Kibo Mining (LON:KIBO) continues to make significant strides at its Rukwa coal and power project in Tanzania with outline agreements now in place for power and coal sales.
Work on the mine feasibility study (DFMS) has entered the final part of Phase 1, Stage 1, still slightly ahead of schedule.
At present, work is focused on scheduling and integrating the conceptual mine, engineering, processing and infrastructure designs into a financial model.
Kibo added the rapid progress of the feasibility study has also allowed it to agree terms of reference with the Tanzanian government for the power purchase and grid connections contracts.
Heads of agreement had also been reached over coal sales between the mine and power plant.
Louis Coetzee, Kibo’s chief executive, said: "We are very pleased with the progress and results from the DMFS to date which continues to increase confidence in the viability of the RCPP [Rukwa Coal to Power Project] at all levels.
"The successful and constructive discussion with Tanzanian Government stakeholders over the past week is a further major step forward in the development of the RCPP, with a particularly positive impact on reaching final agreement with potential development partners."
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