27th May 2014 09:39
LONDON (Alliance News) - Kibo Mining PLC Tuesday said it saw a "productive first quarter" to the year, as it continues to make good progress in negotiating a joint development agreement with suitable partners for the Rukwa coal-to-power project, while managing a tight cash flow.
The Tanzania-focused mineral exploration and development company said that prospects for the business in the remainder of the year look even more encouraging, especially as it moves closer to finalising a joint development agreement and project funding for the Rukwa project.
Kibo Mining holds a thermal coal deposit at Rukwa, which has a significant JORC-compliant defined resource and is developing a 250 megawatts to 350 megawatts mouth-of-mine thermal power station.
During the quarter, the group successfully raised GBP750,000 in a share placing to part fund the next phase of drilling at Imweru gold project and for general working purposes.
Kibo shares were up 5.9% to 2.25 pence Tuesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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