1st Apr 2015 11:12
LONDON (Alliance News) - Kibo Mining PLC shares rose on Wednesday after it said it has received final proposals from a number of potential partners for the Rukwa coal-to-power project in Tanzania, and said the feasibility study work is progressing well toward mine construction and power generation.
Kibo shares were up 12.7% to 4.62 pence per share on Wednesday afternoon.
Kibo said it has started phase two of stage one of the definitive mining feasibility study for the project, with previous conclusions published in phase one of stage one of the study being confirmed by a qualified person who visited the site.
"It is pleasing to confirm to market the continuation of feasibility study work at the Rukwa coal to power project, particularly as successful completion of this work is a vital step prior to mine construction and power generation," said Kibo.
"On the development partner front, the intensity of discussions and negotiations has continued since our last update and the company has secured a number of final proposals from potential partners. We hope to have a further detailed update for the market shortly," it added.
By Joshua Warner; [email protected]; @JoshAlliance
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