SEPCO III board approves joint development agreement on Mbeya Coal to Power Project, Tanzania

Artists Impression Thermal Coal Plant similar to that proposed for Rukwa. Image: © Kibo Mining

AA – 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 the Joint Development Agreement (“JDA”) recently signed between the Company and SEPCO III, has now been approved by the SEPCO III board of directors.

Highlights

• Joint Development Agreement approved by SEPCO III board of directors;
• Material conditions precedent in JDA satisfied;
• Definitive feasibility study on Mbeya Coal to Power Project (“MCPP”) on schedule;

Louis Coetzee, Chief Executive Officer of Kibo Mining plc, commented: “Kibo Mining is delighted to confirm that the board of directors of SEPCO III have now approved the JDA recently signed between Kibo and SEPCO III. This marks a crucial milestone in the implementation process of the JDA and I am delighted to confirm to our shareholders that the material conditions precedent to the JDA, are now satisfied. The board approval of the JDA by SEPCO III, was always the most substantial condition precedent, without which none of the remaining conditions precedent can be satisfied. Further and final implementation of the JDA is in essence now an administrative process.

The new status of the Joint Development Agreement with SEPCO III, one of the world’s largest, most technically capable and financially robust EPC providers will not only allow us to significantly increase the pace at which the feasibility work can be concluded but also further increase the ability to secure further investors and finance into the MCPP, at a project level.

We look forward to further strengthening our relationship with SEPCO III, who we have found to be a highly capable, practical and proficient team. This is particularly evident in the significant amount of work that was done towards completing the MCPP feasibility studies while awaiting the formal SEPCO III board approval, now received”

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