SCARCELY a week passes without another milestone announcement from Kibo Mining. Coetzee, who is one of Kibo’s major shareholders, even though he only holds only 1.9%, has been burning the rubber to get Kibo’s two main projects off the ground. The Mbeya Coal-to-Power Project (MCPP) is a 250-350 megawatt (MW) coal mine to power station project which is desperately needed in electricity-starved Tanzania. (Demand in the East African nation of about 2,000MW compares with generating capacity of about 750MW.) In the last 12 months, Coetzee has signed up Absa/Barclays as financial advisers, Chinese contractors Sepco III which will refund Kibo some of its development costs, and General Electric for power. It helps that the Tanzanian government is firmly behind this project. Kibo’s second priority, the spin-off of the Imweru and Lubando gold projects, hit a hurdle mid-2016 when the original plan to combine Imweru with Lake Victoria’s Imwelo project floundered because Lake Victoria could not meet some of the conditions. Coetzee immediately replaced the Lake Victoria deal with another transaction, selling Imweru and Lubando to Opera which is effectively a reverse takeover of Opera, but has the same effect as the Lake Victoria transaction. Hiving off these two gold deposits will allow them to be separately funded and developed.
LIFE OF LOUIS
His diverse qualifications include an MBA, law, and languages. He overcame a short stint as business development manager for the now defunct Great Basin Gold between 2007 and 2009 without any reputational damage. But as his career has tended to focus on exploration and junior mining, some bumps and bruises may be unavoidable.
“We have had exceptionally good support from the Tanzanian government and agencies.”
- Web Address: www.kibomining.com