15 October 2015

Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the Tanzania focussed mineral exploration and development company, is pleased to announce completion of Phase 1 of the Mbeya Definitive Mining Feasibility Study (MDMFS). This is a critical work stream of the final Stage of the broader Mbeya Coal to Power Project, Mining Feasibility Study.

Key highlights

  •  820 meter diamond core drill programme to confirm slope angles of pit design;
  •  Metallurgical sampling programme to verify specific coal properties, required for detail design requirements of power station; and
  • Additional data obtained from drill programme to enable restatement of Mbeya Coal Resource, during Phase 2 of MDMFS.

Louis Coetzee, CEO of Kibo Mining, said: “The MCPP, as an integrated project, is persistently growing in stature. This is best reflected in the continued progress we are making towards concluding critical commercial arrangements on the MCPP, to ensure optimal value creation and realization on the Company’s flagship asset. These efforts are in turn strongly supported by the ongoing feasibility work that is continuing in parallel, and at pace. 

It is clear from the information above and the exciting financial results announced on 12 October that Kibo is entering the final phases of the MDMFS with confidence and significant momentum. During the MDMFS the final mine designs, mine plans and construction planning will be completed in preparation for the construction phase that will follow.                                                                                                                   

Understanding the context of this announcement as well as the RNS of 12 October is of critical importance. The MCPP is totally dependent on the reliability and sustainability of its fuel source i.e. the Mbeya coal mine. The results announced on 12 October not only confirmed that the mine is technically, operationally and financially robust, but that the MCPP power component has, as a direct result thereof, a solid foundation on which it can be developed.”

Download Full Report          

[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”https://kibo.energy/wp-content/uploads/Final-RNS-MCPP-DMFS-1st-Update.pdf” btn_target=”_blank”]Mbeya Definitive Mining Feasibility Study – Stage 2: Geotechnical Drill Programme Completed[/ott_teaser]