Kibo Mining expects imminent signing of PPA

18th December 2017 By: Megan van Wyngaardt - Creamer Media Contributing Editor Online

JOHANNESBURG (miningweekly.com) – Dual-listed coal-to-power project developer Kibo Mining on Monday said it expected to sign a final power purchase agreement (PPA) with the newly formed Tanzania Ministry for Energy for the Mbeya project in the first quarter of 2018.

The company said this followed a “positive” briefing between Kibo, General Electric (GE), the Tanzania Electric Supply Company (Tanesco) and the Deputy Minister for Energy on December 14, where the parties discussed the strategic importance of the MCPP.

" We are delighted with the commitment to sign a memorandum of understanding within ten to 12 working days and the prospect to finalise the PPA, which will allow us to materially advance the project level financing talks we have been conducting,” Kibo CEO Louis Coetzee said.

He added that he understood there had been frustration with the delays it had been experiencing. “However, we believe these latest very positive outcomes reiterate the strong commitment from all the MCPP stakeholders to see the MCPP come to fruition in the shortest possible time, given the complex procedural and bureaucratic environment of the current development phase of the MCPP."