Kibo Mining Plc Duplicate Announcement (6890O)

TIDMKIBO

RNS Number : 6890O

Kibo Mining Plc

21 May 2018

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: IE00B97C0C31

('Kibo' or 'the Company')

Dated: 21 May 2018

Kibo Mining Plc ('Kibo' or the 'Company')

Duplicate RNS

The RNS announcement numbered 6559O released at 7:00am was a duplicate announcement and should be disregarded. Investors should refer to RNS 6489O titled "Final Lot of EPC Contract Signed on MCPP" published at the same time.

*Ends*

For further information please visit www.kibomining.com or contact:

 
   Louis Coetzee       [e-mail]   Kibo Mining Plc       Chief Executive Officer 
   Andreas Lianos      [phone]      River Group           Corporate Adviser 
                                                                      and Designated Adviser 
                                                                      on 
                                                                      JSE 
   Ben Tadd /          [phone]         SVS Securities        Joint Broker 
    Tom Curran          0093                    Limited 
   Jon Belliss         [phone]         Novum Securities      Joint Broker 
                        9400                    Ltd 
   Andrew Thomson      [phone]         RFC Ambrian Limited   NOMAD on AIM 
   Isabel de Salis     [phone]         St Brides Partners    Investor and Media 
    / Priit Piip        1177                    Ltd                   Relations Adviser 
 

Notes to editors

Kibo is a multi-asset resource development and energy company with a long-term goal of becoming a leading power producer in Sub-Saharan Africa. The Company aims to tackle the acute power deficit which is severely hindering economic development in the region.

Kibo's flagship asset is the Mbeya Coal to Power Project ('MCPP') in Tanzania, which comprises the Mbeya Coal Mine, a 1.5Mt p/a mining operation, and the Mbeya Power Plant, a 300MW mine-mouth thermal power station. The Mbeya Coal Mine has a defined 120.8 Mt NI 43 101 thermal coal resource. A Definitive Feasibility Study has been conducted on the project which underpinned its value and confirmed an initial rate of return of 69.2%. The 300MW mouth-of-mine thermal power station has long term scalability with the potential to become a 1000MW plant. The completed full Power Feasibility Study highlighted a power output target of 1,800 GWh/a based on annual average coal consumption of 1.5Mt. An Integrated Bankable Feasibility Study report for the entire project indicated total potential revenues of US$ 7.5-8.5 billion over an initial 25-year mine life, post tax equity IRR between 21-22%, debt pay-back period of 11-12 years and a construction period of 36 months.

To assist in the execution of this critical power project of the MCPP, Kibo has assembled an international team of advisors and partners including Engineering Procurement and Construction ('EPC') contractors and financial teams that are assisting in the advancement and development of the MCPP. These include ABSA/Barclays as Financial Advisor, China based EPC contractor SEPCO III, General Electric, Tractebel Engineering (Power), Minxcon Consulting (Mining) and legal advisors Norton Rose Fulbright.

Kibo also has an 85% interest in the Mabesekwa Coal Independent Power Project ('MCIPP'), a nearly identical power project in Botswana. The project consists of 300Mt subset of the current in-situ 777Mt Coal Resource and has water and land use permits and environmental certification in place. A Pre- Feasibility Study on the coal mine has been completed, as has a Scoping Study, which highlight the power plant having a maximum capacity of 600MW (4x150MW) based on a coal delivery rate of 3.2Mtpa and a Life of Mine of over 30 years.

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 [e-mail] or visit www.rns.com.

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May 21, 2018 03:02 ET (07:02 GMT)