Tanzanian govt declares support for Kibo Mining's Rukwa project

Shares in AIM-listed Kibo Mining rose after the Tanzanian Ministry of Energy and Minerals informed the company that its Rukwa Coal to Power Project would be included as a strategic component of the government's National Energy Strategy with immediate effect.

Shares in AIM-listed Kibo Mining rose after the Tanzanian Ministry of Energy and Minerals informed the company that its Rukwa Coal to Power Project would be included as a strategic component of the government's National Energy Strategy with immediate effect.

The company reported that the Ministry of Energy and Minerals had said it would participate in procuring the establishment of the infrastructure node and confirmed its support for the development of the project to Kibo and its development partners.

It further reported that the latest status of discussions with the Tanzanian government now allows it to conclude the final selection process in respect of a development partner acceptable to the company as well as the Tanzanian government.

Louis Coetzee, Chief Executive Officer of Kibo Mining, commented: "Kibo is delighted by the strong support for the Rukwa Coal to Power Project expressed by the Tanzanian government.

"The most significant milestone in Kibo's efforts since re-admission to AIM is undoubtedly the inclusion of its flagship project in the government's National Energy Strategy," he said.

Kibo Mining was established in early 2008 to explore and develop mineral deposits in Tanzania. It has mineral assets at five projects comprising Tanzania, Morogoro, Lake Victoria, Rukwa and Pinewood.

The Rukwa project is situated close to the Mtwara Corridor, an area where the Tanzanian government has committed to significant infrastructure development and which has seen recent multi-million dollar investment in coal and coal-fired power stations and uranium exploration.

Kibo's share price was up 1.15% to 0.44p at 11:20 on Monday.

MF

Recommended

Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021

Most Popular

The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
How to stop recurring subscriptions becoming a drain on your money
Personal finance

How to stop recurring subscriptions becoming a drain on your money

Tracking and pruning subscriptions isn’t as easy as it sounds. Here's how to take charge.
14 Sep 2021