JOHANNESBURG (miningweekly.com) – Mineral exploration and development company Kibo Mining has appointed a management team to manage and execute its Rukwa coal-to-power project (RCPP) in Tanzania.
The newly appointed team includes Kibo CEO Louis Coetzee, Kibo COO Louis Scheepers and external appointees, former Hydro Tasmania CEO Roy Adair and River Group chartered accountant Casper van Wyk.
The management team will be responsible for the implementation of the Rukwa development programme (RDP). Stage 1 of this programme comprises a bankable feasibility study on the Rukwa coal mine and a prefeasibility study on the power plant, which are expected to be completed by December next year.
Stage 2 of the RDP will comprise all development and construction activities relevant to the mine and the power plant, while Stage 3 will comprise the commissioning and operation of the Rukwa coal mine and its associated power station.
Further, Kibo has also entered into a 12-month fixed-term financial advisory mandate with Standard Bank, through which the bank would assist the Rukwa executive management team with the development and delivery of a financial model for the RCPP, as well as with the strategic planning and development of a robust project development and financing strategy for the RCPP.
The agreement also grants Standard Bank an irrevocable right of first refusal to, upon completion of the 12-month fixed term, act as the mandated lead arranger for any debt financing required by the RCPP and to act as retained lead financial adviser to the RCPP.