Kibo Mining meets all Q1 key objectives

Tanzania-focused Kibo Mining said it met all its key strategic objectives in the first quarter.

The company announced the finalisation of the integrated bankable feasibility study for the Mbeya coal to power project on the 16 January, following receipt of an integrated financial model for the project and acceptance by the relevant Tanzanian authorities of the environmental & social impact assessment scoping reports.

And it said that over the course of the past two months it had made good progress on its reverse takeover transaction with Opera Investments Inc. (to be renamed Katoro Gold) and was now in the final stages of bringing Katoro to AIM.

Chief executive Louis Coetzee said: “We are very satisfied with our progress on meeting the Kibo Strategic Objectives for Q1 2017 Progress on finalizing the MCPP PPA remains slower than we had hoped, but significant progress has been made in recent weeks and the indications are that this process will now continue to progress at pace.

“Progress on the Opera RTO has also proceeded well and we are looking forward to completing this transaction shortly and to commence with the Imweru feasibility study during April 2017.”

At 8:09am: (LON:KIBO) Kibo Mining share price was 0p at 4.88p

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