Mbeya Coal to Power Project (“MCPP”) Receives Formal Reconfirmation to Continue with Accelerated Development of MCPP
01 June 2017
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 extensive interaction with the Ministry of Energy and Minerals (“MEM”) over the past month, the Company has received written reconfirmation from the MEM calling for expedited development of the MCPP. The letter follows a period during which the MEM has been the subject of in depth policy reviews and management changes.
Louis Coetzee, CEO of Kibo Mining, said: “We are very pleased with the latest response from the MEM, following recent policy and structural changes at the MEM and TANESCO. The process of negotiating and agreeing a final power purchase agreement should now progress at a considerably faster pace than over preceding months, as this remains the key to completing development of the MCPP.
We are particularly encouraged by the MEM’s acknowledgement of the very advanced development status of the MCPP and its key role as a strategic regional power hub able to tackle the unique challenges faced by the Tanzania energy sector at all levels, thereby providing a catalyst for further economic development.”