20th Jan 2016 10:48
LONDON (Alliance News) - Kibo Mining PLC said Wednesday it was pleased with the latest results from the first phase of the second stage of its definitive mining feasibility study for the Mbeya coal-to-power project in Tanzania.
Geotechnical diamond core drilling confirmed the slope angles of its pit design are well within safety requirements. Additionally, the drill programme results provided an "unexpected opportunity to further improve and optimise pit design, Kibo said.
"We are very pleased with the latest results and also with the overall progress of the Mbeya Definitive Mining Feasibility Study," said Chief Executive Officer Louis Coetzee in a statement.
"Since announcing the very first set of results from the concept study and with every announcement since, the Mbeya coal-to-power project has consistently demonstrated that it is a project with considerable financial and technical substance. This will stand us in good stead during the coming weeks when we work on finalizing the power purchase agreement and other commercial agreements associated with the MCPP," Coetzee added.
Shares in Kibo Mining were down 8.4% at 4.58 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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