Kibo finalising MoU for Mbeya with Tanesco

[miningmx.com] – KIBO Mining said it was finalising a memorandum of understanding with Tanzania Electric Supply Company (Tanesco) on a power purchase agreement for the Johannesburg-listed firm’s Mbeya Coal to Power Project (MCPP).

“The MCPP continues to make significant progress, with this latest breakthrough being one of the most important milestones in the development of the MCPP to date,” said Louis Coetzee, CEO of Kibo Mining.

The MoU follows 12 months of negotiations with Tanesco and the Tanzania energy and minerals ministry in which the parties had identified a set of principles that would guide the completion of the PPA.

“We have every reason to believe that we will be able to conclude the MOU in the very near future and that we will complete all remaining feasibility work on time and in doing so also deliver the Bankable Feasibility Study for the integrated MCPP on schedule.”