Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focussed mineral exploration and development company is pleased to confirm that the final report for Phase 1, Stage 1 pertaining to the Rukwa Coal to Power Project (“RCPP”) Definitive Mining Feasibility Study has now been received by the Company.

This study was commissioned by the Company as outlined in our market announcement of 29 July 2014 and we have previously advised investors that delivery of the Phase 1, Stage 1 report was expected by the end of November 2014.

We are pleased that Minxcon Projects, our appointed independent consultant, has been able to deliver this key report on schedule and are grateful for the diligence and professionalism it has shown during the course of its work.

We are also extremely pleased to confirm that the findings of the report, notably in respect of the anticipated deliverable margin per tonne, and overall estimated profitability of the coal mining element of the RCPP, are significantly ahead of the Company’s earlier expectations.

As a result we can confidently say that the robustness and attractiveness of the coal mining element and the wider RCPP have been ratified and further enhanced with the findings of this report.

We are currently examining the report in detail and preparing an update for shareholders that will include an operational project summary and key financial data. We are looking to expedite this review and anticipate releasing this update very shortly.

Alongside the Definitive Mining Feasibility Study, the Company is also undertaking a Power Pre-Feasibility Study for the RCPP mine mouth power station. This report is progressing very well and is also expected to be received shortly and on schedule. We will provide investors with a separate update when we have received this study.

We can also confirm that the Company’s Preliminary Economic Assessment with respect to the Imweru gold project, is also progressing very well and will be delivered on schedule. Again, we will provide investors with an update when we have received this study.

Louis Coetzee, CEO of Kibo Mining plc said “We are delighted to receive this, the first of three crucial reports which will tangibly demonstrate to the market the value of the Company’s assets. We have held firm to our belief that the RCPP is a unique and highly valuable asset. As promised, we are entering a period of intensive market announcements and expect to be releasing several further updates in the coming weeks.”

Download full report

[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”https://kibo.energy/wp-content/uploads/Final-RNS_RCPP_DMFS_CS-Report_V3.0_01-12-2014.pdf” btn_target=”_blank”]Definitive Mining Feasibility Study Update-Rukwa Coal to Power Project[/ott_teaser]