21st Jun 2018 15:13
LONDON (Alliance News) - Kibo Mining PLC on Thursday said it has completed a "key pillar" for the feasibility study for its Mabesekwa project after receiving a maiden coal resource estimate.
Kibo is developing the Mabesekwa coal power project in Botswana alongside Shumba Energy Ltd, and it has an 85% interest in the asset.
The dual Johannesburg and London-listed company said the total mineable in-situ resource stands at 302.9 million tonnes of coal, of which 257.5 million tonnes are attributable to Kibo. Of this, 18% is in the measured category, 62% indicated, and 20% inferred.
The coal resource estimate was compiled by geological and mining consultancy Gemecs Pty Ltd, a South African firm.
Kibo also said Thursday water and land use permits, as well as environmental certification, are in place and pre-feasibility study for a coal mine and a scoping study for a thermal coal power plant have been done.
Chief Executive Louis Coetzee said: "With a SAMREC compliant 303 million tonne coal resource and a confirmed coal quality we have a key pillar completed for the feasibility study for Mabesekwa."
"We are working closely with Shumba and have already made progress in bringing this project to fruition. With water and land use permits and environmental certification in place, as well as a pre-feasibility on the coal mine and scoping study on the power plant, we see a clear development path with deliverables that will increase the inherent value of the project," Coetzee added.
Kibo's London shares were up 2.9% on Thursday at 4.38 pence, while in Johannesburg they were untraded last quoted at ZAR0.84.
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