19th May 2016 08:07
LONDON (Alliance News) - Kibo Mining PLC shares rose on Thursday after it completed the first phase of the environmental and social impact assessment covering the Mbeya coal-to-power project in Tanzania after authorities accepted and officially registered the assessment.
Kibo shares were up 10% to 4.40 pence per share on Thursday morning.
Kibo is developing the Mbeya project in two parts, one covering the coal mining aspect of the operation, which in turn will feed the second part of the project, a power plant that will serve the domestic market.
Feasibility studies have been progressed for each part of the project, and the environmental and impact assessment (ESIA) has also been conducted over each element of the project.
"We are very pleased with progress on the ESIA and particularly with the fact that the registration was accepted at the first attempt. ESIA registrations frequently fail on the first attempt and can become a significant delay factor," said Chief Executive Louis Coetzee.
"Our strong and cooperative relationship with the Tanzanian government coupled with our understanding of the process has enabled us to expedite this stage of the project," he added.
The second phase of the ESIA is underway and "most of" the specialist studies needed are nearing completion.
"The ESIA is the third key component, alongside the Mining and Power Definitive Feasibility Studies, for the Integrated Bankable Feasibility Study," said Coetzee.
By Joshua Warner; [email protected]; @JoshAlliance
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