Kibo Signs Collaboration Agreement with GE Electric International Inc.
21 November 2016
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 16th 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.”