MCPP Update

RNS Number : 9906X

Kibo Energy PLC

16 August 2018

 

Kibo Energy 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: IE00B97C0C31

("Kibo" or "the Company")

Dated: 16 August 2018

 

Kibo Energy Plc ('Kibo' or the 'Company')

Approval of MCPP Water Permits and Completion of Re-Submission of Mbeya Coal Special Mining Licence Application

 

Kibo Energy Plc (AIM: KIBO; AltX: KBO), the multi-asset, Africa-focused, energy company, is pleased to announce that the recent application to secure water permits for the Mbeya Coal to Power Project has been provisionally approved by the Lake Rukwa Water Basin Board. Permanent water permits will be issued following completion of the construction and implementation of all necessary water infrastructure that will be required to meet the water needs of the Mbeya Power Plant and Mbeya Coal Mine.

 

The application was made to permit the operation of numerous water boreholes which are integral to the Mbeya Coal Mine's dewatering plan and the provisional approval of these water permits is an integral part of the water supply strategy for the Mbeya Power Station

 

Separately the Company has also completed the process of additional submissions related to the local content plan and integrity pledge, announced in the RNS of 19 July 2018 and the Mining Commission is now in receipt of a Special Mining License Application for the Mbeya Coal mine that is fully compliant with the latest statutory requirements, as announced during July 2018.

 

Louis Coetzee, CEO of Kibo Energy, said: "Kibo is currently involved in a myriad of activities related to the finalization of the MCPP PPA and subsequent funding and financial close processes. We are very pleased with the progress over the past weeks and specifically encouraged by the latest media statements, indicating clear support for Independent Power Producers ('IPP') from the Ministry of Energy and also a distinct sense of urgency to get existing IPP's like the MCPP implemented." 

 

**ENDS**

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").

For further information please visit www.kibomining.com or contact:

Louis Coetzee	[e-mail]	Kibo Mining Plc	Chief Executive Officer
Andreas Lianos	[phone]	River Group	Corporate and Designated Adviser on JSE
Ben Tadd / Tom Curran	[phone]	SVS Securities Limited	Joint Broker
Jon Belliss	[phone]	Novum Securities Ltd	Joint Broker
Andrew Thomson	[phone]	RFC Ambrian Limited	NOMAD on AIM
Isabel de Salis / Priit Piip	[phone]	St Brides Partners Ltd	Investor and Media Relations Adviser

Notes to editors

Kibo Energy Plc is a multi-asset, Africa focussed, energy company positioned to address the acute power deficit, which is one of the primary impediments to economic development in Sub-Saharan Africa.   To this end, it is the Company's objective to become a leading independent power producer in the region.

Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power Project ('MCPP') in Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in Botswana; and the Benga Independent Power Project ('BIPP') in Mozambique.  By developing these projects in parallel, the Company intends to leverage considerable economies of scale and timing in respect of strategic partnerships, procurement, equipment, human capital, execution capability / capacity and project finance.  Additionally, the Company will benefit from its robust and experienced international blue-chip partnership network across its project portfolio, which includes:  SEPCO III (China), General Electric (USA); Tractebel Engineering (Belgium); Minxcon Consulting (South Africa); ABSA / Barclays Africa; and Hogan Lovells International LLP.

Johannesburg

16 August 2018

Corporate and Designated Adviser

River Group

 

END

 

 

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