Shares in Kibo Mining PLC (LON:KIBO) advanced in early deals as it revealed the work on the definitive power feasibility study for the Mbeya Coal to power project in Tanzania had been completed.
The firm noted that the results of the study can only be announced once a review process has been completed.
However, it said that all the report's outcomes to date have been "well within our expectations".
Chief executive Louis Coetzee said: "The professional and committed way in which Tractebel has conducted the DPFS to date has been critical to delivering the PDFS work to the highest standard and within a very challenging timeframe."
Earlier this month, the group said it expected the Mbeya coal-to-power project (MCPP) will be financial close ready by the end of the second quarter of 2016.
This was slightly later than previously announced but the delay has no impact on the overall timeline, as reflected in the due date for the next critical milestone, which remains the same as before.
The delay in the project being ready for the process of financial close was partly caused by the collapse of broker Hume Capital at a time when it was sitting on cash raised on behalf of Kibo through a share placing.
In addition there were the usual delays and hurdles that seem to occur in any major project that requires regulatory approvals and permitting processes.
Kibo shares added 6.67% to 4p on Friday.