Based on conventional mining methods, the financial modelling also confirmed robust project economics, and highlighted that the continuous surface mining technology could reduce mining costs.
It also showed the potential for attractive investment return rates over the life of mine, a short indicative capital payback period and a direct mining cost estimate of up to $1.9 per ton.
The company said that a preliminary investigation into continuous surface mining is expected to offer significant reductions in direct mining costs.
Kibo Mining CEO Louis Coetzee said: "The results obtained from feasibility work done so far will now be subjected to further rigorous interrogation during the ensuing, more advanced, stages of the feasibility study.
"Incorporating specific requirements / specifications from the Power Feasibility Study will further refine the economic assessment of the Rukwa Coal Mine."
