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Dismissal of Tanesco chief does not affect Kibo Mining's coal project

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World Coal,

Kibo Mining has reassured investors that the sacking of the head of Tanzania’s state owned electricity company does not affect the company’s Mbeya coal to power project.

On Sunday Tanzania’s president fired Felschesmi Mramba, managing director of Tanzania Electric Supply Company (Tanesco) after it hiked tariffs. The country’s energy regulator approved a 8.53% rise in tariffs by Tanesco on 29 December, which was less than half of what the company said it needed to stem losses. This was later rescinded by President John Magufuli before he sacked Mramba.

As previously reported, TANESCO has been undergoing policy changes and restructuring under the new Tanzanian government. Kibo views the latest announcements re management changes and tariff reviews as part of this ongoing reform and restructuring process.

Louis Coetzee, CEO of Kibo Mining, said:

“The latest announcements with regard to TANESCO are not directed at any of the utility’s development projects or business development policies, nor are there any indications that the latest announcements will in any way affect the Mbeya Coal to Power Project (“MCPP”) or any of the work streams currently underway in this regard. Through our close and transparent relationship with the Tanzanian government, we will continue to diligently progress the further development of the MCPP and we will promptly update shareholders should any changes materially impact the current work programme of the MCPP.”

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