21st Jul 2015 09:24
LONDON (Alliance News) - Kibo Mining PLC said Tuesday that its joint development agreement that it recently signed with SEPCO III is now unconditional, and all the funding commitments under the terms of the agreement have been fulfilled.
Kibo inked a deal with SEPCO III in June for the Mbeya coal-to-power project , or MCPP, in Tanzania.
A detail work schedule and implementation plan to complete a bankable feasibility study at the project has been finalised.
"Kibo Mining is delighted to confirm that the JDA with SEPCO III is now unconditional, funded until completion of BFS and fully operational. This marks another crucial progressive milestone in the development of the MCPP," said Chief Executive Officer Louis Coetzee in a statement.
"With all the most important strategic MCPP enablers now firmly in place, we can resolutely focus our entire MCPP effort on delivery of this robust world class project," Coetzee added.
Shares in Kibo were up 4.2% at 4.30 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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