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Update on Mbeya Coal Mining Licence Application

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RNS Number : 9772E
Kibo Energy PLC
09 July 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: 09 July 2019

 

Kibo Energy PLC ('Kibo' or the 'Company')

Progress Update on Mbeya Coal LTD Mining Licence Application

 

Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to announce a further positive development on the Mbeya Coal to Power Project ("MCPP") licencing process.

 

Highlights

·    SML Application recommended for Approval, September 20, 2018 (RNS, September 26, 2018);

·    Special Mining Licence ("SML") Application converted to seven Mining Licence ("ML") Applications in the interest of a better economic outcome for all concerned stakeholders; and

·    Excellent cooperation and support by the Mining Commission of Tanzania.

 

Louis Coetzee, CEO of Kibo Energy, commented, "We are very encouraged by the latest developments in respect of our ML-application, which is the product of constructive and co-operative interaction with the Mining Commission. The conversion of the SML-application into seven ML-applications demonstrates the willingness and commitment of the Mining Commission to cooperate with investors under the latest mining legislation and to find practical solutions in the interest of all stakeholders in order to stimulate the mining industry in Tanzania. The change in approach with regard to the ML-application has also provided further clarity with regard to ongoing development of the MCPP in general and will afford the MCPP with a very welcome gain in forward momentum."

 

Details

Following the publication by the Mining Commission on September 20, 2018 (see RNS of September 26, 2018) that the Mbeya Coal Ltd Application for a SML was recommended for approval, Kibo remained engaged in communication with the Mining Commission regarding the approval process, which amongst other items also required cabinet approval. The Mining Commission and Kibo recently agreed that on technical and procedural grounds converting the SML-application into seven ML-applications would be the most efficient and effective approach under prevailing legislation to licence the area under application for commercial mining activity and to ensure proper support for the successful delivery of the MCPP. This approach also allows for improved opportunity to serve the interests of all stakeholders in a more balanced manner over the long term. There is no difference in the status of a SML versus that of a ML with the key differences between the two types of licences being (1) Surface Area, (SML - 70 Km2; ML - 10Km2 ); (2) Duration, (SML - Life of Mine; ML - 10 Years, renewable until depletion of deposit) and (3) Level of Approval (SML - Cabinet level; ML - Ministerial level. Further updates on the progress of the seven ML-applications will be provided 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

[email protected].energy

Kibo Energy PLC

Chief Executive Officer

Andreas Lianos

+27 (0) 83 4408365

River Group

Corporate and Designated

Adviser on JSE

Ben Tadd /

Tom Curran

+44 (0) 20 3700 0093

SVS Securities Limited

Joint Broker

Jason Robertson

+44 (0) 20 7374 2212

First Equity Limited

Joint Broker

Andrew Thomson

+61 8 9480 2500

RFC Ambrian Limited

NOMAD on AIM

Isabel de Salis /

Gaby Jenner

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations Adviser

 

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

09 July 2019

Corporate and Designated Adviser

River Group


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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