MCPP: Restatement of the Mbeya Coal Resource completed

Kibo Mining plc, the Tanzania focussed mineral exploration and development company, has announced that the restatement of the Mbeya coal resource has now been completed. This represents another key milestone as the MCPP approaches the final stages of its development ahead of Financial Close.

Key highlights include

• An increase in total Mineral Resource from 109.23 million t to 120.793 million t, representing a 10.42% increase over the previously disclosed Mineral Resource.
• Re-classification of total Coal Resource into Measured Resource of 20.904 million t, Indicated Resource of 88.601 million t and Inferred Resource of 11.28 million t.
• Final Raw Quality attributes of coal are within specification for power plant design.
• Restatement represents a substantial increase in the quality and confidence level of the Mineral Resource, which will provide a critical input to the reserve statement of the Mining Definitive Feasibility Study (MDFS) presently underway.
• 91% of restated resource now qualifies for inclusion in ultimate reserve statement.

Louis Coetzee, CEO of Kibo Mining, commented: “The restated Mbeya coal resource is a further example of the MCPP feasibility study exceeding our expectations. The work undertaken was primarily aimed at improving confidence levels in the resource, to enable the MDFS to state an appropriate coal reserve. This objective was exceeded, with 91% of the total resource now in the Measured and Indicated categories. An unexpected 10.4% increase in the overall resource was also delivered.”

“The restated Mbeya coal resource also provides comfort that the mine will have sufficient reserve capacity, subject to viable MDFS results, to satisfy the energy needs for potential future expansions of the Mbeya Power Plant,” concluded Coetzee.

Edited from press release by Angharad Lock

Read the article online at: https://www.worldcoal.com/coal/11042016/mcpp-restatement-of-the-mbeya-coal-resource-completed-2998/