Kibo Energy Share News (KIBO)

LONDON (Alliance News) - Kibo Mining PLC on Monday said it has finished the first phase of the integrated bankable feasibility study for the Mbeya coal-to-power project in Tanzania.

The first phase of work involved combining other studies conducted on the project which are still ongoing, including the definitive mining feasibility study, the definitive power feasibility study, and the environmental impact assessments for both the mining element and the associated power station that the mine will feed.

"With these three main contributors to the integrated bankable feasibility study well underway the next critical step was to implement phase one of the study, which comprises the integration of the three fundamental works flows mentioned above, to enable the integrated bankable feasibility study to be conducted in parallel to the definitive mining feasibility study, definitive power feasibility study and environmental impact assessment," said the company.

Those three studies have now been combined into the integrated definitive feasibility study, signalling the completion of the first phase, said the company.

The work involved critical coordinating and planning meetings with all the key government departments and stakeholders concerned with the project and included, amongst others, the Tanzanian Ministry for Energy and Minerals, TANESCO, which is the national electricity utility company, and EWURA, the regulator of electricity and water in the country.

Kibo shares were down 3.0% to 4.00 pence per share on Monday morning.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

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