[miningmx.com] – KIBO Mining said it had signed a joint development agreement (JDA) with SEPCO III, a Chinese engineering, procurement and construction company, a development considered critical for the development of the Mbeya Coal to Power Project in Tanzania.
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.
“The board approval of the JDA by SEPCO III, was always the most substantial condition precedent, without which none of the remaining conditions precedent can be satisfied,” said Louis Coetzee, CEO of Kibo Mining.
