Kibo Mining PLC has welcomed comments from Tanzania’s president pledging to support the private sector and indicating an agreement with a new energy contractor is close to being signed.
Noting recent comment in the press regarding comments made at the 11th Tanzania National Business Council (TNBC) meeting, the AIM-listed energy and resources firm’s CEO, Louis Cotzee said: "It is heartening to see the winds of change blowing from Tanzania. This is a very clear and powerful signal that the country is open to business and keen to create an environment where companies can thrive.”
In a statement, Kibo noted that Tanzanian president John Pombe Magufuli had said: "Business people are our most important stakeholders; they provide the Government with much-needed revenue."
Furthermore, the company noted that President Magufuli had assured the TNBC audience that the government was working on concerns about the intermittent power supply in the country and said that an agreement with a new contractor was expected to be signed soon.
Kibo’s CEO commented: “We are looking forward to making further strides with our nationally important flagship Mbeya Coal to Power Project, that aims to alleviate the acute power deficiency in the country and hope to sign the Power Purchase Agreement shortly."
In early morning trading, Kibo shares were up 2.5% at 6.15p.