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Kibo Energy’s Mbeya Coal to Power project “rapidly gaining momentum”

The company has now made all the required payments to the Tanzanian Ministry of Minerals related to the final processing and issuance of the mining rights for Mbeya

Kibo Energy PLC - Kibo Energy’s Mbeya Coal to Power project “rapidly gaining momentum”
The seven mining rights were granted last month

Kibo Energy PLC’s (LON:KIBO) Mbeya Coal to Power project is “rapidly gaining momentum” now that it has made the required statutory payments to the Tanzanian authorities.

The payments relate to the final processing and issuance of seven mining rights for Mbeya, which were approved and granted last month.

READ: Kibo Energy receives mining rights for Mbeya, signals green light for development

Kibo said the payments were made well within the required timeframe and were subsequently accepted by the Tanzanian Ministry of Minerals.

“Today's announcement provides further confirmation that the MCPP is rapidly gaining momentum and we are looking forward to providing further updates in due course,” said chief executive Louis Coetzee.

AIM-quoted Kibo owns a thermal coal deposit near Mbeya in southern Tanzania, where it is developing MCPP – a 250-350 megawatt mouth-of-mine thermal power station.

Quick facts: Kibo Energy PLC

Price: 0.425 GBX

Market: LSE
Market Cap: £5.34 m

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