Kibo Mining meets all its Q1 2017 Strategic Objectives successfully
23 March 2017
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development company, is pleased to provide a summary update of progress and activities during Q1 2017.
- Continued liaison with the Tanzanian Government on the results of its Integrated Bankable Feasibility Study (“IBFS”) confirmed that the Company is well placed to conclude negotiations on a Power Purchase Agreement (“PPA”) following completion of Tanzanian Electric Supply Company (“TANESCO”) restructuring and Minister of Energy and Minerals (“MEM”) policy changes;
- Kibo has successfully established significant capacity and progress on all fronts in preparing for the financial close on the Mbeya Coal to Power Project (“MCPP”) with the able and committed assistance of its advisors, partners and contractors;
- The Company has terminated its JVs on early stage projects (Morogoro & Pinewood) and planned rationalisation of its remaining early stage exploration projects to enhance focus of available resources on flagship projects;
- Vend in of Imweru and Lubando Gold projects via Opera RTO is in the final stages of completion and subsequent re-admission to AIM; and
- Kibo has launched a CSR programme for MCPP.