Last checked at 
LONDON (Alliance News) - Kibo Mining PLC said Thursday it has agreed the direct development cost for its Mbeya coal to power project in Tanzania with Chinese power plant constructor SEPCO III, and the amount it will receive as a refund.
Kibo said that based on an agreed development cost of approximately USD10.9 million, it will receive a 50% refund of around USD5.5 million from SEPCO III. However as Kibo has already received an advance of USD1.8 million, the total outstanding amount payable is approximately USD3.7 million, to be received when the project reaches financial close.
"We are very pleased with the outcome of this week's meetings in China with SEPCO III and GE as well as our MCPP advisors, Tractebel Engineering. We are particularly pleased that we have reached agreement on the MCPP development costs and the balance of funds refundable to the company," said Louis Coetzee, chief executive officer of Kibo Mining.
Shares in Kibo Mining were down 2.1% at 8.08 pence Thursday.
By Adam Clark; adamclark@alliancenews.com
Copyright 2016 Alliance News Limited. All Rights Reserved.
