Kibo Mining Posts Annual Profit, Says Projects Progressing Well

LONDON (Alliance News) - Kibo Mining PLC Friday reported a pretax profit in 2014 after making a loss in 2013, as it said it is making positive progress with its Mbeya Coal-To-Power and Imweru Projects in Tanzania.

The mineral exploration and development company, which does not generate any revenue, reported a pretax profit of GBP2.1 million in 2014, having suffered a GBP15.6 million loss in 2013.

Kibo said that the results from the first phase definitive mining feasibility study for the Mbeya Coal-To-Power Project, formerly named the Rukwa Coal-To-Power Project, and the Imweru Project have exceeded expectations across all aspects of the study, with both expected to generate a "positive economic outcome".

"The work completed during 2014 enabled us to re-activate advanced feasibility studies and exploration across all our commodity streams and we expect to show steady progress and newsflow from this work over the remainder of 2015," he added.

Shares in Kibo were trading up 5.4% at 5.14 pence Friday morning.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews

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