The board of Kibo Mining Plc (the “Company”) wishes to advise that it has received a formal invitation dated 13 February 2013 from the Ministryof Energy and Minerals (“MEM”) to present and discuss details pertaining to its Rukwa Coal toPower Project. The presentation will take place on 22 February 2013 and will also be attended by the Tanzanian Electricity Supply Commission
Louis Coetzee, Chief Executive Officer of the Company commented:
“We welcome the sense of urgency reflected by the short notice period of the invitation, and appreciate this opportunity to participate in a formal forum where both the MEM and TANESCO are present. The written invitation from the MEM emphasises the large scope for power generation in Tanzania, the acute need for a stable power supply, and the fact that the demand for electricity continues to grow at a fast rate.”
|Louis Coetzee||+27 (0)83 2606126||Kibo Mining plc||Chief Executive Officer|
|Andreas Lianos||+27 (0)83 4408365||River Group||Corporate Adviser and Designated Adviser on JSE|
|Tim Metcalfe / Matthew Johnson||+44 (0) 207 9768800||Northland Capital Partners Limited||Broker|
|Stuart Laing||+61 8 94802500||RFC Corporate Finance Limited||Nominated Adviser on AIM|
|Matt Beale||+44 (0)7966 389 196||Fortbridge||Public Relations|
General Background & Strategy
Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania, East Africa and was admitted to AIM on 27 April 2010 and AltX in South Africa on 30 May 2011. The Board of Kibo is composed of professionals whose experience include mineral exploration, mine development, mining finance, tax, law, mergers and acquisitions, and financial control of public companies. It is supported by competent and motivated Tanzanian staffs that operate from Kibo’s operations office in Dar es Salaam.
The mineral assets of the Company now comprise five projects in Tanzania – Haneti (nickel, PGE and gold), Morogoro (Gold), Lake Victoria (Gold), Rukwa (Coal) and Pinewood (Coal & Uranium) which give Kibo access to 38,000 km2 of early stage exploration licences in Tanzania’s premier gold mining region, the Lake Victoria Goldfield, within the emerging gold exploration regions in eastern Tanzania and uranium and coal regions in south-western Tanzania.
The Rukwa and Pinewood projects will provide Kibo shareholders with exposure to an attractive portfolio of strategic energy assets in Tanzania. Importantly, they are situated within and close to the Mtwara Corridor, an area where the Tanzanian Government has committed to significant infrastructure development and which has seen recent multi-million dollar investment in coal and coal-fired power stations and uranium exploration.
The Rukwa project is substantially more advanced than Kibo’s existing exploration projects, with a significant Mineral Resource of thermal coal already defined. This provides nearer term development and commercialisation potential, complementing the earlier stage existing projects held by Kibo. This is further supported by the memorandum of understanding that has already been entered into with a major Asian conglomerate for the development of a coal mine and mine-mouth coal-fired power plant based on the Rukwa project.
In addition, the Pinewood project encompasses a significant ground holding of prospective Karoo sequence sedimentary rocks. These sediments are attracting considerable interest from international companies exploring for uranium and coal mineralisation following some notable discoveries in recent years.
Kibo’s objective is to build shareholder value in a sustainable manner. This objective will be pursued primarily through active exploration of its own projects and by using the Company’s experience in Tanzania to acquire attractive exploration and development assets on competitive terms that can be moved swiftly up the value curve by using the Company’s own skills base whilst also seeking to benefit from strategic collaborative relationships with industry leaders who have special skills and competencies within their chosen fields of focus. Kibo will undertake continual risk assessment of its projects and take whatever actions it believes are necessary to ensure that these risks are mitigated.
14 February 2013
Corporate and Designated Adviser
[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”http://kibo.energy/wp-content/uploads/Kibo-Rukwa-invite-to-present-140213.pdf” btn_target=”_blank”]Kibo Mining plc – Invitation from Tanzanian Government to present Ruk wa Power Project Details [/ott_teaser]