African-focused energy company, Kibo Energy (KIBO) , announced on Thursday that it had been granted seven Mining Rights to enable commercial mining activity at its Mbeya Coal to Power Project (‘MCPP’) in Tanzania.
The company has said it continues to progress the mining project, MCPP, which makes up one of the four international power projects in Kibo’s portfolio. At the same time, the board acknowledged the project as representing an “exciting opportunity” for the company.
Shares in Kibo Energy perked up over 12% following the news.
Louis Coetzee, Chief Executive of Kibo, highlighted the acquired seven rights as a major milestone event, commenting:
"The successful delivery of the MCPP is gaining momentum. Receiving these seven Mining Rights to enable commercial mining activity is another key milestone, which we anticipate will provide a better economic outcome for all concerned stakeholders and further clarity regarding the project's ongoing development, especially when the continued progress that has been made recently in securing offtake for the Mbeya Power Plant is considered as well.”
The announcement constitutes the approval and granting of the Mining License applications, subject to Kibo remitting all required statutory payments related to the issuance of a Mining Right.
Mr Coetzee further added: "As I mentioned in an earlier announcement, we are delighted with the excellent cooperation and support by the Mining Commission of Tanzania and look forward to providing further updates in due course."
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