27 September 2016
Kibo Mining plc ('Kibo' or the 'Company') (AIM: KIBO; AltX: KBO) the mineral exploration and development company focused on coal, gold, nickel, and uranium projects in Tanzania, is pleased to announce its unaudited half year results for the period ended 30 June 2016.
Highlights from the Chairman, Christian Schaffalitzky's statement:
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Key feasibility studies on the Mbeya Coal to Power project completed with strongly positive results;
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Agreement reached with SEPCO III granting it sole bidder status for the MCPP EPC contract for refund of 50% of development costs incurred by the Company to date;
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Agreement reached to convert Sanderson loan of £1.5m into a 2.5% equity interest in the MCPP project company demonstrates confidence in the project;
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Recent appointments of reputable advisors and agreement with GE International has given renewed momentum to MCPP as it approaches financial close;
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Plans well advanced to spin-out Imweru gold project into a new AIM & JSE listed company, Katoro Gold Mining Limited, raise funds and commence mine development.
Chairman's Statement
Dear Shareholder,
I am pleased to present our accounts for the six-month period ending 30 June 2016 and report on significant progress on our Mbeya Coal to Power ('MCPP') and Imweru gold projects. I outline a summary of the principal operational and corporate developments during the period below.
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UnauditedInterimresultsfor thesixmonthsended30 June 2016
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