Kibo Mining PLC (LON:KIBO) said it is well placed to conclude a power purchase agreement with the Tanzanian Electric Supply Company (TANESCO) for output from its planned Mbeya coal to power operation.
Updating on its progress in the first-quarter, Kibo said confidence on this front was borne of the restructuring at TANESCO and a change of policy by the energy and minerals minister.
The company also reported headway towards the financial close of the Mbeya project.
In a bid to maintain laser focus it has terminated its joint-ventures and early stage projects, while the ‘vend-in’ to its Imweru and Lubando gold projects is in the “final stages of completion”.
Chief executive Louis Coetzee said he was “satisfied with progress”.