Kibo Mining wins innovation award from GE

In an effort to pep up shareholders after a 16% share price fall so far this year, Tanzanian focused Kibo Mining trumpeted its success in winning the 'Innovative Project Development Deal of the Year' award at GE's annual award show held in New York City overnight.

The award was given for Kibo's involvement at the Mbeya coal to power project (MCPP) in southwest Tanzania.

Louis Coetzee, chief executive of Kibo Mining, said "With innovation, we have been able to improve the economic viability of the Project, which is crucial to Tanzania's energy dynamic. We are receiving strong endorsements from the corporate, financial and political arenas as we look to deliver an exceptional project for the benefit of all stakeholders."

As of 0835 BST, shares were relatively unmoved, up 0.43% to 5.78p.