Kibo Mining PLC (LON:KIBO) is refusing to get in a sweat over the latest press reports regarding restructuring at the Tanzanian Electric Supply Company (TANESCO).
Kibo, which is developing the Mbeya coal-to-power project (MCPP) in Tanzania, noted that TANESCO has been undergoing policy changes and restructuring under the new Tanzanian government for a while now.
Read Kibo Mining agrees price to build Mbeya power station
Kibo views the latest announcements regarding management changes and tariff reviews as part of this ongoing reform and restructuring process.
"The latest announcements with regard to TANESCO are not directed at any of the utility's development projects or business development policies, nor are there any indications that the latest announcements will in any way affect the Mbeya Coal to Power Project … or any of the work streams currently underway in this regard,” said Kibo’s chief executive officer, Louis Coetzee.
“Through our close and transparent relationship with the Tanzanian government, we will continue to diligently progress the further development of the MCPP and we will promptly update shareholders should any changes materially impact the current work programme of the MCPP," he added.