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Kibo Mining receives power prefeasibility study

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World Coal,

AIM- and AltX-listed exploration and development company, Kibo Mining, has confirmed that it has received the power prefeasibility study report (PPFS), covering the power generation element of the Rukwa coal-to-power project (RCPP).

The study was conducted by Aurecon in about a month using data already available from historic RCPP work programmes, allowing an accelerated completion and delivery of PPFS.

“We are now pleased to confirm that the PPFS report has exceeded the company’s expectations in terms of the robustness of overall project economics, including the deliverable underlying forecast free cash flow,” Kibo said in a statement. “This is highly significant, demonstrating the potential for the project to achieve an accelerated payback of capital expended on project development and thus reducing the project risk profile.”

A review of the PPFS is now underway and the company will provide an update on the report’s contents when this is finished.

The RCPP aims to develop a 250 – 350 MW minemouth thermal power plant in southwestern Tanzania.

“The RCPP was pursued for the exponential opportunity a combind coal mining and power generation operation offered Kibo and its shareholders,” said Louis Coetzee, CEO of Kibo. “We were delighted to receive the positive findings for the coal mining element and now even more so for the power generation element. The value being independently identified within the two reports clearly demonstrates that the RPCC is a substantially valuable and transformation asset for the company.”

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