14th Mar 2016 07:46
LONDON (Alliance News) - Kibo Mining PLC Monday said the Mbeya coal-to-power project in Tanzania will reach financial close "slightly later" than previously expected, but said the minor delay will not impact the schedule for the rest of the project.
The news follows on from Kibo's commitment last week to publish a timetable to outline the development of the project, when it said timelines related to the project "remain on track".
On Monday, the miner said the project will be financial close ready before the end of the first half of 2016, which is "slightly later" than planned, it said.
The integrated bankable feasibility study, which is needed before the project can reach financial close, will now be completed during the "latter part" of the second quarter of 2016, it said.
Importantly, Kibo said that minor delay will "not impact on the overall timeline," emphasising the definitive feasibility studies for both the mining and power elements of the project are still on schedule.
The study covering the power element of the project is expected before the end of this month and the study covering the mining element is expected "shortly thereafter," the company said.
The slight change to the schedule was caused by an 11-month delay to receiving the funds raised through a placing back in February 2015 from Hume Capital, and because the company had to align the schedule with the various government approvals and permitting processes, it said.
By Joshua Warner; [email protected]; @JoshAlliance
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