Notice of AGM and 2017 AFS available on website

RNS Number : 3017S

Kibo Mining Plc

25 June 2018

 

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 AIM: KIBO

ISIN: IE00B97C0C31

("Kibo" or "the Company")

Notice of AGM including proposed name change and change of auditors and Full Audited Annual Financial Statements for the year ended 31 December 2017 available on the Company website.

25 June 2018

Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO; AltX: KBO), the multi-asset Africa focused energy and resource company, is pleased to announce that its full audited financial results for the year ended 31 December 2017 and Notice of Annual General Meeting are now available on its website as part of its 2017 Annual Report and can be accessed on the following link Kibo Mining Annual Report 2017. 

Individual Forms of Proxy for this year's Annual General Meeting ("AGM") are being posted to all Shareholders this week, and those shareholders who have requested hard copy documentation or for which no email addresses are available will receive the Annual Report (which contains the Notice of AGM) in the post.

The Company's 2018 AGM will take place at 10 a.m. on Monday 30^th of July 2018 at the Conrad Hotel, Earlsfort Terrace, St Stephen's Green, Dublin 2, Ireland.

Shareholders should note that among the following resolutions being put before the AGM is a resolution seeking approval for changing the name of the Company to Kibo Energy Public Limited Company and the appointment of Crowe, Clarke Whitehill LLP as the Company's new auditors:

1.   To receive the financial statements of the Company for the year ended 31 December 2017

2.   Re-election of Tinus Maree as a Director

3.   Re-election of Wenzel Kerremans as a Director

4.   The appointment of Crowe, Clarke Whitehill LLP as the Company's new auditors

5.   Renewal of authority to fix the remuneration of the Auditors for the year ending 31 December 2018

6.   Renewal of general authority to allot and issue shares

7.   Dis-application of pre-emption rights

8.   Change of Company name to Kibo Energy Public Limited Company

9.   Amendments to the Memorandum and Articles of Association

 

Contacts:

 

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

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

Notes to editors

Kibo is a multi-asset resource development and energy company with a long-term goal of becoming a leading power producer in Sub-Saharan Africa. The Company aims to tackle the acute power deficit which is severely hindering economic development in the region.

To assist in the execution of its power projects, Kibo has assembled an international team of advisors and partners including Engineering Procurement and Construction ('EPC') contractors and financial teams that are assisting in the advancement and development of the MCPP. These include ABSA/Barclays as Financial Advisor, China based EPC contractor SEPCO III, General Electric, Tractebel Engineering (Power), Minxcon Consulting (Mining) and legal advisors Norton Rose Fulbright.

Kibo's flagship asset is the Mbeya Coal to Power Project ('MCPP') in Tanzania, which comprises the Mbeya Coal Mine, a 1.5Mt p/a mining operation, and the Mbeya Power Plant, a 300MW mine-mouth thermal power station. The Mbeya Coal Mine has a defined 120.8 Mt NI 43 101 thermal coal resource. A Definitive Feasibility Study has been conducted on the project which underpinned its value and confirmed an initial rate of return of 69.2%. The 300MW mouth-of-mine thermal power station has long term scalability with the potential to become a 1000MW plant. The completed full Power Feasibility Study highlighted a power output target of 1,800 GWh/a based on annual average coal consumption of 1.5Mt. An Integrated Bankable Feasibility Study report for the entire project indicated total potential revenues of US$ 7.5-8.5 billion over an initial 25-year mine life, post tax equity IRR between 21-22%, debt pay-back period of 11-12 years and a construction period of 36 months.

Kibo also has an 85% interest in the Mabesekwa Coal Independent Power Project ('MCIPP'), a nearly identical power project in Botswana. The project consists of 300Mt subset of the current in-situ 777Mt Coal Resource and has water and land use permits and environmental certification in place. A Pre- Feasibility Study on the coal mine has been completed, as has a Scoping Study, which highlight the power plant having a maximum capacity of 600MW (4x150MW) based on a coal delivery rate of 3.2Mtpa and a Life of Mine of over 30 years.

Furthermore Kibo also has a Joint Venture agreement with Mozambique energy company Termoeléctrica de Benga S.A. ('Termoeléctrica') to participate in the further assessment and potential development of the Benga Independent Power Project ('BIPP'), including the right to construct and operate a 150-300MW coal fired power station. Kibo and Termoeléctrica shall hold initial Participation Interests in the unincorporated joint venture of 65% and 35% respectively.

Johannesburg

25^th June 2018

Corporate and Designated Adviser

River Group

 

END

 

 

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