Kibo Mining raises £1.5mln as coal to power project are set to advance
Kibo plans to expedite its coal-to-power projects following the share sale, which has boosted working capital.
Company
Kibo Energy PLC
LON:KIBO
Kibo is listed on the AIM market in London and the AltX in Johannesburg. The Company is focused on the development of three thermal coal power projects in Mozambique, Botswana and Tanzania, which all share stable operating environments as well as an acute need for consistent power. Additionally, it is building a portfolio of flexible energy projects in the UK through its 60% owned subsidiary, Mast Energy Developments Limited (“MED”). This has given Kibo an entry to the UK Reserve Power market; in time it plans to introduce the Reserve Power market model to its operations in Africa. 65% interest in Benga Independent Power Project – Joint Venture with Mozambique energy company Termoeléctrica de Benga S.A. to participate in the further assessment and potential development of Benga including the right to construct and operate a 150-300 MW coal-fired power station. This project currently holds a suite of authorisations and agreements in addition to lease title over land on which a coal-fired power station may be built near various thermal coal producers which could be a source of feedstock. 85% interest in Mabesekwa Coal Independent Power Project in Botswana – currently at feasibility stage – a completed Mining Scoping Study highlighted a 30-year Life of Mine with a Power Pre–Feasibility Study indicating maximum power capacity of 600 MW based on a coal delivery rate of 3.2 Mt p/a. 60% interest in Mast Energy Development (MED) – a private UK registered company targeting the development and operation of flexible power plants to service the Reserve Power generation market. 100% interest in the integrated Mbeya Coal to Power Project consisting of a planned 1.5Mt p/a mining coal operation and a co-located, mine-mouth coal fired 300MW power station in southern Tanzania, which is strategically located close to potential offtake partners and the export market.
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