Kibo Mining PLC (LON:KIBO) has published its maiden SAMREC-compliant resource for the Mabesekwa coal resource in Botswana, in which it holds an 85% stake.
The AIM-listed miner said the resource statement indicated a total mineable in-situ coal resource of 302.9mln tonnes, 257.5mln tonnes of which is attributable to Kibo directly.
READ: Kibo Mining completes acquisition of Mabesekwa project in busy financial year
The firm added that further testing from bulk samples obtained from existing and recently drilled large diameter hotels across the coal deposit by Shumba Energy, Kibo’s Botswana-listed partner company on the project, had yielded results which demonstrate that favourable coal quality can be achieved through industry standard beneficiation processes.
Louis Coetzee, Kibo chief executive, said: "With a SAMREC compliant 303Mt coal Resource and a confirmed coal quality we have a key pillar completed for the BFS for the MCIPP. We are working closely with Shumba and have already made progress in bringing this project to fruition. With water and land use permits and environmental certification in place, as well as a PFS on the coal mine and scoping study on the power plant, we see a clear development path with deliverables that will increase the inherent value of the Project.”
In late-afternoon trading Thursday, Kibo shares were up 2.3% at 4.35p.