Kibo Mining PLC (LON:KIBO) told investors that the Tanzanian Mining Commission is now ready to consider an application for a special mining licence (SML) for the Mbeya Coal to Power Project (MCPP).
It comes as there’s new clarity over certain aspects of the process, namely the need for a local content plan and an integrity pledge into the application, the former sets out how the project will prioritise domestic procurement, while the second is a formal commitment to ethical practices set out by the Tanzanian authorities.
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"This latest development in relation to finalising the SML for the mining component of the MCPP is most welcome as we now have a clearly defined procedure to follow under the new mining act in order to finalise our existing SML application,” said Louis Coetzee, Kibo chief executive.
“Kibo will prioritise providing the mining commission with the LCP and IP within the next two weeks, thereby ensuring that our SML application is fully compliant and ready for review.”
“With the LCP and IP regulations now clearly defined and in place there are no outstanding components to the SML application, however, in any event, Kibo has always been compliant with almost all of the LCP and IP requirements, even before these became statutory requirements.”
Kibo also told investors that it now anticipates submitting a mining licence application in the third quarter for the Mabesekwa Coal Independent Power Project in Botswana.
Coetzee added: "I'd very much like to extend my gratitude to Kibo's staff for all the hard work done over the past few months, enabling us to enter the final stages of preparation to submit a mining licence application for the Mabesekwa project as well.
“We are optimistic that both licences shall be approved expeditiously although it should be noted that following submission the progress of the process is not within Kibo's control."