New Kibo company in coal-fired power project
16th May 2012
LONDON, May 16 – Hard on the heels of Irish-registered and Tanzania-focused Kibo Mining’s agreement to acquire Mzuri Energy, Mzuri has entered negotiations for the development of a 250-350MW power station at its Rukwa Coal Project.
The initial MOU is with a prominent, although unnamed, Asian conglomerate that will carry out a comprehensive feasibility study on the project. If feasible, Mzuri will develop a thermal coal mine and enter into a long term off-take agreement with the Asian company, or its nominee, to supply the power station.
Given a green light, the Asian group will procure all required approvals and permits, design, build and operate the coal-fired power plant on the Rukwa Project, with Mzuri developing and operating the coal mine.
Both parties will have the opportunity to co-invest in the equity of the project on terms to be agreed,
Kibo CEO Louis Coetzee says the development again highlights Tanzania as an African investment destination of preference for major international industrial groups.
Kibo, which was established in early 2008 to explore and develop mineral deposits in Tanzania, has three existing and two newly acquired projects in Tanzania – Haneti (nickel, PGE and gold), Morogoro (gold) and Lake Victoria (gold). The company recently also acquired coal and uranium exploration projects in Tanzania.
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