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Kibo Mining Notes Tanzanian President's Support For Private Sector

Wed, 21st Mar 2018 11:33

LONDON (Alliance News) - Tanzania-focused coal developer Kibo Mining PLC on Wednesday confirmed press reports that Tanzanian President Magufuli expressed support for the private sector at the 11th Tanzania National Business Council.

At the meeting, Magufuli said: "Business people are our most important stakeholders; they provide the government with much-needed revenue."

In addition the president said that, concerning the issue of an intermittent power supply, that the government was working on such concerns and an agreement with a new contractor would be signed soon.

"It is heartening to see the winds of change blowing from Tanzania. This is a very clear and powerful signal that the country is open to business and keen to create an environment where companies can thrive. We are looking forward to making further strides with our nationally important flagship Mbeya coal-to-power project, that aims to alleviate the acute power deficiency in the country and hope to sign the power purchase agreement shortly," said Chief Executive Officer Louis Coetzee.

Shares in Kibo Mining were up 6.0% at 6.36 pence on Wednesday.