RESULTS OF THE ANNUAL GENERAL MEETING

RNS Number : 6476K

Kibo Mining Plc

31 July 2013

 

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")

31 July 2013  

RESULTS OF THE ANNUAL GENERAL MEETING

Shareholders are advised that the annual general meeting of Kibo held on 31 July 2013 was attended in person and by proxy by shareholders holding approximately 36.6%% of the shares in Kibo.

All the resolutions proposed were approved by the requisite number of shareholders and will, where necessary, be registered with the Companies Registration Office (Ireland).

Enquiries:

Louis Coetzee [phone] Kibo Mining plc

Chief Executive Officer

Andreas Lianos [phone]

River Group

Corporate Adviser and Designated Adviser on JSE  

Jon Belliss [phone]

XCAP

Broker

Stuart Laing [phone]

RFC Ambrian Limited

Nominated Adviser on AIM

Matt Beale [phone]

Fortbridge

Investor Relations    

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

General Background & Strategy  

Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania, East Africa and was admitted to AIM in London on 27 April 2010 and AltX in Johannesburg on 30 May 2011. The Board of Kibo is composed of professionals whose experience include mineral exploration, mine development, mining finance, tax, law, mergers and acquisitions, and financial control of public companies. It is supported by a competent and motivated Tanzanian staff that operates from Kibo's operations office in Dar es Salaam.  The mineral assets of the Company comprise five projects areas in Tanzania - Haneti (nickel, PGE and gold), Morogoro (Gold), Lake Victoria (Gold), Rukwa (Coal) and Pinewood (Coal & Uranium).  The Haneti project is the subject of a joint venture with Brazilian Votorantim Metais Participações Ltda, a member of Votorantim Group. The Rukwa and Pinewood projects are situated close to the Mtwara Corridor, an area where the Tanzanian Government has committed to significant infrastructure development and which has seen recent multi-million dollar investment in coal and coal-fired power stations and uranium exploration.  The Rukwa project is substantially more advanced than Kibo's existing exploration projects, with a significant Mineral Resource of thermal coal already defined. The project enjoys strong support expressed by the Tanzanian Government for the expedited development of a coal mine and mine-mouth coal-fired power plant and which is further enhanced by the now formal relationship between the Korean Government owned Korean East - West Power Co. Ltd. ("EWP") and Kibo. In this relationship the parties have entered into a formal MOU which states the parties' respective commitments towards the joint development of the Rukwa Coal to Power Project ("RCPP"), where EWP will be responsible for developing and operating the power generation side of the RCPP and Kibo will be responsible for developing and operating the mining side of the RCPP.  Kibo's objective is to build shareholder value in a sustainable manner. This objective will be pursued primarily through active exploration of its own projects and by using the Company's experience in Tanzania to acquire attractive exploration and development assets on competitive terms that can be moved swiftly up the value curve by using the Company's own skills base whilst also seeking to benefit from strategic collaborative relationships with industry leaders who have special skills and competencies within their chosen fields of focus. Kibo will undertake continual risk assessment of its projects and take whatever actions it believes are necessary to ensure that these risks are mitigated.  

Johannesburg

31 July 2013  

River Group  

Corporate and Designated Adviser

 

END

 

 

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