26th May 2015 08:28
LONDON (Alliance News) - Kibo Mining PLC on Tuesday said the definitive mining feasibility study for the Rukwa coal-to-power project in western Tanzania is on track and said the name of the project is to be changed.
Kibo said the study remains on track and well within budget and said trade-off studies have indicated the potential for a significant fall in operating expenditure, increasing the profitability of the project.
The company also said the Rukwa project will be renamed as the Mbeya coal-to-power project with immediate effect.
"We are extremely pleased with the progress of the current phase of the DMFS. As the studies progress and the commercial and statutory discussions reach increasing levels of maturity, the Mbeya coal-to-power project continues to demonstrate robust and improving project fundamentals," said Chief Executive Louis Coetzee.
Kibo shares were down 0.5% to 5.1 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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