Kibo Mining PLC (LON:KIBO) has now received commercial bids for the engineering, procurement and construction contract at the Mbeya coal-to-power project in Tanzania, and also for the original equipment manufacture.
Two bids came in, one from China’s SEPCO, otherwise known as Shanghai Electric Power Company, and the other from General Electric.
The bids will now be evaluated by a consultant acting on behalf of Kibo, and as a result of this evaluation a final round of bidding will be entered into by the beginning of December.
The selection of a final bid and the signing of the contracts is expected by the end of the year.
Meanwhile, other work has now been triggered. The integrated bankable feasibility study into the economics of the combined coal and power project can now be finalised.
And Kibo has also now applied for a mining right at Mbeya.
Mbeya, said Kibo chief executive Louis Coetzee, “is now independently recognised as a robust, well-advanced project.”
The shares ticked up nearly 2% to 8p in early trade.