Kibo Energy PLC Seven Mining Rights Granted for MCPP (1546J)
August 15 2019 - 2:01AM
UK Regulatory
TIDMKIBO
RNS Number : 1546J
Kibo Energy PLC
15 August 2019
Kibo Energy PLC
(Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
("Kibo" or "the Company")
Dated: 15 August 2019
Kibo Energy PLC ('Kibo' or the 'Company')
Seven Mining Rights Granted for Mbeya Coal to Power Project
Kibo Energy PLC, the multi-asset, Africa focused, energy
company, is pleased to announce that it has been granted seven
Mining Rights for its Mbeya Coal to Power Project ('MCPP') in
Tanzania, further to the announcement dated 9 July 2019.
The Company continues to advance the MCPP in Tanzania, one of
its four international power projects, which the board believes
represents an exciting opportunity. Accordingly, the application
process for seven Mining Licences covering the original Special
Mining Licence ('SML') application area has been completed by the
Mining Commission, and an Offer Letter for each application has
been issued to Kibo's 100% owned subsidiary, Mbeya Coal Ltd, each
of which it has subsequently accepted. This constitutes approval
and grant of the Mining License applications, subject to Kibo
remitting all required statutory payments related to the issuance
of a Mining Right.
The MCPP has a 120.8 Mt NI 43 101 thermal Coal Resource covered
by the seven Mining Licences now granted. A Definitive Feasibility
Study confirmed the economic viability of the mining project with
an indicated IRR of 69.2%. Grant of the Mining Rights will enable
commercial mining activity to commence.
Louis Coetzee, CEO of Kibo, commented, "The successful delivery
of the MCPP is gaining momentum. Receiving these seven Mining
Rights to enable commercial mining activity is another key
milestone, which we anticipate will provide a better economic
outcome for all concerned stakeholders and further clarity
regarding the project's ongoing development, especially when the
continued progress that has been made recently in securing offtake
for the Mbeya Power Plant is considered as well. As I mentioned in
an earlier announcement, we are delighted with the excellent
cooperation and support by the Mining Commission of Tanzania and
look forward to providing further updates in due course."
**ENDS**
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014.
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo.energy Kibo Energy PLC Chief Executive Officer
Andreas Lianos +27 (0) 83 4408365 River Group Corporate and Designated
Adviser on JSE
------------------- --------------------- -------------------------
Jason Robertson +44 (0) 20 7374 First Equity Limited Joint Broker
2212
------------------- --------------------- -------------------------
Andrew Thomson +61 8 9480 2500 RFC Ambrian Limited NOMAD on AIM
------------------- --------------------- -------------------------
Isabel de Salis +44 (0) 20 7236 St Brides Partners Investor and Media
/ 1177 Ltd Relations Adviser
Gaby Jenner
------------------- --------------------- -------------------------
Notes
Kibo Energy PLC is a multi-asset, Africa focused, energy company
positioned to address the acute power deficit, which is one of the
primary impediments to economic development in Sub-Saharan Africa.
To this end, it is the Company's objective to become a leading
independent power producer in the region.
Kibo is simultaneously developing three similar coal-fuelled
power projects: the Mbeya Coal to Power Project ('MCPP') in
Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in
Botswana; and the Benga Independent Power Project ('BIPP') in
Mozambique. By developing these projects in parallel, the Company
intends to leverage considerable economies of scale and timing in
respect of strategic partnerships, procurement, equipment, human
capital, execution capability / capacity and project finance.
Additionally, the Company has a 60% interest in MAST Energy
Developments Limited ('MED'), a private UK registered company
targeting the development and operation of flexible power plants to
service the Reserve Power generation market.
Johannesburg
15 August 2019
Corporate and Designated Adviser
River Group
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END
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