Shares in Kibo Mining PLC (LON:KIBO) rose by more than 7% in early trade on Friday after the company announced that feasibility work on the Mbeya coal mine in Tanzania has now advanced to the stage where it can now seek out bids for the engineering, procurement and construction contract.
The news follows on from an earlier announcement involving the merger of Kibo’s gold project with a neighbouring gold asset in the Lake Victoria region, and caps of a week of positive developments for the company.
The shares briefly peaked at 5.77p in early May as the gold price closed in on US$1,300, but then as gold dipped, some of that ground was lost. However, following the news from Lake Victoria and the news from Mbeya, a significant recovery has been staged.
Shares are currently up 3.33% to 5.43p.
In December, when the gold price was at its lowest, Kibo’s shares were trading at around 3.6p.