Kibo Mining granted ESIA certificate by Tanzania government

The Tanzania-focused multi-asset resources company said the decision, an integral step in the Mbeya Coal to Power Project approval process, constituted a "further milestone" in the development of "this critical" project.

Located in South West Tanzania, the MCPP aimed to satisfy the "acute" need for power in the country by advancing a coal mine alongside a 300MW "mine mouth" power station.

The project was also recently awarded General Electric's Innovative Project of The Year award.

Commenting on the success, Kibo Mining CEO, Louis Coetzee, said: "This is terrific news for Kibo and brings us another step closer to construction. The endorsement of the MCPP as a consequence of the ESIA certification cannot be underestimated - this is probably the most important enabler for the successful and expeditious completion of the remaining development work on the MCPP."

He added that the company was in talks with Tanzania's Ministry of Energy to finalise an agreement that would bring lights to homes and businesses across the country, fuel the local economy as well as deliver cumulative long-term value to shareholders.

"Furthermore, we have had several very productive meetings with the newly established Ministry of Energy over the past two weeks which confirmed our view that the Memorandum of Understanding on the Power Purchase Agreement is progressing well and that it will be finalized shortly.

"Once the MOU, and thereafter the final PPA, is signed we envisage being in production in 36 months, bringing light to homes and businesses in Tanzania and making a strategic contribution towards enabling the local economy and delivering cumulative long-term value to our shareholders."