4th Mar 2016 13:06
LONDON (Alliance News) - Kibo Mining PLC on Friday said it plans to publish a timeline for the Mbeya coal-to-power project in Tanzania following market speculation about its recent announcements.
Kibo shares were trading up 9.6% to 3.70 pence per share on Friday afternoon.
This week, Kibo has published two statements, one reaffirming that the project has continued to attract strong support from the Tanzanian government and another stating the company had secured a GBP1.5 million loan from Sanderson Capital Partners Ltd.
Kibo Friday noted "recent speculation" regarding those two announcements this week.
"The company would like to reassure shareholders that timelines related to the project remain on track, specifically in relation to the timely delivery of the definitive feasibility studies on the power and mining elements of the [project] and the [project's] integrated bankable feasibility that will follow completion of the definitive feasibility study," said Kibo.
"In order to provide shareholders with a clear understanding and outline of the current and future status of the [project], both in terms of the mining and power components, the company is currently working on a process clarification and timeline which will be shared via the company's website," said the company.
"This will provide more insight into the complexity and various workflow interdependencies within the process and the timeline will enable shareholders to visualise and follow progress at the project," Kibo added.
By Joshua Warner; [email protected]; @JoshAlliance
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