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A LafargeHolcim subsidiary, signed a cooperation agreement with Kibo in 2017 for the Mbeya Coal Mine to supply coal to Mbeya Cement amongst other things. It鈥檚 not far away so not sure why this still couldn鈥檛 happen? The concrete products are having to change as the fly ash was being imported. They must also still need the power.
I think you can only value the coal on the basis of the future benefits/income stream that can be derived from the asset over its life. I don鈥檛 think we have a market for it without the power station or at least it鈥檚 not viable to dig it without it.
Nothing new in the Pod Cast for me. Typical promises, waffle and no new information to make a dent in the share price in any direction infact I predict it will flat line tomorrow and the next day. Flat line sums up sentiment in kibo. He can say anything he wants and nothing, absolutely nothing is going to happen to the share price. They have promised so much for so look that there isn't a single person left who honestly believes what they hear. The only time the share price will pick up is after revenue starts rolling in and that isn鈥檛 anytime soon as far as I can see. Happy to be proved wrong but heard it all.
In December LC said:
In line with this, the Bordersley working/steering committee, which includes MED and its joint development partner, AB (see RNS dated 30 October 2019), has achieved several milestones. As well as agreeing the site work scope, both the EPC solution and associated financing agreement for Bordersley's construction and commissioning are nearing completion.
Reading back it seems Balance Power are Still doing all the running:
Louis Coetzee, CEO of Kibo Energy, commented, "Having already worked with Balance to acquire the Bordersley 5 MW plant, we are delighted to strengthen our relationship with a formal agreement. This will provide MED with a steady flow of shovel ready sites, enabling it to rapidly build an initial portfolio of 100 MW reserve energy projects in the UK.
The Balance Power website looks ok and the finances look ok so at least feel this isn鈥檛 a complete scam.
Who physically is it on the ground that is actively progressing various .... commercial opportunities to enhance MED's capacity and ability to significantly expand its project portfolio in conjunction with an accelerated development plan for an expanded portfolio.
Do they employ anyone?
RNS 21 May 2019
Highlights
路 MED has today executed a Sale and Purchase Agreement ("SPA") to acquire Bordersley Power Limited ("Bordersley"), a Special Purpose Vehicle ("SPV"), from Balance Power Projects Limited ("Balance")
路 Bordersley will comprise a 5MW gas-fueled power generation plant, supported by:
o an option to lease the land which would be the project site ("Option for Lease")
o a Grid Connection Offer (to be novated to Bordersley); and
o a Gas Connection Offer (to be novated to Bordersley)
路 Completion of the acquisition is subject to satisfaction or waiver of the Conditions Precedent by the Longstop Date of 14 to 21 working days from the date of SPA execution:
o Novation of the Grid Connection Offer and Connection Offer Novation to Bordersley
o Completion of the Option to Lease novation to Bordersley
o Completion of a deed of variation of the Option for Lease pursuant to which SWB Power Ltd is replaced as Guarantor under the Lease by a person nominated by the Buyer.
o Receipt of various planning and title permissions and reports
o Comprehensive technical and economic Due Diligence performed to MED's satisfaction
路 If the Conditions Precedent have not been satisfied or waived on or before the Longstop Date the SPA shall terminate on the day after the Longstop Date unless an extension is mutually agreed
路 Completion shall take place on the fifth business day after the fulfilment or waiver of the last of the Conditions Precedent or any other date agreed by the Seller and the Buyer in writing
路 On Completion:
o MED will pay Balance GBP175,000 in cash consideration and reimburse Balance GBP2,000 in costs related to the Gas Connection Offer; and
o The existing directors and officers of Bordersley to resign, with Louis Coetzee and Pieter Kr眉gel to be appointed as directors of Bordersley
路 Warranties, representations and undertakings typical of a transaction of this nature are included
路 Engineering, Procurement and Construction ("EPC") proposals have been received and multinational Clarke Energy has been selected as the preferred EPC contractor, and peaking power generation construction specialists Encora Energy selected as preferred Owners Engineer
路 Subject to successful financial close and notice to proceed, and no external connectivity delays, targeting commercial commissioning of the Bordersley site in late Q4 2019 / Q1 2020
I think this is the planning application. You can search for it on Birmingham City Council website and see the associated docs.
Installation of a gas standby power facility at Land at Liverpool Street, Digbeth, Birmingham, B9 4DS
Application - 2018/08546/PA