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Seven Mining Rights Granted for MCPP

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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

[email protected].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 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

15 August 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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