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Kibo Energy posts annual loss as it develops projects in Africa, UK

By BFN News | 01:16 PM | Wednesday 23 September, 2020


Africa-focused energy company Kibo Energy posted a full-year loss as it developed prospects in Botswana, Mozambique and the UK. Pre-tax losses for the year through December 2019 amounted to £3.9m, compared to losses of £4.0m on-year. The company had in 2018 acquired the Mabesekwa coal independent power project in Botswana, the Benga power plant in Mozambique and a 60% equity interest in Mast Energy Developments in the UK. 'These projects together with our legacy Mbeya coal-to-power project in Tanzania have positioned the company to be a global energy developer with a pipeline of projects which have seen steady development progress during 2019 and early 2020,' chairman Christian Schaffalitzky said. Kibo said the Covid-19 crisis had disrupted operations and that it had experienced delays in meeting some of its anticipated project development targets. 'I am glad to report that in recent months, lockdown restrictions and other Covid-19 related measures are slowly being lifted and Kibo has begun to resume operations on all fronts,' Schaffalitzky said. 'I believe our project portfolio remains robust and we look forward to increasing our operations to normal levels over the remainder of 2020 and during 2021 when the Covid pandemic abates.' At 1:16pm: (LON:KIBO) Kibo Mining share price was +0.01p at 0.23p Story provided by StockMarketWire.com

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