Kibo Mining’s acquisition of 85% stake in Botswana project completed
JOHANNESBURG (miningweekly.com) – Multi-asset Africa-focused energy and resources company Kibo Mining has completed the acquisition of an 85% interest in the Mabesekwa Coal Independent Power Project (MCIPP), in Botswana, from Sechaba Natural Resources.
This project complements Kibo’s Mbeya coal-to-power project, in Tanzania, and is in line with the company’s broader strategy to position itself as a strategic regional energy company focused on tackling the acute power shortage in Southern Africa.
The MCIPP will benefit the Mbeya project through economies of scale in equipment, execution, project finance and strategic partnerships.
“These synergies will enable us to capitalise on our institutional knowledge and contacts in the industry as we pursue rapid development of both projects in tandem,” said Kibo CEO Louis Coetzee.
A scoping study for the MCIPP project revealed a 30-year life-of-mine, with a maximum capacity of 600 MW of energy, based on a coal delivery rate of 3.2-million tonnes a year.
As part of the acquisition, coal company, and parent company of Sechaba, Shumba Energy CEO Mashale Phumapi has joined Kibo as nonexecutive director. The MCIPP project has strong backing by institutional investors through Shumba Energy’s investor base.
Additionally, Kibo has right of first refusal over any energy projects that Shumba may pursue over the next six years and Shumba will be granted right of first refusal on any coal export projects that Kibo may pursue over the same period.
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