regulations
(EU) no. 596/2014 ("MAR").

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