Kibo Mining PLC (LON:KIBO) ticked another box on its Mbeya coal-to-power project (MCPP) “to do” list by engaging a global law firm, Norton Rose Fulbright.
The law firm will assist the Tanzania-focused mineral exploration and development company with the preparation and negotiation of commercial arrangements and agreements pertaining to the MCPP power purchase agreement (PPA) with the Tanzanian Government and TANESCO (Tanzania's parastatal power distribution company).
"The signing of the engagement letter with Norton Rose Fulbright is a critical appointment in this advanced development stage of the MCPP, where we seek to negotiate and finalise a PPA with the Tanzanian Government,” said Louis Coetzee, chief executive officer of Kibo.
“Significant progress has been made in this area and the appointment of Norton Rose Fulbright will add critical momentum to our initiatives in this regard," he added.
Kibo shares rose 4% to 5.2p on the news.