- Kibo appoints experienced management team to manage and execute Rukwa Coal to Power project feasibility studies for both the Rukwa Coal Mine and the Rukwa Power Station
- Standard Bank engaged as Financial Advisor on the Rukwa Coal to Power Project
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO) the mineral exploration and development company focused on gold, nickel, coal and uranium projects in Tanzania, is pleased to announce key internal and external appointments to implement and manage the three stage Rukwa Development Program (see details below), recently approved by the Kibo board of Directors. The Rukwa Development Program (RDP) is the product of extensive consultation and discussion with the Tanzanian Government, East West Power Company (“EWP”) of Korea and Standard Bank Group (“Standard Bank”) and will be implemented to accelerate development of its flagship Rukwa Coal to Power project (“RCPP”).
The Rukwa Executive Management Team (“REMT”) has been formed comprising Kibo CEO, Louis Coetzee and Kibo COO, Louis Scheepers, along with external appointees, Roy Adair and Casper Van Wyk (See abbreviated CV’s below). Mr. Louis Coetzee will chair the REMT whilst Mr. Roy Adair will assume the position of Program Executive in the REMT, with executive responsibility for the implementation and execution of the RDP.
All appointees bring a mix of skills and experience across the fields of executive leadership, project management, corporate finance and global energy development required to advance the project as it now enters the feasibility study stage. Mr Adair has successfully served as CEO of a number of energy companies in the last 20 years including Hydro Tasmania (Pty) Ltd, Senoko Power Limited and Yallourn energy. In his most recent role as CEO of Hydro Tasmania (Pty) Ltd, he was responsible for the operation of a $5 billion business in the Tasmanian electricity market. Mr. Van Wyk brings vast experience in corporate finance and corporate structuring to the REMT.
Financial Adviser Appointment
In addition to the appointment of the REMT, Kibo has entered a 12 month, fixed term Financial Advisory mandate with Standard Bank, whereby Standard Bank will assist the REMT with:
- The development and delivery of a financial model for the RCPP; and
- The strategic planning and development of a robust project development and financing strategy for the RCPP.
The engagement letter also grants Standard Bank an unconditional and irrevocable right of first refusal to upon completion of the 12 month fixed term mandate:
- Act as Mandated Lead Arranger for any debt financing required by the RDPP and/or
- Act as retained Lead Financial Advisor to the RCPP
Louis Coetzee CEO of Kibo commented today:
“Kibo is very pleased with these appointments. The experience and successful track records of my colleagues on the REMC should greatly benefit our planned development schedule for the RCPP. Equally pleasing is having access to Africa’s largest indigenous bank and their energy advisory franchise which we trust will be of great value to the Project over time.
With the latest appointments, Kibo have now successfully completed what could be viewed as the most important development phase of the RCPP. This phase, referred to as the grounding phase, required that a solid foundation be created to guarantee the successful development and completion of the RCPP and this was duly realized with the following four cornerstones namely, appropriate coal resource, government support, energy generation partner (EWP) and financial advisory partner (Standard Bank), now firmly in place.”
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