Kibo Mining Says TANESCO Restructuring Will Not Affect Mbeya Project

LONDON (Alliance News) - Kibo Mining PLC on Tuesday noted recent press reports regarding ongoing changes and restructuring at TANESCO, the Tanzanian Electric Supply Co.

According to Kibo, TANESCO has been undergoing policy changes and restructuring under the new Tanzanian government, but said these will not affect the Mbeya coal to power project.

"The latest announcements with regard to TANESCO are not directed at any of the utility's development projects or business development policies, nor are there any indications that the latest announcements will in any way affect the Mbeya Coal to Power Project or any of the work streams currently underway in this regard," Chief Executive Louis Coetzee said in a statement.

"Through our close and transparent relationship with the Tanzanian government, we will continue to diligently progress the further development of the MCPP and we will promptly update shareholders should any changes materially impact the current work programme of the MCPP," he added.

Shares in Kibo were trading down 3.9% at 6.49 pence on Tuesday.

By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews

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