Positive Rukwa Definitive Mining Feasibility Study (“DMFS”) Supports Commencement of Power Feasibility Study
Highlights
- Phase 1 Stage 1 of Rukwa DMFS completed ahead of schedule;
- Positive outcome of Phase 1 Stage 1 of DMFS allows initiation of Rukwa Power Pre-Feasibility Study
Kibo Mining plc (“Kibo” or the “Company”), the mineral exploration and development company focused on gold, nickel, coal and uranium in Tanzania, is pleased to announce that technical work for Phase 1 Stage 1 of the Rukwa DMFS has been completed ahead of schedule. The Company is now awaiting the final technical report which is expected to be ready by the end of November 2014.
The positive results obtained from the work done on the Rukwa DMFS to date has prompted the Company to immediately proceed with the Pre-Feasibility Study for the 300 MW coal fired power plant included in the Rukwa Coal to Power Project (“RCPP”). The Pre-Feasibility Study on the power plant will be conducted in two Phases. Phase 1 of the Pre-Feasibility Study is expected to be completed by the end of November, allowing the Company to deliver a comprehensive, fully integrated, independent Scoping Study (i.e. mining and power) for the RCPP, by early December 2014.
Louis Coetzee, C.E.O. of Kibo Mining, commented: “The rapid progress we have made and the strongly positive results from the feasibility work on the RCPP to date, has substantially enhanced the Company’s ability to finalize a robust and commercially sound transaction with a suitable development partner.”
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[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”https://kibo.energy/wp-content/uploads/Final_RNS_RCPP_DMFS-Progress-Update-6_V3.1_28-10-2014.pdf” btn_target=”_blank”]Kibo RCPP Update – Commencement of Power Feasibility Study[/ott_teaser]