TIDMKIBO
RNS Number : 6595P
Kibo Mining Plc
21 November 2016
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")
21 November 2016
Kibo Signs Collaboration Agreement with GE Electric
International Inc.
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX:
KBO), the Tanzania focused mineral exploration and development
Company is pleased to announce that it has signed a Collaboration
Agreement (the "Agreement") with General Electric International Inc
("GE"), with respect to the development of the Mbeya Coal to Power
Project ("MCPP" or "the Project"). The Agreement follows the
Memorandum of Understanding ("MOU") announced on the 16(th)
September 2016 and sets out in detail the terms and conditions of
said collaboration into a binding agreement.
The Agreement provides for GE and its affiliate companies ("GE
Group") to supply equipment, technology and services to the MCPP
power plant, in addition to assisting and co-operating with Kibo to
implement the Project.
Louis Coetzee, CEO of Kibo Mining, said: "We are extremely
pleased that we have now finalized this Agreement with GE and
cemented our relationship in a binding document. Since signing the
MOU the Company and GE have collaborated closely on progressing
development work on the MCPP, from which the Project has benefitted
greatly. As one of the largest and technologically advanced
international companies, we are looking forward to growing this
relationship. By working closely with GE, we will benefit from
their experience and reputation and this will expedite the
remaining work required to reach successful financial close on the
MCPP."
George Njenga, GE's Steam Power Systems Sales Executive for
Africa, said: "GE is delighted to partner with Kibo for the Mbeya
power project. We offer the best in class power generation
technology and services that employ GE Digital and Environmental
Control Solutions making our steam plants smarter and cleaner to
meet today's and tomorrow's power needs for our customers."
About General Electric Company ("GE")
GE (NYSE: GE) is the world's Digital Industrial Company,
transforming industry with software-defined machines and solutions
that are connected, responsive and predictive. GE is organized
around a global exchange of knowledge, the "GE Store," through
which each business shares and accesses the same technology,
markets, structure and intellect. Each invention further fuels
innovation and application across industrial sectors. With people,
services, technology and scale, GE delivers better outcomes for
customers by speaking the language of industry.
GE Power is a world leader in power generation with deep domain
expertise to help customers deliver electricity from a wide
spectrum of fuel sources. GE is transforming the electricity
industry with the digital power plant, the world's largest and most
efficient gas turbine, full balance of plant, upgrade and service
solutions as well as data-leveraging software. GE's innovative
technologies and digital offerings help make power more affordable,
reliable, accessible and sustainable.
Contacts
Louis Coetzee +27 (0) 83 2606126 Kibo Mining Chief Executive Officer
plc
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Corporate Adviser and
Andreas Lianos +27 (0) 83 4408365 River Group Designated Adviser on
JSE
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Beaufort
Securities
Limited
Jon Belliss +44 (0) 207 Broker
382
8300
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RFC Ambrian
Oliver Morse +61 8 9480 2500 Limited Nominated Adviser on AIM
--------------------- ---------------------- --------------------- ------------------------------
Liz Morley / +44 (0) 203 Bell Pottinger Investor and Media Relations
Anna Legge 772 2500
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Kibo Mining - Notes to editors
Kibo Mining is listed on the AIM market in London and the AltX
in Johannesburg. The Company is focused on exploration and
development of mineral projects in Tanzania, and controls one of
Tanzania's largest mineral right portfolios. 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 43-101 compliant defined resource, and is developing
a 250-350 MW mouth-of-mine thermal power station, the Mbeya Coal to
Power Project ("MCPP"), previously called Rukwa Coal to Power
Project ("RCPP"), with an established management team that includes
Standard Bank as Financial Advisor. Kibo is undertaking a Coal
Mining Definitive Feasibility Study and a Power Pre- Feasibility
Study for the Mbeya project with an integrated Bankable Feasibility
Study report for the MCPP to be released in the near term. 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
The Company also has extensive gold focused interests including
Lake Victoria Goldfields and Morogoro projects. At Lake Victoria,
the Company has 100% owned projects with a 550,000 oz. JORC
compliant gold Mineral Resource at the Imweru Project and a 168,000
oz. NI 43-101 compliant gold Mineral Resource at the Lubando
Project. The Company is currently undertaking a Definitive
Feasibility Study on its Imweru Project.
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 further holds the Pinewood (coal & uranium)
project where the company has entered into a 50/50 Exploration
Joint Venture with Metal Tiger plc.
Finally, the Company also holds the Morogoro (gold) project
where the company has also entered into a 50/50 Exploration Joint
Venture with Metal Tiger plc.
The Company's projects are located in the established and gold
prolific Lake Victoria Goldfields, the emerging goldfields of
eastern Tanzania and the Mtwara Corridor in southern Tanzania where
the Government has prioritized infrastructural development
attracting significant recent investment in coal and uranium. The
Company 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. The Company recognizes the potential to enhance
the quality of life and opportunity for Tanzanian citizens through
careful development of its projects.
Updates on the Company's activities are regularly posted on its
website www.kibomining.com
Johannesburg
21 November 2016
Corporate and Designated Adviser
River Group
This information is provided by RNS
The company news service from the London Stock Exchange
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