Dated: 21 July 2015
Kibo Mining Plc (“Kibo” or the “Company”) (AIM:KIBO; JSE AltX: KBO), the Tanzania focused mineral exploration and development company, is pleased to announce that all conditions precedent in the Joint Development Agreement (“JDA”) recently signed between the Company and SEPCO III, have subsequently been met in full and that the JDA now enjoys unconditional status.
Highlights
- All conditions precedent in the SEPCO III JDA have been met in full;
- SEPCO III funding commitments, as called for under the terms of the JDA, fulfilled;
- Detail work schedule and implementation plan to complete Bankable Feasibility Study (“BFS”) for Mbeya Coal to Power Project (“MCPP”) finalised;
Louis Coetzee, Chief Executive Officer of Kibo Mining plc, commented: “Kibo Mining is delighted to confirm that the JDA with SEPCO III is now unconditional, funded until completion of BFS and fully operational. This marks another crucial progressive milestone in the development of the MCPP. With the JDA now implemented, its execution will henceforth be Kibo’s first priority in the further development of the MCPP.
The new unconditional status of the JDA with SEPCO III, one of the world’s largest, most technically capable and financially robust EPC providers, will allow us to conduct and complete the MCPP BFS at pace and to the highest international standard.
With all the most important strategic MCPP enablers now firmly in place, we can resolutely focus our entire MCPP effort on delivery of this robust world class project.”
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[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”https://kibo.energy/wp-content/uploads/Final-RNS_MCPP-JDA-Update_V3.0_2007152.pdf” btn_target=”_blank”]Mbeya Coal to Power Project SEPCO III Joint Development Agreement Unconditional and Funded[/ott_teaser]