Commencement of Accelerated PFS for RCPP

RNS Number : 5579W

Kibo Mining Plc

10 November 2014

 



Kibo Mining Plc (Incorporated in Ireland)

(Registration Number: 451931)

(External registration number: 2011/007371/10)

Share code on the JSE Limited:KBO Share code on the AIM:

KIBO ISIN:IE00B61XQX41

("Kibo" or "the Company")

10 November 2014

Commencement of Accelerated Rukwa Coal to Power Project - Power Pre-Feasibility Study

·    Accelerated progression of Study work to develop Rukwa Power Plant;

·    Kibo appoints Aurecon to conduct Power Pre-Feasibility Study ; and

·    Power Pre-Feasibility Study to commence immediately with the full Study to be completed by early December 2014.

Louis Coetzee, CEO of Kibo Mining, said: "We are exceptionally pleased with the acceleration of this Study and the appointment of Aurecon. Following their appointment Aurecon undertook a review of historically gathered information and the comprehensive nature of the data available enabled them to commit to delivery of the full Prefeasibility Study in early December 2014.  This accelerated delivery matches our desire to progress the Rukwa Coal to Power project on an expeditious timetable and further supports the veracity and value of the project in the face of finalisation of discussions with strategic project partners."

Kibo Mining plc ("Kibo"or the "Company") (AIM: KIBO; AltX: KBO), the Tanzania focussed mineral exploration and development company, is pleased to announce that it has appointed Aurecon (www.aurecongroup.com) to conduct a Pre-Feasibility Study ("PPFS") on the Rukwa Coal to Power Project ("RCPP") 300MW power plant.

Commencement of the PPFS is a very important milestone in the RCPP as it marks the stage where feasibility work has progressed sufficiently to allow the integrated feasibility study, i.e. mining and power, to henceforth continue concurrently.

The PPFS will cover the conventional pre-feasibility elements associated with a power plant feasibility study, as well as assessing certain key parameters required for planning of the definitive power feasibility study on the Rukwa power plant.

About Aurecon

Aurecon has a long South African and Sub-Saharan Africa presence, and extensive relevant experience to apply to the RCPP (mine mouth power plant). Aurecon's recent clients include, amongst others, Rio Tinto (1,200MW Benga coal), Vale (Moatize coal mine infrastructure), Southern Energy (Namiba 250MW IPP power plant), Botswana Ministry of Minerals, Energy Water Resources (300MW coal at Morupule IPP) and the World Bank (600MW Coal, Morupule B).

Aurecon has a strong track record in Tanzania which spans energy and infrastructure projects accordingly and they have permanent facilities in Dar es Salaam and hence access to valuable on-the-ground information at all levels of government and the private sector. Aurecon has significant experience of working with TANESCO and the power system in-country, both from their previous engagement as utility manager and also recent projects and cross-border studies in the region.

Aurecon's purely technical experience in coal fired power plants is substantial, they have studied, designed, built, operated and maintained more than 60,000MW of projects predominantly in Australia, SE Asia and Africa. Senior technical resources utilised for these projects are largely retained by Aurecon, primarily on account of their 100% employee ownership model.

The value proposition to Kibo goes further than pure engineering and project management and indeed beyond PFS. The power generation resources based in South Africa who will execute the PPFS are also proficient in private sector / IPP project finalisation (to financial close and beyond).  They also act as technical advisor to government, IPPs and Lenders alike for key project agreements such as EPC, O&M, PPA, CSA, concessionary agreements, generation licences, connection agreements and environmental authorisations.  This service offering is in-house to Aurecon, and at Kibo's "doorstep" for utilisation. 

Contacts

Louis Coetzee	[phone]	Kibo Mining plc	Chief Executive Officer
Andreas Lianos	[phone]	River Group	Corporate Adviser and Designated Adviser on JSE
Jon Belliss Abigail Wayne	[phone]	Hume Capital Securities Plc	Broker
Oliver Morse	[phone]	RFC Ambrian Limited	Nominated Adviser on AIM
Daniel Thöle Lydia Eades	[phone] [phone]	Bell Pottinger	Investor and Media Relations

Kibo Mining - Notes to editors

Kibo Mining is listed on the AIM market in London and the AltX in Johannesburg. The Company is focused on exploration and development of mineral projects in Tanzania, and controls one of Tanzania's largest mineral right portfolios. Tanzania provides a secure and stable operating environment for the mineral resource industry and Kibo Mining therein.

Kibo Mining holds a thermal coal deposit at Rukwa, which has a significant JORC compliant defined resource, and is developing a 250-350MW mouth-of-mine thermal power station with an established management team that includes Standard Bank as Financial Advisor.

Kibo also holds the Haneti Licence on which the latest technical report confirms prospectivity for nickel, PGMs, gold and strategic metals.

The Company also has extensive gold focused interests including Lake Victoria Goldfields and Morogoro projects. At Lake Victoria, the Company has projects with a substantial existing JORC compliant gold resource and is seeking to materially increase this resource through exploration of known extensions to existing mineralisation.

Kibo Mining also holds the Pinewood (coal & uranium) projects.

The Company's projects are located in the established and gold prolific Lake Victoria Goldfields, the emerging goldfields of eastern Tanzania and the Mtwara Corridor in southern Tanzania where the Government has prioritised infrastructural development attracting significant recent investment in coal and uranium. The Company has a positive working relationship with the Tanzanian government at local, regional and national levels and works hard to maintain positive relationships with all communities where company interests are held.  The Company recognises the potential to enhance the quality of life and opportunity for Tanzanian citizens through careful development of its projects.

Updates on the Company's activities are regularly posted on its website www.kibomining.com   

     Johannesburg

10 November 2014

Corporate and Designated Adviser

River Group

 

END

 

 

MSCQBLBFZFFEFBQ