Kibo Mining Makes Good Progress Across Project Portfolio in Tanzania

Posted on : Monday, 14th December 2015

In a letter to shareholders, Kibo Mining CEO Louis Coetzee outlined the current status of the company and its projects:

The Board of Kibo Mining is pleased to report on a highly productive 2015, which saw the company significantly advance work across our project portfolio.

This progress has been achieved against the backdrop of persistent challenges for mining companies. As one of the best performing mining stocks on London’s Alternative Investment Market in 2015, Kibo continues to create value in a low commodity price environment.

Our flagship project, the Mbeya-Coal-to-Power-Project (MCPP), built good momentum during the year, and will show clear catalysts for value in 2016. Whilst progress this year has been pleasing, we remain focussed on ensuring the value we believe our assets hold is properly recognised in our share price going forward.

Highlights of the year include:

Signing of a Joint Development Agreement with SEPCOIII on the MCPP;
Completion of Mining pre-feasibility Study on MCPP;
Appointment of Tractebel to conduct power feasibility study on MCPP;
Commencement of definitive feasibility studies on both the mining and power components of the MCPP;
Signing of Joint Venture agreements on the Morogoro gold and Pinewood uranium projects with Metal Tiger;
Encouraging results from Haneti geochemical and geophysical interpretations producing a substantially bigger area of interest and additional drill targets.