Kibo Mining Skips Investor Show To Focus On Mbeya Project Talks

LONDON (Alliance News) - Kibo Mining PLC said Tuesday it is to miss an investor show in the UK ...

Alliance News 17 April, 2018 | 9:29AM
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LONDON (Alliance News) - Kibo Mining PLC said Tuesday it is to miss an investor show in the UK due to the "critical" nature of its talks on a power purchase agreement for its Mbeya project.

Kibo, which is listed in both London and Johannesburg, said it will miss the show in London, which was due to be held Saturday this week.

Kibo is currently in talks with Tanzania Electric Supply Co, or TANESCO, for a power purchase agreement at its Mbeya coal to power project in the country.

It said that due to the "critical importance and extent of these talks", as well as the immediate start of work at its Mabesekwa project in Botswana, management does not have the time to attend the show.

Kibo signed a memorandum of understanding with TANESCO over an agreement in February.

A week ago, it said it raised GBP1.5 million through placing of 28.6 million shares at 5.25 pence each to go towards Mabesekwa work.

Chief Executive Louis Coetzee commented Tuesday: "It is regrettable that Kibo is unable to have a presence at the UK investor show, but executive management's undivided attention is required in Tanzania during these crucial discussions.

"However, I look forward to meeting shareholders and investors at a private Kibo investors evening in London, where we can engage with and respond to the shareholders questions in a more personal environment."

Kibo's London shares were flat Tuesday at 5.05p each, while in Johannesburg they were untraded at ZAR1.10 each.

By George Collard; georgecollard@alliancenews.com.

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Kibo Mining PLC 2.00 GBX 0.00 -
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