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MarketScreener Homepage  >  Equities  >  Johannesburg Stock Exchange  >  Kibo Energy PLC    KIBO   IE00B97C0C31

KIBO ENERGY PLC

(KIBO)
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Kibo Energy : Shares Rise on Signing of Term-Sheets with Vale in Mozambique

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09/05/2019 | 04:33am EDT

By Oliver Griffin

Shares in Kibo Energy rose Thursday after the company said it has signed a power-purchase term sheet and a coal-supply term sheet with Vale SA business in Mozambique for its Benga Power Plant Project.

The Africa-focused energy company said the power-purchase term sheet is for an offtake agreement for 37% of the power that it expects to generate in the first phase of the Benga Power Plant Project, in which it holds a 65% stake.

Kibo Energy also said that under the terms of the coal-supply term sheet, Vale will supply the total coal requirement for the plant over its modelled 25-year life.

The signing of the term sheets will pave the way for further integration possibilities between Vale and Kibo Energy, the company said.

Shares at 0813 GMT were up 6.7% at 0.80 pence.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

Stocks mentioned in the article
ChangeLast1st jan.
KIBO ENERGY PLC 13.33% 0.17 End-of-day quote.-66.00%
VALE 0.20% 49.79 End-of-day quote.-5.98%
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Managers
NameTitle
Louis Lodewyk Coetzee Chief Executive Officer & Executive Director
Christian Schaffalitzky de Muckade Chairman
Andreas Lianos Non-Executive Director & Finance Director
Pieter-Schalk Krügel Chief Financial Officer
Noel Flannan O'Keeffe Secretary & Non-Executive Director
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