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Kibo secures funding

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World Coal,

Tanzania-focused mineral development and exploration company, Kibo Mining, has secured a £1.5 million loan facility from Sanderson Capital Partners. Kibo is currently developing the Mbeya coal-to-power project (MCPP) in Tanzania, a 250 – 350 MW mine-mouth coal-fired power plant.

“The MCPP is progressing at an expeditious pace. We are now only a few months away from expected completion of the definitive feasibility studies for the mining and power elements […] and at an advanced stage with the MCPP commercial arrangements and agreements,” said Louis Coetzee, CEO of Kibo Mining.

“Sustaining and maintaining this momentum is crucial to successfully expediting the completion of the final MCPP development phase, with funding certainty and stability over the next six months a key factor in this,” Coetzee continued.

The new funding from Sanderson will provide this funding certainty, Coetzee continued, and with it in place “we can focus out attention on an exciting six months ahead to prove and deliver the MCPP as a project with solid, robust and bankable credentials.”

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