Kibo Mining PLC (LON:KIBO) told investors that it remains optimistic the memorandum of understanding (MOU) entered into for the Mbeya Coal to Power Project will be completed.
It follows meetings during December in Tanzania, with the Ministry of Energy and the Tanzania Electric Supply Company (TANESCO).
READ: Kibo holds positive talks with Tanzanian government about future of Mbeya
The company noted that Tanzania has a different holiday schedule, with fewer working days over the Christmas period compared to the UK. Additionally, it said that it has decided to postpone its attendance at the Proactiveinvestors event on January 11.
"Given the continued urgency by the ME to fast-track the MCPP as the Tanzanian Government focuses on delivering 5GW installed generation capacity by 2020 with a further 7GW to be added in the following five years, we remain optimistic for 2018,” said Louis Coetzee, Kibo chief executive.
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“During the year, we anticipate hitting various value trigger points regarding the MCPP including the completion of the MOU and the final power purchase agreement during Q1, and look forward to building Kibo as a strategic regional electricity supplier."