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Kibo moving forward with Mbeya coal to power project

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World Coal,

Kibo Mining has concluded a successful second round of follow-up meetings with government departments and other Tanzanian stakeholders regarding the further development of the Mbeya coal to power project (MCPP).

Whilst completion of the Mbeya coal special mining right application remains on course, as does the environmental certification of the Mbeya coal mine and Mbeya power plant, the following significant milestones were also achieved during the past week:

  • Official instruction by the Tanzanian Ministry of Energy and Minerals (MEM), to the company and TANESCO, to prepare a final Memorandum of Understanding that will govern the further development of the MCPP in general and the Power Purchase Agreement (PPA) in particular. The latter is to be submitted to the Attorney General for review within the next ten days, with the company anticipating receipt of approval sometime thereafter in the absence of any feedback to the contrary.
  • On the back of the latest progress made in the further development of the MCPP, several formal expressions of interest were received from internationally recognised infrastructure investors, expressing interest in making equity investments in the MCPP.

Further high level workshops and meetings will take place over the course of next month as part of the ongoing priority development schedule for the MCPP.

Louis Coetzee, CEO of Kibo Mining, said: “We are very pleased with progress on the MCPP over the past six weeks and particularly pleased with the significant increase in momentum over the past three weeks. Development of the MCPP is currently advancing on all levels and we are optimistic that this trend will persist going forward. We will continue to keep the market updated.”

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