26 May 2017
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the mineral exploration and development company focused on coal, gold and nickel, projects in Tanzania is pleased to release its condensed consolidated annual financial results for the year ended 31 December 2016. The Company’s Annual Report, which contains the full financial statements accompanying this announcement, is in the process of being prepared for dispatch to shareholders. A copy of this Annual Report will be available on the Company’s website at www.kibomining.com. Details of the date and venue for this year’s AGM, which will take place towards the end of June, will be announced shortly.
Highlights from the Chairman, Christian Schaffalitzky’s statement:
2016 saw our Company build further on the milestones reached during 2015 with the completion of a number of critical studies in regard to our flagship MCPP project and the spin-off of our key gold assets (Imweru and Lubando) to a new gold focused company, Katoro Gold PLC (“Katoro”). These strategic events were achieved while simultaneously levering the value created in the MCPP to arrange efficient funding mechanisms that minimised shareholder dilution.
Kibo Mining’s key achievements are:
- The completion of the definitive feasibility studies (DFS) on both the proposed coal mine and its dedicated power plant at our Mbeya Coal to Power Project (MCPP);
- Signing of a collaboration agreement with the multinational US based GE Electric International in November 2016 which provided for GE to supply equipment, technology and services to the power plant;
- The negotiation and awarding of the engineering, procurement and construction (“EPC”) contract for the power plant construction to SEPCO III and the OEM contract to GE;
- The completion of the Integrated Bankable Feasibility Study on the MCPP (announced January 2017); and
- The completion in May 2017 of a reverse takeover transaction with Opera Investments Plc (renamed Katoro Gold PLC) which saw Katoro acquire the Imweru and Lubando licence portfolios, be admitted to AIM and raise £1.5 m for the advancement of a DFS at Imweru.
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