JOHANNESBURG (miningweekly.com) – Aim- and AltX-listed Kibo Mining will, in the coming weeks, hold formal negotiations with infrastructure investors that have expressed an interest in making an equity investment in the Mbeya coal-to-power project (MCPP), in Tanzania.
Kibo, which is headed up by CEO Louis Coetzee, expects to work towards the finalisation of a comprehensive funding arrangement for the MCPP in the weeks ahead.
Meanwhile, the company has also submitted an updated memorandum of understanding (MoU) to the Tanzanian Ministry of Energy and Minerals. The Ministry had requested Kibo to prepare a final MoU to govern the further development of the MCPP.
“A version of the MoU, approved for execution, is expected shortly,” Kibo noted on Tuesday.
The MCPP entails the development of a coal mine, based on an existing coal resource of about 121-million tons, and a 250 MW to 300 MW mine mouth thermal power station.