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KIBO ENERGY PLC - Seven Mining Rights Granted for Mbeya Coal to Power Project

Release Date: 15/08/2019 08:00
Code(s): KBO     PDF:  
 
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Seven Mining Rights Granted for Mbeya Coal to Power Project

Kibo Energy 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”)


Dated: 15 August 2019


                            Kibo Energy PLC (‘Kibo’ or the ‘Company’)
                 Seven Mining Rights Granted for Mbeya Coal to Power Project


Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to announce that it has
been granted seven Mining Rights for its Mbeya Coal to Power Project (‘MCPP’) in Tanzania, further
to the announcement dated 9 July 2019.


The Company continues to advance the MCPP in Tanzania, one of its four international power projects,
which the board believes represents an exciting opportunity. Accordingly, the application process for
seven Mining Licences covering the original Special Mining Licence (‘SML’) application area has been
completed by the Mining Commission, and an Offer Letter for each application has been issued to
Kibo’s 100% owned subsidiary, Mbeya Coal Ltd, each of which it has subsequently accepted. This
constitutes approval and grant of the Mining License applications, subject to Kibo remitting all required
statutory payments related to the issuance of a Mining Right.


The MCPP has a 120.8 Mt NI 43 101 thermal Coal Resource covered by the seven Mining Licences
now granted. A Definitive Feasibility Study confirmed the economic viability of the mining project
with an indicated IRR of 69.2%. Grant of the Mining Rights will enable commercial mining activity to
commence.


Louis Coetzee, CEO of Kibo, commented, “The successful delivery of the MCPP is gaining
momentum. Receiving these seven Mining Rights to enable commercial mining activity is another key
milestone, which we anticipate will provide a better economic outcome for all concerned stakeholders
and further clarity regarding the project’s ongoing development, especially when the continued
progress that has been made recently in securing offtake for the Mbeya Power Plant is considered as
well. As I mentioned in an earlier announcement, we are delighted with the excellent cooperation and
support by the Mining Commission of Tanzania and look forward to providing further updates in due
course.”


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


   For further information please visit www.kibo.energy or contact:


Louis Coetzee            info@kibo.energy         Kibo Energy PLC            Chief Executive Officer
Andreas Lianos           +27 (0) 83 4408365       River Group                Corporate and Designated
                                                                             Adviser on JSE
                                                  First Equity Limited       Joint Broker
Jason Robertson            +44 (0) 20 7374 2212

Andrew Thomson           +61 8 9480 2500          RFC Ambrian Limited        NOMAD on AIM

Isabel de Salis /        +44 (0) 20 7236 1177     St Brides Partners Ltd     Investor and Media
Gaby Jenner                                                                  Relations Adviser


   Notes
   Kibo Energy PLC is a multi-asset, Africa focused, energy company positioned to address the acute
   power deficit, which is one of the primary impediments to economic development in Sub-Saharan
   Africa. To this end, it is the Company’s objective to become a leading independent power producer in
   the region.


   Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power
   Project (‘MCPP’) in Tanzania; the Mabesekwa Coal Independent Power Project (‘MCIPP’) in Botswana;
   and the Benga Independent Power Project (‘BIPP’) in Mozambique. By developing these projects in
   parallel, the Company intends to leverage considerable economies of scale and timing in respect of
   strategic partnerships, procurement, equipment, human capital, execution capability / capacity and
   project finance.


   Additionally, the Company has a 60% interest in MAST Energy Developments Limited (‘MED’), a
   private UK registered company targeting the development and operation of flexible power plants to
   service the Reserve Power generation market.


   Johannesburg
   15 August 2019
   Corporate and Designated Adviser
   River Group

Date: 15/08/2019 08:00:00
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