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Kibo Mining Confident Processes Will Keep Up With Mbeya Development

Tue, 21st Jun 2016 08:08

LONDON (Alliance News) - Kibo Mining PLC said it remains confident that the regulatory and statutory processes required for the Mbeya coal-to-power project in Tanzania will keep up the pace at which the project is developing.

The company completed and delivered the definitive power feasibility study in May. Meanwhile, a definitive mining feasibility study is on track for completion by the end of June.

"At this time multiple work streams are simultaneously underway in the process of completing the integrated bankable feasibility study on the MCPP. The technical work that forms the backbone of the IBFS is now fast drawing to a close and the financial model is in the process of being updated. We continue to see strong support from the Tanzanian government and we remain confident that the various regulatory and statutory processes required will continue to keep up with the pace at which the MCPP is developing," said Chief Executive Officer Louis Coetzee in a statement.

Shares in Kibo Mining were up 3.6% at 5.18 pence Tuesday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews