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Kibo Mining targets financial close for Mbeya coal project following key study

Kibo Mining Plcsaid May 4 that it completed a power definitive feasibility study for its coal-to-power projectin Tanzania and is looking forward to financial close.

Company CEO Louis Coetzee added that the final phase of the bankablefeasibility study for Mbeya will now start.

The new study allows the expansion of the power station to atleast 600 MW, based on the recentlyupdated coal resource at Mbeya.

The power definitive feasibility study also confirmed annualaverage consumption of approximately 1.5 million tonnes of coal.

A definitive feasibility study in October 2015 on the Mbeya projectpegged a net present valueof between US$214 million and US$219 million, using a real discount rate of 5.51%,and an internal rate of return of 54%.