[miningmx.com] – A JOINT development agreement (JDA) between Johannesburg-listed Kibo Mining and China’s SEPCO III has become unconditional which will see work begin on a coal to power project, called Mbeya, in Tanzania.
“Kibo Mining is delighted to confirm that the JDA with SEPCO III is now unconditional, funded until completion of [a bankable feasibility study] and fully operational,” said Louis Coetzee, CEO of Kibo Mining.
SEPCO III will take an equity stake in the project, which envisages mining coal from the Mbeya mine in order to supply a $640m to $760, 300MW power station, whilst the JDA will also provide a platform to attract other third party investors.
