Kibo Mining PLC (LON:KIBO) shares nudged higher as it completed the power definitive feasibility study (PDFS) on its coal fired Mbeya project in Tanzania (MCPP).
The final and official PDFS report will be delivered to the chief executive on May 2, during a scheduled project meeting with Tractebel Engineering.
Kibo chief Louis Coetzee said: "We are extremely pleased to have completed the PDFS on schedule and within budget.
"The PDFS constitutes the most important component of the MCPP and is the foundation for the MCPP's entire business case. This milestone in the development of the MCPP is a critical achievement in advance of the financial close."
The firm also issued new shares to settle invoices, it said. The 180,778 shares issued at 4.88p each settled invoices from service providers for geological and investor relations services for invoices totalling £8,822.
Kibo shares added 2.44% to 5.25p.