Kibo Mining Plc (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
("Kibo" or "the Company")
21 November 2016
Kibo Signs Collaboration Agreement with GE Electric International Inc.
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 a Collaboration Agreement (the "Agreement") with General Electric International Inc ("GE"), with respect to the development of the Mbeya Coal to Power Project ("MCPP" or "the Project"). The Agreement follows the Memorandum of Understanding ("MOU") announced on the 16th September 2016 and sets out in detail the terms and conditions of said collaboration into a binding agreement.
The Agreement provides for GE and its affiliate companies ("GE Group") to supply equipment, technology and services to the MCPP power plant, in addition to assisting and co-operating with Kibo to implement the Project.
Louis Coetzee, CEO of Kibo Mining, said: "We are extremely pleased that we have now finalized this Agreement with GE and cemented our relationship in a binding document. Since signing the MOU the Company and GE have collaborated closely on progressing development work on the MCPP, from which the Project has benefitted greatly. As one of the largest and technologically advanced international companies, we are looking forward to growing this relationship. By working closely with GE, we will benefit from their experience and reputation and this will expedite the remaining work required to reach successful financial close on the MCPP."
George Njenga, GE's Steam Power Systems Sales Executive for Africa, said: "GE is delighted to partner with Kibo for the Mbeya power project. We offer the best in class power generation technology and services that employ GE Digital and Environmental Control Solutions making our steam plants smarter and cleaner to meet today's and tomorrow's power needs for our customers."
About General Electric Company ("GE")
GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry.
GE Power is a world leader in power generation with deep domain expertise to help customers deliver electricity from a wide spectrum of fuel sources. GE is transforming the electricity industry with the digital power plant, the world's largest and most efficient gas turbine, full balance of plant, upgrade and service solutions as well as data-leveraging software. GE's innovative technologies and digital offerings help make power more affordable, reliable, accessible and sustainable.
Contacts
Louis Coetzee |
+27 (0) 83 2606126 |
Kibo Mining plc |
Chief Executive Officer |
Andreas Lianos |
+27 (0) 83 4408365 |
River Group |
Corporate Adviser and Designated Adviser on JSE |
Jon Belliss |
+44 (0) 207 382 8300 |
Beaufort Securities Limited |
Broker |
Oliver Morse |
+61 8 9480 2500 |
RFC Ambrian Limited |
Nominated Adviser on AIM |
Liz Morley / Anna Legge |
+44 (0) 203 772 2500 |
Bell Pottinger |
Investor and Media Relations |
Kibo Mining - Notes to editors
Kibo Mining is listed on the AIM market in London and the AltX in Johannesburg. The Company is focused on exploration and development of mineral projects in Tanzania, and controls one of Tanzania's largest mineral right portfolios. Tanzania provides a secure and stable operating environment for the mineral resource industry and Kibo Mining therein.
Kibo Mining holds a thermal coal deposit at Mbeya, which has a significant NI 43-101 compliant defined resource, and is developing a 250-350 MW mouth-of-mine thermal power station, the Mbeya Coal to Power Project ("MCPP"), previously called Rukwa Coal to Power Project ("RCPP"), with an established management team that includes Standard Bank as Financial Advisor. Kibo is undertaking a Coal Mining Definitive Feasibility Study and a Power Pre- Feasibility Study for the Mbeya project with an integrated Bankable Feasibility Study report for the MCPP to be released in the near term. On 25 August 2016, Kibo signed an Agreement with China based EPC contractor SEPCO III granting it the right to become the sole bidder for the EPC contract to build the power plant component of the MCPP in exchange for SEPCO III refunding 50% of the development costs incurred by Kibo to date on the project. Kibo has already received the first tranche of this funding in the amount of US$1.8 million on the 5th September 2016
The Company also has extensive gold focused interests including Lake Victoria Goldfields and Morogoro projects. At Lake Victoria, the Company has 100% owned projects with a 550,000 oz. JORC compliant gold Mineral Resource at the Imweru Project and a 168,000 oz. NI 43-101 compliant gold Mineral Resource at the Lubando Project. The Company is currently undertaking a Definitive Feasibility Study on its Imweru Project.
Kibo also holds the Haneti Project on which the latest technical report confirms prospectivity for nickel, PGMs, gold and strategic metals including lithium.
Kibo Mining further holds the Pinewood (coal & uranium) project where the company has entered into a 50/50 Exploration Joint Venture with Metal Tiger plc.
Finally, the Company also holds the Morogoro (gold) project where the company has also entered into a 50/50 Exploration Joint Venture with Metal Tiger plc.
The Company's projects are located in the established and gold prolific Lake Victoria Goldfields, the emerging goldfields of eastern Tanzania and the Mtwara Corridor in southern Tanzania where the Government has prioritized infrastructural development attracting significant recent investment in coal and uranium. The Company has a positive working relationship with the Tanzanian government at local, regional and national levels and works hard to maintain positive relationships with all communities where company interests are held. The Company recognizes the potential to enhance the quality of life and opportunity for Tanzanian citizens through careful development of its projects.
Updates on the Company's activities are regularly posted on its website www.kibomining.com
Johannesburg
21 November 2016
Corporate and Designated Adviser
River Group
