Kibo Energy Share News (KIBO)

(Alliance News) - Kibo Mining PLC on Tuesday said its special licence application for the Mbeya project has been converted into seven licence applications.

This, Kibo said, will give a "better economic outcome", and has the support of the Mining Commission in Tanzania, where the coal power project is located.

Chief Executive Louis Coetzee said: "We are very encouraged by the latest developments in respect of our mining licence application, which is the product of constructive and co-operative interaction with the Mining Commission.

"The conversion of the special mining licence-application into seven mining licence-applications demonstrates the willingness and commitment of the Mining Commission to cooperate with investors under the latest mining legislation and to find practical solutions in the interest of all stakeholders in order to stimulate the mining industry in Tanzania."

"The change in approach with regard to the ML-application has also provided further clarity with regard to ongoing development of the Mbeya project in general and will afford the Mbeya project with a very welcome gain in forward momentum," said Coetzee.

In London, Kibo shares were up 9.1% on Tuesday while in Johannesburg, the stock was down 11% at ZAR0.24.