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Kibo Mining completes acquisition of Mabesekwa project in busy financial year

Over the year, Kibo said it had secured support from the Tanzanian government for a power purchase agreement at its flagship Mbeya Coal to Power Project
Mining truck
In early morning trading Thursday, Kibo Mining shares were up 1% at 4.7p

Kibo Mining PLC (LON:KIBO) has reported its financial results for the full-year following a flurry of activity.

The AIM-listed miner reported a pre-tax loss from ordinary activities of around £4.5mln, wider than £3.5mln the year before, while its cash for the end of the period stood at £766,586, up from £382,339 last year.

READ: Kibo Mining inks joint venture deal to develop Benga Independent Power Project in Mozambique

Over the year, Kibo said it had secured support from the Tanzanian government for a power purchase agreement at its flagship Mbeya Coal to Power Project at the end of 2017 and had signed a memorandum of understanding with TANESCO (the Tanzanian state electricity company) in February 2018.

The latest development was announced earlier in June, when Kibo said it had signed a joint venture (jv) agreement with Mozambique energy company Termoeléctrica de Benga SA to participate in the potential development of the Benga Independent Power Project (BIPP).

In early morning trading Thursday, Kibo Mining shares were up 1% at 4.7p.

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