Big picture - Why invest in Kibo Mining PLC
Kibo Mining PLC Snapshot
Kibo Mining plc (“Kibo” or the “Company”) is a Tanzania-based minerals exploration and development company, focused on realising value from the Mbeya Coal to Power Project (MCPP) (formerly known as Rukwa Coal to Power Project) and the Imweru gold project, as well as holding one of the largest exploration land packages in the country with assets spanning coal, gold, uranium and nickel-platinum group metals.
Kibo’s strategy for Mbeya is closely aligned with the interests of the Tanzanian government, which has an urgent requirement for new sources of power to support its rapid growth. We will leverage our expertise and existing stakeholder relationships – technical, financial and governmental – to advance Mbeya through to production and power generation. Important steps on this development path were realised during 2014 with the commencement of a Definitive Feasibility Study (DFS) on the project and the completion of preliminary DFS technical and financial reports, the results from which were very favourable to a successful development.
The Imweru gold project is the most advanced project within the Company’s regional Lake Victoria Project mineral licence portfolio located in this proven gold prospective region of northern Tanzania where a number of operating gold mines are in production. Imweru comprises a 550,000 oz JORC-compliant gold Mineral Resource on which Kibo has begun a Definitive Mining Feasibility Study (DMFS). The first stage of this DMFS, a Preliminary Economic Assessment (“PEA”) was completed in December 2014 by mining consultants, Minxcon of South Africa. The results of the PEA have provided independent preliminary confirmation of the economic feasibility of developing a gold mine at Imweru from the current Mineral Resource and of further extending the base case mine life by delineation of additional gold resources for which excellent potential exists. The Company is now on a development path to put Imweru into production and realize early cash flow for which the results of high level economic modelling to date have been very positive.
Kibo’s diversified asset portfolio gives investors exposure to short-term, medium-term and long-term returns and provides the Company with options in terms of developing assets internally, joint-venturing or realising value through asset disposals on attractive terms.
Mbeya Coal to Power (formerly Rukwa)
Main Target Coal
Location Mbeya & Songea Regions, Tanzania
Area ~2,000 sq. km
Kibo's Interest 100%
Main Prospect Rukwa thermal coal deposit
Resource 109 Mt (71.33 Mt Indicated/38.05 Mt Inferred)
Joint Development Agreement SEPCO III, China based international EPC contractor
Next Steps Complete Integrated Bankable Feasibility Study
The Mbeya coal project comprises c.22 tenements (licences, licence offers and licence applications) located in south-western Tanzania. The Central Block containing the Mbeya coal Mineral Resource and the planned location for the Mbeya Coal to Power Project (“MCPP”) comprises 10 tenements covering approximately 2,000 sq.km and is located 70 km north of the regional town of Mbeya and just south of Lake Rukwa. The remaining tenements are spread over small blocks up to 240 km northwest and 330 km southeast of the Central Block respectively comprising a total area of approximately 2,600 sq. km. Access to the Central Block project is gained by turning off the main (bitumen) road at the village of Mbalazi, southwest of Mbeya, and by continuing north-west to the town of Galula on a gravel road. From Galula the road turns west, skirting the northern boundary of the Central Block, from which side tracks navigable only by 4WD vehicles give access to the central part of the area. Alternative access to the southeast and northwest of the Central Block is also possible by gravel roads and dirt tracks branching from main bitumen roads servicing Mbeya. The northwest tenement blocks are accessible via the road north skirting the western side of Lake Rukwa. The southeast blocks are located close to the western shore of Lake Malawi and can be reached on the roads going west from the town of Songea.
Lake Victoria (Gold)
Main Target Gold
Location Mwanza, Geita, Shinyanga & Kagera Regions
Area ~ 1,500 sq.km
Kibo’s Interest 90% to 100%
Main Target Area Gold projects with gold resource at Imweru & Lubando
Resource ~700,000 oz. Gold (Imweru & Lubando projects)
- Complete Definitive Mining Feasibility Study (“DMFS”) at Imweru
- Drill gold targets on Sheba project ( project is contiguous with Imweru) as part of Imweru DMFS
- Continue exploration on earlier stage gold projects through joint venture or sole funded
The Lake Victoria Projects comprise a large portfolio of tenements (prospecting licences, offers and applications) covering an area of c.1,500 square kilometres scattered throughout Tanzania’s premier gold mining region, the Lake Victoria Goldfield (LVG). The tenement portfolio includes two recently acquired resource based projects, Imweru and Lubando together with a large number of earlier stage licences and applications extending over four administrative regions, Mwanza, Geita, Shinyanga and Kagera in this part of northern Tanzania. Many of the tenements have been divided into sub-project blocks within the greater Lake Victoria project area. The most convenient access to most of the tenements is from the city of Mwanza, Tanzania’s second city, where Kibo has a field exploration office. From Mwanza, access to the tenements is first by ferry and then by a network of tarred and gravel roads. The operating gold mines in the region have contributed to the improvement in the regional road network in recent years, but given such a large area, access to many of the tenements is still by gravel roads in variable states of repair, which deteriorate during the wet season.
Haneti (Nickel & Gold)
Target Nickel, Platinum-Group-Elements and Gold
Location Dodoma Region, Tanzania
Area ~5,000 sq. km
Kibo’s Interest 100%
Main Target Areas Haneti-Itiso Ultramafic Complex & The Londoni Greenstone Belt
Resource None defined
- Drilling of existing targets at Mwaka and Mihanza Hills
- Development of further drill targets along the Haneti-Itiso Ultramafic Complex by geological mapping, soil geochemical surveys and geophysical surveys.
- Reconnaissance investigation into the gold potential in the mid and western part of the Haneti (search for extensions of the Londoni Greenstone Belt)
- Further investigation of lithium and associated pegmatite related mineralisation on the project.
Haneti comprises tenements (prospecting licences, offers and applications) prospective for nickel, platinum-group-elements and gold. It covers an area of approximately 5,000 sq. km in central Tanzania and forms a near contiguous project block. The project area straddles the Dodoma, Kondoa and Manyoni districts all within the Dodoma (Administrative) Region. Access to the project is via Dodoma by tar road for 50km and well maintained gravel road for another 38km to the village of Haneti. Access within the project is by a dense network of 4WD navigable roads and bush tracks that provide good penetration through most of the tenements.
Location Morogoro and Dodoma Regions, Tanzania
Area 1,400 sq. km
Kibo’s Interest 100% (90% PL 5625/2009 & PL 9203/2013)
Main Target Area Ruvu Nappe
Resource None (early stage projects)
- Detailed geological mapping,trenching and drilling at the Ruvu Nappe target area
The Morogoro Project comprises mineral tenements (prospecting licences, offers and applications) covering an area of approximately 1,400 square kilometres and is located within the Morogoro Region of Tanzania. The tenement blocks are located south and west of the regional town of Morogoro Access is by a network of gravel and tarred roads in varying stages of repair linking to the well maintained and busy central east-west Dar es Salaam to Dodoma road.
Pinewood (Coal & Uranium)
Target Uranium & Coal
Location Mbeya, Iringa, Mbeya & Ruvuma Regions, Tanzania
Area 9,000 sq. km
Kibo’s Interest 50% ( Other 50% held by Metal Tiger Plc to be maintained by Joint Venture expenditure of US$800,000 over 3 years)
Main Prospect None/Early stage grass roots areas
- Airborne radiometric surveys
- Field reconnaissance surveys
- Detailed ground mapping, sampling and geophysical surveys
The Pinewood project comprises a large portfolio of tenements (prospecting licences, offers and applications) with an aggregate area of ~ 9,000 sq. kilometres.. They are distributed over south-western Tanzania a region a 120,000 sq. km region bordering Zambia, Malawi and Mozambique. The principal towns in this region are Iringa and Mbeya in the North and Songea in the South and these are linked by well-maintained tarred roads which provide the first order access through the region and to the tenements. The accessibility of individual tenements varies according to their location; some tenements are bisected by the main tarred roads or by well-maintained second order gravel roads, while others are accessible by a network of dirt roads and tracks in various states of repair. Access to some of the more remote tenements can be difficult during the wet season due to the degradation of roads and bridges and the large areas of boggy cotton soil (local name:” mbuga”) covering many low lying areas.
Christian Schaffalitzky, BA (Mod), FIMMM, PGeo, CEng, age 61 - Chairman (Non-Executive)
Christian Schaffalitzky is managing director of Eurasia Mining plc a company trading on AIM. From 1984 to 1992, he founded and managed the international minerals consultancy, CSA Group, now CSA Global Pty Ltd. With over 30 years’ experience in minerals exploration, Christian Schaffalitzky was a founder of Ivernia West plc, where he led the exploration and was instrumental in the discovery and development of the Lisheen zinc deposit in Ireland. More recently, he was managing director of Ennex International plc an Irish quoted mineral exploration company, focused on zinc development projects. He has also been engaged in precious and base metal mineral exploration and development in the former Soviet Union and until recently an independent director on the boards of Russian companies, Raspadskaya Coal Company and Chelyabinsk Zinc.
Louis Coetzee, BA, MBA, Age 51 - CEO (Executive)
Louis Coetzee has 25 years experience in business development, promotion and financing in both the public and private sector. In recent years he has concentrated on the exploration and mining area where he has founded, promoted and developed a number of junior mineral exploration companies based mainly on Tanzanian assets. Louis has tertiary qualifications in law and languages, project management, supply chain management and a MBA from Bond University (Australia) specializing in entrepreneurship and business planning and strategy. He has worked in various project management and business development roles mostly in the mining industry throughout his career. Between 2007 and 2009, Louis held the position of Vice-President, Business Development with Canadian listed Great Basin Gold (TSX: CBG).
Noel O’Keeffe, BSc (Hons), Geology, MBA, Age 52 - Technical Director (Executive)
Noel O’Keeffe has over 20 years experience in mineral exploration and has worked on a variety of base metal and gold projects in Ireland, Canada, Australia and Africa. Prior to co-founding Kibo in 2008 he worked as a quality co-ordinator with Boston Scientific (Ireland) Ltd, a multinational medical device company. He also worked part-time for Irish geological services group, Aurum Exploration Ltd during 2003 and early 2004. During the mid nineties he was exploration manager with Ormonde Mining plc in Tanzania, a company currently listed on the Irish Stock Exchange and on AIM. Previously Noel was a senior geological consultant with BDA Consultants Limited and worked on both government and private sector contracts. Earlier in his career, Noel worked as a geologist for Burmin Exploration and Development plc and for its Canadian and Australian subsidiaries.
Lukas Marthinus Maree, BLC, LLB, Age 53 - (Non-Executive)
Tinus Maree is a lawyer by profession. He has served on the boards of a number of public companies including Goldsource Mines Limited, Africo Resources Limited and Diamondworks Limited that have made significant successful investments in exploration projects in Africa and North America, and has more recently served as the CEO of private investment companies Rusaf Gold Limited and Mzuri Capital Group Limited, both of which have successfully developed and sold mineral projects in Russia and Tanzania in the last seven years. He was also a founder principal of River Group, Designated Advisors to the Listing of Kibo on the JSE, and was responsible for its Canadian office until his retirement from the group in 2013 to pursue personal interests.
Wenzel Kerremans, B.Proc, LLB, LLM, Adv. Dip. Age 56 - (Non-Executive)
Wenzel Kerremans is a lawyer by profession with over 25 years international legal experience in mining, banking, project finance and international tax, advising clients who have invested in exploration and mining projects in Africa. He has also originated and succesfully sold Veremo Holdings Limited a billion ton titaneferous magnetite exploration project for the production of iron and titanium slag. Wenzel is also the principal and director of a gold, graphite and coal exploration project in Africa.
Andreas Lianos, CA, ACMA, CIA. Age 49 - (Financial Director)
Andrew is a chartered accountant who entered the corporate finance industry in 1994 by joining Deloitte & Touche Corporate Finance. In 1996 he joined Smith Borkum Hare/Merrill Lynch Corporate Finance, and was part of the team that founded Labyrinth Corporate Finance during 1997. He co-founded the River Group, Kibo’s JSE Designated and Corporate Advisor and is a director of River Capital Partners Ltd and River Sponsor Services (Pty) Ltd (Trading as River Group). He is also currently a director of Boudica Trust Co Limited (trading as Boudica Group) and a director of Mzuri Exploration Services Ltd and Mzuri Capital Group Ltd (trading as Mzuri Group), which was the largest shareholder in Kibo until December 2013 when it distributed all its shares to its shareholders as reported to the market on 20 December 2013.
Operations Office Tanzania
10th floor, Amani Place,
Ohio Street, Dar es Salaam,
Tel: +255 22 2127857
Fax: +255 22 2126049
Email: [email protected]
Corporate Office Ireland
Gray Office Park
Galway Retail Park
P.O. Box 421
Tel: +353 91 511463
Fax: +353 91 450018
Email: [email protected]
27 Hatch Street Lower
UK Nominated Adviser
RFC Ambrian Limited
Level 28, QV1 Building
250 St Georges Terrace
Perth WA 6000
Beaufort Securities Ltd
131 Finsbury Pavement
UK Public Relations
330 High Holborn
London WCIV 7QD
JSE Designated Adviser
225 Veale Street
Republic of South Africa
Auditors & Reporting
Red Lion Street
London WC1R 4GB
Solicitors – Irish law
27 Hatch Street Lower
Solicitors – English law
55 Gower Street
London WC1E 6HQ
Solicitors – Tanzanian law
Rex House, 145 Magore Street
P.O. Box 7495
Dar es Salaam, Tanzania