Mbeya Coal to Power Project (“MCPP”) – Update
22 August 2017
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development Company, is pleased to provide the following update following the Company’s RNS dated 26 July 2017:
- An updated MOU, in reply to an official instruction by the Tanzanian Ministry of Energy and Minerals (“MEM”), to the Company and TANESCO to prepare a final Memorandum of Understanding that will govern the further development of the MCPP in general and the Power Purchase Agreement (“PPA”) in particular, has been duly submitted as instructed. A version of the MOU approved for execution is expected shortly, subject to any further request(s) for clarification that may be received;
- The Company has progressed discussions with various internationally recognized infrastructure investors that had formally expressed interest in an equity investment in the MCPP. Formal negotiations with these groups will be undertaken over the coming weeks, with the objective of working towards finalizing a comprehensive funding arrangement that will satisfy the MCPP equity funding requirement; and
- The Company did not receive any further clarification requests from the Tanzania National Environmental Management Council (“NEMC”) over the past weeks with regard to the MCPP Environmental & Social Impact Assessment (“ESIA”) and final certification is expected shortly.
Louis Coetzee, CEO of Kibo Mining, said: “Over the past two months we have seen a significant increase in momentum in all the MCPP work streams and from the above update it is clear that this trend will continue for the foreseeable future. The Company has an extremely busy and exciting period ahead of it”.