Mbeya Coal to Power Project MOU Update
5 January 2018
Kibo Mining Plc (AIM:KIBO; AltX:KBO), the multi-asset African focused energy and resource company, is pleased to confirm that further to the meetings held with the Ministry of Energy (‘ME’) in late December 2017, the ME has called a meeting on Monday 8 January with Kibo and the Tanzania Electric Supply Company (‘TANESCO’) to finalise the Mbeya Coal to Power Project (‘MCPP’) MOU; accordingly, the Company remains optimistic that the MOU will be completed as announced on 18 December 2017. It should be noted that the Tanzanian holidays differ from the UK, with fewer ‘working days’ over the Christmas period.
The Company had arranged to present at a Proactive Event in London on 11 January 2018, however, the meeting with the ME has taken precedence and accordingly Kibo has postponed its attendance at the event.
Kibo’s CEO, Louis Coetzee, said: “Given the continued urgency by the ME to fast-track the MCPP as the Tanzanian Government focuses on delivering 5GW installed generation capacity by 2020 with a further 7GW to be added in the following five years, we remain optimistic for 2018. During the year, we anticipate hitting various value trigger points regarding the MCPP including the completion of the MOU and the final Power Purchase Agreement during Q1, and look forward to building Kibo as a strategic regional electricity supplier.”