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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 | 0.036 | 0.0375 | 0.00 | 08:00:04 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 1.04M | -9.78M | -0.0026 | -0.15 | 1.51M |
TIDMKIBO
RNS Number : 1377L
Kibo Mining Plc
14 July 2017
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")
14 July 2017
Mbeya Coal to Power Project ("MCPP") - Update
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development Company, is pleased to announce that, following a week of follow-up meetings with Government departments and other Tanzanian stakeholders regarding the further development of the MCPP, there is no identified adverse impact on the further development of the MCPP as a result of recent changes in the legislative environment. Further, on the basis of these discussions the Company does not anticipate any future adverse impact on the development of the MCPP, however the Company will be diligently reviewing its position on this matter going forward.
Kibo reiterates that the completion of the Mbeya Coal special mining right application remains on schedule as does the environmental certification of the Mbeya Coal Mine and Mbeya Power Plant.
Further high level workshops and meetings will take place in the course of next week as part of the recently announced priority development schedule for the MCPP and the Company looks forward to updating shareholders in due course.
Louis Coetzee, CEO of Kibo Mining, said: "As far as continued progress in the development of the MCPP is concerned, we have not seen any slowdown or hesitation from the Tanzanian government or regulatory authorities as a result of the recent legislative changes. As stated before it is business as usual for Kibo, while we continue to study the latest amendments to the mining act to understand any possible impact these may have on Kibo and its projects
We will continue to keep the market updated".
Contacts
Louis Coetzee +27 (0) 83 Kibo Mining Chief Executive 2606126 plc Officer ---------------- ------------- -------------------- -------------------- Andreas +27 (0) 83 River Group Corporate Adviser Lianos 4408365 and Designated Adviser on JSE ---------------- ------------- -------------------- -------------------- Jon Belliss +44 (0) 207 Beaufort Securities Broker 382 8300 Limited ---------------- ------------- -------------------- -------------------- Andrew +61 8 9480 RFC Ambrian Nominated Adviser Thomson 2500 Limited on AIM ---------------- ------------- -------------------- -------------------- Liz Morley +44 (0) 203 Bell Pottinger Investor and / 772 2500 Media Relations Molly Stewart ---------------- ------------- -------------------- --------------------
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").
Johannesburg 14July 2017
Corporate and Designated Adviser
River Group
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
July 14, 2017 07:30 ET (11:30 GMT)
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