JOHANNESBURG (miningweekly.com) – Kibo Mining's share price on the JSE and LSE rose by about 12% on Friday morning after it announced that it had signed a memorandum of understanding (MoU) with US multinational conglomerate General Electric (GE).
GE and its subsidiaries will supply equipment, technology and services to the power plant being developed as part of the Mbeya coal-to-power project (MCPP), in Tanzania.
“We are pleased that we have established this relationship with GE and are looking forward to working with GE and benefiting from its expertise and reputation in the power sector,” says Kibo CEO Louis Coetzee.
Kibo's share price on the JSE rose by 11.84%, while its shares on the LSE were up 12.12% on Friday morning.
SP Angel Corporate Finance commented in a note to clients that GE's involvement should provide a major technical resource to the continuing development of the MCPP.