LONDON (ShareCast) - (ShareCast News) - Tanzania-focused mineral exploration and development company Kibo Mining updated the market on its progress at the Mbeya Coal to Power Project on Tuesday.
The AIM-traded firm said the Definitive Power Feasibility Study was complete, and the report was reviewed and delivered in May.

It added that the EPC specification has also been completed, as has preparation for the EPC bid procurement process.

Kibo also said the successful pre-bid procedure with SEPCOIII has been completed in accordance with the requirements of the Kibo-SEPCOIII Joint Development Agreement.

On the mining side of things, the company said the Definitive Mining Feasibility Study is on track for completion by the end of June, with the logistics study and pit optimisation now complete.

The mine design process is in its final stages, Kibo reported, which will be followed by the final mine plan and schedule.

Kibo's mining EPC and contracting process remains in progress, with budget quotes received from eight bidders which are currently being evaluated, Kibo's board explained.

"At this time multiple work streams are simultaneously underway in the process of completing the IBFS on the MCPP," said Kibo Mining CEO Louis Coetzee.

"The technical work that forms the backbone of the IBFS is now fast drawing to a close and the financial model is in the process of being updated.

"We continue to see strong support from the Tanzanian Government and we remain confident that the various regulatory and statutory processes required will continue to keep up with the pace at which the MCPP is developing," Coetzee added.

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