The approval and grant of the Mining License applications is subject to the Kibo Energy’s remittance of all required statutory payments related to the issuance of a Mining Right
Kibo Energy, a UK-based multi-asset energy company, has announced the receipt of seven mining rights for its Mbeya Coal to Power Project (MCPP) in Tanzania.
The company said that its 100% owned subsidiary, Mbeya Coal has completed the application process for seven Mining Licences covering the original Special Mining Licence (SML) application area, and has secured acceptance through the issuance of Offer Letter for each application.
In addition, the approval and grant of the Mining License applications are subject to its remittance of all required statutory payments related to the issuance of a Mining Right.
Kibo CEO Louis Coetzee said: “The successful delivery of the MCPP is gaining momentum. Receiving these seven Mining Rights to enable commercial mining activity is another key milestone, which we anticipate will provide a better economic outcome for all concerned stakeholders and further clarity regarding the project’s ongoing development, especially when the continued progress that has been made recently in securing offtake for the Mbeya Power Plant is considered as well.
“As I mentioned in an earlier announcement, we are delighted with the excellent cooperation and support by the Mining Commission of Tanzania and look forward to providing further updates in due course.”
MCPP in Tanzania is one the Kibo Energy’s four international power projects
Kibo said that along with the MCPP in Tanzania, it has been developing similar coal-fuelled power projects including the Mabesekwa Coal Independent Power Project (MCIPP) in Botswana, and the Benga Independent Power Project (BIPP) in Mozambique, and owns a 60% stake in MAST Energy Developments (MED).
MAST Energy is a UK-based private company engaged in development and operation of flexible power plants to service the Reserve Power generation market.
With the parallel development of projects, the company plans to leverage significant economies of scale in respect of the strategic partnerships, procurement, equipment, human capital, execution capacity and project finance.