AMN - TANZANIA: Interactive description for Mbeya

Kibo Mining, the Tanzania focused mineral exploration and development company, has published an interactive process description and timeline for the Mbeya Coal to Power Project (MCPP).

The interactive process description and timeline, details and clarifies all work streams critical to the project, and can be used as a reference point for future updates provided by the company.

Key milestones will be - Development Ready, Financial Close Ready, Construction Ready and Production Ready. These milestones represent the most critical progressive deliverables in the MCPP development process.

The due date for Financial Close Ready has been adjusted and it is now expected that the MCPP will be Financial Close Ready (ready to start with the process of financial close) by the end of Q2 2016. This adjustment means that financial close will now start slightly later than previously announced. The adjustment in the timeline was caused by:

-  The 11-month delay in receiving funds from the February 2015 Hume placing. This prevented the company from commissioning all the required feasibility work streams in parallel due to cash flow constraints, resulting in a slight lag on some of the work which has since been corrected subsequent to securing the latest funding arrangement with Sanderson

-  Alignment with the various governmental approvals and permitting processes which constitutes a significant amount of the current and upcoming activities of the feasibility studies. A number of feasibility study activities are dependent on government approvals and / or permitting and can only be completed upon receiving the relevant approval/license / permit.

The Integrated Bankable Feasibility Study for the MCPP, which is the key deliverable to reach Financial Close Ready status, is now, for the reasons mentioned, also expected during the latter part of Q2 2016.

http://kibomining.com

News courtesy of International Mining