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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Kibo Energy Plc | LSE:KIBO | London | Ordinary Share | IE00B97C0C31 | ORD EUR0.0001 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0375 | 0.035 | 0.04 | 0.0375 | 0.0375 | 0.0375 | 125,294 | 08:00:03 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 1.04M | -9.78M | -0.0026 | -0.15 | 1.51M |
From May 2019 to May 2024
TIDMKIBO
RNS Number : 5866N
Kibo Energy PLC
25 September 2019
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: 25 September 2019
Kibo Energy PLC ('Kibo' or the 'Company')
Reorganization of the Mabesekwa Coal Independent Power Project Arrangements ("MCIPP")
Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to announce that is has signed a binding Heads of Agreement ('the Agreement') with Shumba Energy Ltd ('Shumba') and various subsidiaries of each party ('the Parties') to reorganise the arrangements for the MCIPP and its associated coal asset in Botswana.
Kibo and Shumba hold 85% and 15% interests respectively in Kibo Energy Botswana (Pty) Ltd ("KEB"), the company currently holding the MCIPP which consists of:
a) a 761 Mt coal Mineral Resource ("MCIPP Resource" - see Table 1) held entirely within KEB, with KEB having right to a 303Mt subset ("MCIPP KEB Assets"), and Shumba retaining rights over the balance (the "MCIPP Retained Assets");
b) studies investigating the construction of a 300MW integrated power project at Mabesekwa; and
c) certain water and land use permits and environmental certification in place (see announcement dated 30 November 2017).
Under the reorganization the MCIPP Retained Assets will be consolidated back into KEB and Kibo's interest in KEB will be reduced to 35% to 40% to maintain Kibo's look-through interest in the MCIPP Resource and make sundry adjustments to recognise Kibo's project expenditure. An additional Joint Venture to be incorporated between Kibo and Shumba ("KP2") will enable continuation of the advancement and operation of the existing MCIPP energy projects in Botswana. Kibo, Shumba and their respective subsidiaries will retain their existing interests in the MCIPP (Kibo 85%) and the existing shareholder agreement between them to govern their joint venture and shareholder interests, including the protection of minority interests.
As part of this reorganization the relationship between Kibo and Shumba will be expanded to include jointly managing and overseeing the development of a bespoke 300MW power station (the 'KP1 Power Plant') through the incorporation of a new company to be held 35%-40% by Kibo and the balance by Shumba. Shumba would provide the full development funding requirement for associated feasibility and technical studies. The KP1 Power Plant is in addition to the MCIPP and envisaged to provide power to a Petrochemical plant ('PCP') which will provide first Botswana, with up to 80% of its domestic liquid / gas fuel requirements, and later the Southern African market at large. Currently all of Botswana's liquid / gas fuel is imported. It has been agreed that the consolidated MCIPP Resource will supply the PCP, the KP1 Power Plant and the MCIPP power plant with coal. The following commercial off take agreements will be signed to enable the above arrangements:
-- Coal Sale Agreements with KEB to establish the MCIPP Resource as a secure and exclusive feedstock supply of coal for:
o The PCP for 100% of its feedstock requirements (on the back of a binding Coal Supply Agreement already put in place by Shumba);
o The KP1 Power Plant for 100% of its fuel needs; and
o The MCIPP Power Station for 100% of its fuel needs
-- Power Purchase Agreement between the PCP and the KP1 Power Plant for exclusive supply of the necessary 300MW of electricity to the PCP.
-- Power Purchase agreements between MCIPP power plant and future commercial off takers.
A variety of shareholders' and joint development agreements will govern the management of the various joint ventures, including minority interest protections, with details of Kibo's final interests in the various entities and the MCIPP Resource to be advised upon completion of the reorganization.
The Agreement is conditional on a variety of commercial and technical Conditions Precedent such as the signing of a definitive agreement within ten business days, execution of the above commercial offtake agreements, and a longstop date of 20 March 2020.
Petrochemical Plant
For further background and to put the reorganization into context, Shumba recently acquired 80% of Coal Petroleum Ltd ('CP'). CP is a company that has been focused on the development of a commercial scale liquid fuels production facility in Botswana. CP has partnered with PowerChina International Group Limited ("PowerChina International") and Wison Group ("Wison"), both leading Chinese EPC companies with a proven track record and recent experience in the coal-based power & coal to liquid technologies ('CTL') for the execution of the Bankable Feasibility Study ('BFS'). PowerChina International is the world's largest hydropower, electricity and infrastructure construction group and Wison is China's leading technical solution provider in energy sector, specializing in technologies and engineering construction services, including petrochemical, refinery, C1 chemical, central processing facility and LNG & power generation. The technical aspects of a Bankable Feasibility Study for the PCP, which will be built at Mabesekwa, will be undertaken in conjunction with the two Chinese conglomerates and is nearing completion, with project financing discussions advanced.
Lock Up Provisions
Under the Agreement, and for a period of 12 months, Shumba and related parties may not sell or otherwise dispose of more than 5% of the total shares that it holds in Kibo at the date the Agreement is signed in any subsequent calendar month.
Louis Coetzee, CEO of Kibo, commented, "This reorganization enables us to more fully leverage and de-risk the MCIPP Resource by pursuing three different potential revenue streams, including a further 250 - 300MWpower plant in addition to the existing MCIPP 300MW plant currently being advanced and significant exposure to a large PCP to be planned for development and supported by two major Chinese conglomerates (Botswana is described by the World Bank one of the world's fastest growing economies, averaging 5% per annum over the past decade). With the strong local and international support, and supply agreements already in place, we are exposed to a much larger opportunity in addition to what we are already developing in Botswana, further strengthening our existing relationship with Shumba.
Recent emphasis has been on our major other projects, including the MCPP in Tanzania, Benga in Mozambique, and Mast Energy in the UK, where notable advances have been made. Now the spotlight is on Mabesekwa; this is a tipping point for the project, which we believe offers a significant value - lift to shareholders. We look forward to updating shareholders as the projects advance."
**S**
For further information please visit www.kibo.energy or contact:
Hot Features
Premium
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
------------------- --------------------- -------------------------
Jason Robertson +44 (0) 20 7374 First Equity Limited Joint Broker
2212
------------------- --------------------- -------------------------
Andrew Thomson +61 8 9480 2500 RFC Ambrian Limited NOMAD on AIM
------------------- --------------------- -------------------------
Isabel de Salis +44 (0) 20 7236 St Brides Partners Investor and Media
/ 1177 Ltd Relations Adviser
Beth Melluish
------------------- --------------------- -------------------------
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.
Mabesekwa Coal Resource Statement (SAMREC-Compliant) from Competent Persons' Report prepared by Gemecs (Pty) Ltd for Sechaba Natural Resources (Pty) Limited, - 31 January 2018
Total Mabesekwa Resource - Table 1
AREA NAME RESOURCE GROSS GEOLOGICAL MINEABLE SEAM DEPTH
AREA SEAM CLASS IN LOSS % IN SITU THICKNESS BELOW
(m(2) SITU TONNES (m) SURFACE
) TONNES (m)
PL428 26 728 764 SG MEASURED 0 5% 0
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SG INDICATED 0 10% 0
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SG INFERRED 3 374 600 15% 2 868 410 2.47 46.6
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
SG TOTAL 3 374 600 2 868 410 2.47 46.6
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SF MEASURED 3 580 000 5% 3 401 000 3.77 46.9
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SF INDICATED 16 894 500 10% 15 205 050 3.04 43.6
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SF INFERRED 2 579 400 15% 2 192 490 2.86 43.1
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
SF TOTAL 23 053 900 20 798 540 3.13 44.1
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SE MEASURED 1 701 500 5% 1 616 425 2.91 39.4
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SE INDICATED 23 255 200 10% 20 929 680 3.21 40.5
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SE INFERRED 37 555 800 15% 31 922 430 3.92 35.1
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
SE TOTAL 62 512 500 54 468 535 3.63 37.2
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SD MEASURED 8 283 900 5% 7 869 705 3.81 50.8
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SD INDICATED 47 821 700 10% 43 039 530 3.40 44.0
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SD INFERRED 12 132 300 15% 10 312 455 2.79 35.4
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
SD TOTAL 68 237 900 61 221 690 3.34 43.3
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SC MEASURED 22 123 800 5% 21 017 610 4.49 44.1
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
104 931
PL428 26 728 764 SC INDICATED 800 10% 94 438 620 4.58 41.2
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SC INFERRED 32 729 100 15% 27 819 735 4.16 36.3
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
159 784
SC TOTAL 700 143 275 965 4.48 40.6
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SB MEASURED 41 178 500 5% 39 119 575 6.32 46.4
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
209 968
PL428 26 728 764 SB INDICATED 000 10% 188 971 200 6.64 46.0
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SB INFERRED 61 192 400 15% 52 013 540 6.55 44.4
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
312 338
SB TOTAL 900 280 104 315 6.58 45.7
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SA MEASURED 37 900 600 5% 36 005 570 7.54 54.1
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
146 796
PL428 26 728 764 SA INDICATED 100 10% 132 116 490 6.48 54.8
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
PL428 26 728 764 SA INFERRED 35 578 200 15% 30 241 470 6.16 56.7
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
220 274
SA TOTAL 896 198 363 526 6.61 55.0
------------ ------- ----------- ------------ ------------ ------------- --------------- ---------
849 577
TOTAL COAL ALL SEAMS 400 10% 761 100 985
---------------------------------- ------------ ------------ ------------- --------------- ---------
Kibo Mabesekwa Coal Resource Statement (SAMREC Compliant)
Approx. 303 Mt subset of Resource in Table 1 taken from Competent Persons' Report prepared by Gemecs (Pty) Ltd for Kibo Energy PLC - 11 June 2018
Kibo Mabesekwa Resource 100% basis - Table 2
AREA AREA (m2) RESOURCE SEAM GROSS IN GEOLOGICAL MINEBALE SEAM DEPTH
NAME CLASS SITU LOSS % IN SITU THICKNESS BELOW
TONNES TONNES (m) SURFACE
(m)
Mt300 11,556,050 MEASURED SG 0 5 0
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 INDICATED SG 0 10 0
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 INFERRED SG 286,700 15 243,695 4.25 38.7
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
TOTAL SG 286,700 243,695 4.25 38.7
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 MEASURED SF 71,500 5 67,925 1.85 45.3
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 INDICATED SF 3,936,000 10 3,542,400 3.25 36
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 INFERRED SF 106,000 15 90,100 2.59 40.5
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
TOTAL SF 4,113,500 3,700,425 3.21 36.3
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 MEASURED SE 0 5 0
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 INDICATED SE 4,547,700 10 4,092,930 2.22 40.7
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 INFERRED SE 27,000,600 15 22,950,510 4.29 33.4
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
TOTAL SE 31,548,300 27,043,440 3.99 34.5
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 MEASURED SD 811,300 5 770,735 4.3 63.4
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 INDICATED SD 18,401,100 10 16,560,990 3.32 39.9
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 INFERRED SD 5,086,600 15 4,323,610 2.39 36.6
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
TOTAL SD 24,299,000 21,655,335 3.16 40
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 MEASURED SC 13,196,900 5 12,537,055 5.82 40.5
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 INDICATED SC 43,405,100 10 39,064,590 4.91 38
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 INFERRED SC 8,550,500 15 7,267,925 4.68 33.9
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
TOTAL SC 65,152,500 58,869,570 5.06 38
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 MEASURED SB 26,782,000 5 25,442,900 6.18 44.5
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 INDICATED SB 75,963,000 10 68,366,700 5.86 41.4
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 INFERRED SB 15,522,600 15 13,194,210 5.52 47.7
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
TOTAL SB 118,267,600 107,003,810 5.89 42.9
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 MEASURED SA 18,315,900 5 17,400,105 7.58 49.3
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 INDICATED SA 61,491,700 10 55,342,530 6.5 47.7
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
Mt300 11,556,050 INFERRED SA 13,733,000 15 11,673,050 5.18 51.2
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
TOTAL SA 93,540,600 84,415,685 6.52 48.5
----------- ----------- ----- ------------- ------------ ------------- --------------- -----------
TOTAL COAL ALL SEAMS 337,208,200 302,931,960
------------- ------------ ------------- --------------- ---------
Kibo Mabesekwa Coal Resource Statement (SAMREC Compliant) Kibo's 85% Attributable Interest in Coal Resource in Table 2
Kibo Mabesekwa Resource 85% Basis - Table 3
AREA AREA (m2) RESOURCE SEAM GROSS IN GEOLOGICAL MINEBALE 85% ATTRIBUT-ABLE SEAM DEPTH
NAME CLASS SITU LOSS % IN SITU THICKNESS BELOW
TONNES TONNES (m) SURFACE
(m)
Mt300 11,556,050 MEASURED SG 0 5 0 0
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 INDICATED SG 0 10 0 0
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 INFERRED SG 286,700 15 243,695 207,141 4.25 38.7
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
TOTAL SG 286,700 243,695 207,141 4.25 38.7
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 MEASURED SF 71,500 5 67,925 57,736 1.85 45.3
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 INDICATED SF 3,936,000 10 3,542,400 3,011,040 3.25 36
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 INFERRED SF 106,000 15 90,100 76,585 2.59 40.5
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
TOTAL SF 4,113,500 3,700,425 3,145,361 3.21 36.3
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 MEASURED SE 0 5 0 0
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 INDICATED SE 4,547,700 10 4,092,930 3,478,991 2.22 40.7
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 INFERRED SE 27,000,600 15 22,950,510 19,507,934 4.29 33.4
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
TOTAL SE 31,548,300 27,043,440 22,986,924 3.99 34.5
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 MEASURED SD 811,300 5 770,735 655,125 4.3 63.4
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 INDICATED SD 18,401,100 10 16,560,990 14,076,842 3.32 39.9
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 INFERRED SD 5,086,600 15 4,323,610 3,675,069 2.39 36.6
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
TOTAL SD 24,299,000 21,655,335 18,407,035 3.16 40
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 MEASURED SC 13,196,900 5 12,537,055 10,656,497 5.82 40.5
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 INDICATED SC 43,405,100 10 39,064,590 33,204,902 4.91 38
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 INFERRED SC 8,550,500 15 7,267,925 6,177,736 4.68 33.9
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
TOTAL SC 65,152,500 58,869,570 50,039,135 5.06 38
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 MEASURED SB 26,782,000 5 25,442,900 21,626,465 6.18 44.5
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 INDICATED SB 75,963,000 10 68,366,700 58,111,695 5.86 41.4
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 INFERRED SB 15,522,600 15 13,194,210 11,215,079 5.52 47.7
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
TOTAL SB 118,267,600 107,003,810 90,953,239 5.89 42.9
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 MEASURED SA 18,315,900 5 17,400,105 14,790,089 7.58 49.3
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 INDICATED SA 61,491,700 10 55,342,530 47,041,151 6.5 47.7
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
Mt300 11,556,050 INFERRED SA 13,733,000 15 11,673,050 9,922,093 5.18 51.2
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
TOTAL SA 93,540,600 84,415,685 71,753,332 6.52 48.5
----------- ----------- ----- ------------- ------------ ------------- ------------------ --------------- ---------
TOTAL COAL ALL SEAMS 337,208,200 302,931,960 257,492,166
------------- ------------ ------------- ------------------ --------------- ---------
Review by Qualified Persons
The information in this announcement that relates to the Mabesekwa Coal Resource Statement and the Kibo Mabesekwa Kibo Coal Resource Statement is taken from CPR reports by Mr NJ Denner who is employed by Gemecs (Pty) Ltd as a full-time consulting geologist. Mr NJ Denner, Pr.Sci.Nat, B.Sc Hons (Geology), FGSSA, SEG, is a geologist with 23 years' experience in the South African Mining Industry and a member of South African Council for Natural Scientific Professions (Membership No.400060/98). Mr NJ Denner has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2016 Edition of the 'The South African Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (SAMREC)' and for the purposes of the AIM Rules for Companies. Mr NJ Denner consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears
Kibo's Technical Director, Noel O'Keeffe, B.Sc.(Hons) Geology P.Geo and a member of the Institute of Geologists of Ireland, a director of Kibo and a Qualified Person within the meaning of SAMREC and the AIM Rules for Companies has reviewed the CPR reports, the Mabesekwa Coal Resource Statement and Kibo Mabesekwa Coal Resource Statement and the references to them in this announcement.
Glossary of Technical Terms
"Indicated That part of a coal resource for which tonnage, densities,
Resource" shape, physical characteristics, grade and coal quality
can be estimated with a moderate level of confidence.
Based on exploration, sampling and testing information
gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill-holes.
The data-point locations are appropriate to confirm
physical continuity, while they are too widely or
inappropriately spaced to confirm quality continuity.
However, such locations are spaced closely enough for
quality continuity to be assumed.
"Inferred Resource" That part of a coal resource for which tonnage, grade
and coal quality can be estimated with a low level
of confidence. It is inferred from geological evidence
and assumed but not verified physical continuity with
or without coal quality continuity. Based on exploration,
sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches,
pits, workings and drill-holes which is limited or
of uncertain quality or reliability.
-----------------------------------------------------------------
"insitu" In its original place. Most often used to refer to
the location of Mineral Resources
-----------------------------------------------------------------
"insitu tonnage" Measure of mass of coal or other mineral in the ground
-----------------------------------------------------------------
"m" A metre - a measure of length or thickness
-----------------------------------------------------------------
"Measured Resource" A Measured Mineral Resource is that part of a Mineral
Resource for which quantity, grade or quality, densities,
shape, and physical characteristics are estimated with
confidence sufficient to allow the application of Modifying
Factors to support detailed
mine planning and final evaluation of the economic
viability of the deposit
-----------------------------------------------------------------
"Mineral Resource" A "Mineral Resource" is a concentration or occurrence
or "Coal Resource" of diamonds, natural solid inorganic material, or natural
(where the solid fossilised organic material including base and
mineral is precious metals, coal, and industrial minerals in or
coal) on the Earth's crust in such form and quantity and
of such a grade or quality that it has reasonable prospects
for economic extraction. The location, quantity, grade,
geological characteristics and continuity of a
Mineral Resource are known, estimated or interpreted
from specific geological evidence and knowledge.
-----------------------------------------------------------------
"Mt" Abbrev. for megaton (measure of weight). Equals 1 million
tonnes
-----------------------------------------------------------------
"SAMREC" South African Code for Reporting Exploration Results,
Mineral Resources and Ore Reserves
-----------------------------------------------------------------
"t" A metric tonne - a measure of weight
-----------------------------------------------------------------
"tonnage" Quantities where the tonne is an appropriate unit of
measure. Typically used to measure or estimate quantities
of in situ material or quantities of material mined,
transported, processed or sold.
-----------------------------------------------------------------
Johannesburg
25 September 2019
Corporate and Designated Adviser
River Group
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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