JSE- and Aim-listed Kibo Energy on Friday announced that the Tanzanian Ministry of Minerals had accepted the company’s required statutory payments related to seven mining rights for the Mbeya coal-to-power project (MCPP).
Kibo CEO Louis Coetzee said in a statement that the acceptance of the payments, which were made well within the required payment timeframe, provided further confirmation that the MCPP was rapidly gaining momentum.
Earlier this year, Kibo received formal notice from the Tanzania Electric Supply Company to develop the MCPP for the export market, enabling the company to engage with African power pools regarding offtake agreements.
The project had been developed with a potential generating capacity of 1 000 MW in mind, with three market opportunities – utility, export and private offtake.