Kibo Mining Starts Contract Bidding Process For Mbeya Project

LONDON (Alliance News) - Kibo Mining PLC on Friday said the formal engineering, procurement and construction (EPC) bidding process has started for the Mbeya power plant and coal mine projects in Tanzania.

Kibo previously appointed China's SEPCO III as its preferred bidder for the EPC contact for the power plant portion of the work, and SEPCO III will now have to agree and commit to an equity investment in the Mbeya coal to power project in order to win the right to be the sole EPC bidder for the power plant contract.

The process for the coal mine contract is underway, and Kibo said it will get the first eight quotes from bidders who have expressed an interest in the contract on Friday.

Kibo shares were up 6.9% to 5.61 pence Friday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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