Kibo Mining welcomes Mbeya feasibility study

(ShareCast News) - Kibo Mining's shares rose almost 7% as it said a mining feasibility study for the Mbeya Coal Mine in Tanzania confirmed it as a robust project in every aspect.It said results from the study correlated accurately with those of the mining pre-feasibility study from August 2015.They also reconfirmed the mine was a robust project with strong financial and commercial indicators."We are particularly pleased with the improved internal rate of return of 69.2% and the significantly improved environmental impact," said chief executive Louis Coetzee."The significance of the mining method that was developed for the Mbeya coal mine cannot be underestimated," he added in a statement.Coetzee said that this method not only eliminated one of the two biggest environmental risks for the Mbeya Coal to Power Project, but also reduced the coal requirement by 23%, which meant substantial cost savings for both the mine and the power plant.It would also result in a corresponding reduction in emissions."The power plant can rely on an upfront guaranteed fuel supply for its entire life span," Coetzee said.At 12:44 BST, shares in Kibo Mining were up 6.18% to 5.84p. Kibo Energy