14 March 2016

Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focused mineral exploration and development company, has published an interactive process description and timeline for the Mbeya Coal to Power Project (“MCPP” or “the Project”), as previously announced.

The interactive process description and timeline, details and clarifies all work streams critical to the Project, and should be used as a reference point for future updates provided by the Company. In this regard it is important to note the following:

  1. Key milestones e. “Development Ready”, “Financial Close Ready”, “Construction Ready” and “Production Ready”. These milestones represent the most critical progressive deliverables in the MCPP development process;
  2. The due date for “Financial Close Ready” has been adjusted in the above referred It is now expected that the MCPP will be “Financial Close Ready” (ready to commence with the process of financial close) by the end of Q2 2016. This adjustment means that financial close will now commence slightly later than previously announced. The slight delay does not impact on the overall timeline, as reflected in the due date for the next critical milestone which remains the same as before. Both the Mining and Power Definitive Feasibility Studies (“MDFS” and “PDFS”) are still on schedule, with the PDFS still expected at the end of Q1 and the MDFS shortly thereafter, subject to the timely receipt of the various Government permits / licenses relevant to the MDFS.
  3. The adjustment in the timeline was caused by:
    1. The eleven-month delay in receiving funds from the February 2015 Hume This prevented the Company from commissioning all the required feasibility work streams in parallel due to cash flow constraints, resulting in a slight lag on some of the work which has since been corrected subsequent to securing the latest funding arrangement with Sanderson; and
    2. Alignment with the various governmental approvals and permitting processes which constitutes a significant amount of the current and upcoming activities of the feasibility A number of feasibility study activities are dependent on government approvals and / or permitting and can only be completed upon receiving the relevant approval / license / permit.
Download Full Report

[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”https://kibo.energy/wp-content/uploads/Final-RNS-Reach_MCPP-timeline_V3.0_1403163pdf.pdf” btn_target=”_blank”]Mbeya Coal to Power Project: Publication of Project Description and Timeline[/ott_teaser]