Kibo Energy is listed on the AIM market in London and the AltX in Johannesburg. The Company is focused on exploration and development of mineral projects in Tanzania, and controls a large mineral right portfolios. Tanzania provides a secure and stable operating environment for the mineral resource industry and Kibo Energy therein.
Kibo Energy holds a thermal coal deposit near Mbeya in southern Tanzania, which has a significant NI 43-101 compliant defined resource, and is developing a 250-350 MW mouth-of-mine thermal power station (Mbeya Coal to Power Project (MCPP), formerly known as Rukwa Coal to Power Project (RCPP)) with an established management team that includes Absa/Barclays as Financial Advisor. Kibo is now in the final stages of completing an Integrated Bankable Feasibility Study (IBFS) ) on the MCPP. The interdependent work streams of this IBFS comprise Definitive Mining Feasibility (“DMFS”) and Definitive Power Feasibility (“DPFS”) studies (DFS’) together with an Environmental and Social Impact Assessment (“ESIA”). The results from the first stage reports for the DMFS (a Concept Study and Pre-Feasibility Study) and PFS (a Power Pre-feasibility Study) were released in December 2014 / February 2015 and were overwhelmingly positive, exceeding management’s expectations across most technical and financial aspects of the project. The Company has made significant progress since then with the results from the continuing feasibility work, sustaining and improving the economic and technical merits of the project.
The Company also has extensive gold focused interests in the Lake Victoria area of Tanzania. These include projects with a 515,000 oz. JORC -compliant gold Mineral Resource at Imweru and a 239,870 oz. JORC- compliant gold Mineral Resource at Lubando. The Company holds a 100% interest in both projects subject to a 2% NSR held by another party. The Company is currently undertaking a Definitive Feasibility Study on the Imweru Project and the results of a Preliminary Economic Assessment, completed in December 2014, demonstrate good economic fundamentals for the development of a gold mine on the project in the near term.
The Company’s projects are located in the established and gold prolific Lake Victoria Goldfields, and the Mtwara Corridor in southern Tanzania where the Government has prioritized infrastructural development attracting significant recent investment in coal and uranium. The Company has a positive working relationship with the Tanzanian government at local, regional and national levels and works hard to maintain positive relationships with all communities where company interests are held. The Company recognizes the potential to enhance the quality of life and opportunity for Tanzanian citizens through careful development of its projects.
The Company’s objective is to enhance shareholder wealth through acquisition, exploration and development of mineral assets in Tanzania. The objective will be pursued through fast-track development of its flagship coal and gold projects to create early cash flow as well as systematic exploration of its earlier stage assets either on its own or in joint venture. The Company will also leverage its experience and relationships in Tanzania to acquire further quality mineral projects on competitive terms that can be quickly evaluated and taken to the next stage of development.