Management Team and Financial Advisor Appointed to Rukwa Coal to Power Project

Management Team and Financial Advisor Appointed to Rukwa Coal to Power Project

2014-06-18T20:00:13+00:00October 8th, 2013|
  • 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

Introduction

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”).

Management Team

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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