Another upgrade to the carrying value of its Mbeya coal power project in Tanzania kept Kibo Mining (LON:KIBO) in the black in 2015. Kibo says it is nearing completion of definitive feasibility studies on the power and coal mine elements, which combined will form an integrated bankable study for the whole project. This progress enabled book value to rise to to £17.6mln from £14.4mln with £3.2mln of impairments written back. Profits for the year were £177,000 (£2.15mln). Louis Coetzee, chief executive, said: “We are well on the way towards completing our Integrated Bankable Feasibility Study on the flagship Mbeya Coal to Power Project in co‐operation with our joint development partner, SEPCO III. Kibo has also recently completed a preliminary economic assessment at the Imweru gold project while work commenced on the Morogoro gold and Pinewood uranium projects, with joint venture partner, Metal Tiger. Shares rose 2% to 5.5p.
Kibo Mining upbeat after Mbeya progress
Kibo is nearing completion of definitive feasibility studies on the power and coal mine elements