22 September 2016
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development Company, is pleased to announce that it has signed an advisory engagement letter (the “Mandate”) with Absa Bank Limited / Barclays Bank Limited (the “Advisor”) laying out the scope of work and terms under which it will act as new financial advisor to the Company on the Mbeya Coal to Power Project (“MCPP” or the “Project”).
The scope of work in the Mandate requires the Advisor to assist in delivering the Project to a successful Financial Close by completing amongst others, the following:
- develop a financial model for the Project with the assistance of the Company and its technical advisors and partners;
- assist the Company in the negotiation, review and finalization of all agreements pertaining to the MCPP including, inter alia, the power purchase agreement, EPC-agreement, O&M agreement and grid connection agreement; and
- develop a comprehensive and optimum funding structure for the project in cooperation with the Company and its advisors, and to implement it by soliciting and negotiating with potential lenders and/or equity providers sufficient funding on optimal terms to bring the project to successful Financial Close.
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