viewKibo Energy PLC

Kibo Energy surges as application for Mbeya mining licence converted for “more efficient” approach

The energy firm said splitting the application into seven separate ones would be a more effective approach under prevailing legislation

The decision followed a “constructive and co-operative interaction” with the Tanzanian Mining Commission

Kibo Energy PLC (LON:KIBO) shares surged on Tuesday after its special mining licence (SML) application for the Mbeya coal to power project in Tanzania was converted into seven applications to create a “more efficient” approach.

The Africa-focused energy company said the decision to split the SML into seven mining licence applications was the product of “constructive and co-operative interaction” with the Tanzanian Mining Commission and would be a more efficient and effective approach under prevailing legislation to licence the project area for commercial mining.

READ: Kibo Energy acquires 100% interest in Bordersley reserve power generation project

Louis Coetzee, Kibo’s chief executive, noted that the change in approach has provided “further clarity” on the development of the Mbeya project and would provide “a very welcome gain in forward momentum”.

“The conversion of the SML-application into seven ML-applications demonstrates the willingness and commitment of the Mining Commission to cooperate with investors under the latest mining legislation and to find practical solutions in the interest of all stakeholders in order to stimulate the mining industry in Tanzania”, the CEO said.

In late afternoon trading, shares in Kibo Energy were up 9.1% at 0.9p.

Quick facts: Kibo Energy PLC

Price: 0.275 GBX

Market: LSE
Market Cap: £3.5 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Full interview: Thunderbird Entertainment sees strong third quarter results...

Thunderbird Entertainment (CVE: TBRD-OTC: THBRF) CEO Jennifer Twiner McCarron joined Steve Darling from Proactive Vancouver to share news the company has released their 3rd quarter financial numbers which saw a 40 per cent increase from Q-3 of last year. Twiner-McCarron talks about what led...

13 hours, 53 minutes ago

2 min read