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

KIBO ENERGY PLC (KIBO)
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Kibo Mining : Maiden SAMREC-Compliant Coal Resource Statement for Mabesekwa Coal Resource

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06/26/2018 | 05:06pm CEST

Kibo Mining plc (AIM: KIBO; AltX: KBO), the multi-asset Africa focused energy and resource company, is pleased to announce an update on its 85% controlled Mabesekwa Coal Independent Power Project ('MCIPP' or the 'Project') in Botswana, which it is developing with Botswana listed energy company Shumba Energy Limited ('Shumba').

The Project, which is being advanced in tandem with the Company's Mbeya Coal to Power Project ('MCPP') in Tanzania and Benga Independent Power Project ('BIPP') in Mozambique, is a part of Kibo's strategy of building a leading African focused power company.

Feasibility studies on the MCIPP and Mabesekwa Coal Resource ('MCR') are advanced, with water and land use permits and environmental certification already in place and a pre-feasibility study ('PFS') on a coal mine and a scoping study on a coal fired thermal power plant completed. The Company has now received a Competent Persons Report ('CPR') on the Project, which includes a SAMREC-compliant Maiden Resource Statement on the excised 300 Mt portion of the MCR ('Kibo Mabesekwa Coal Resource' or 'KMCR').

The CPR was completed by independent geological and mining consultancy company, Gemecs (Pty) Ltd of South Africa. The highlights of the report include: Maiden Coal Resource Statement for the KMCR indicating total mineable In-situ Coal Resource of 302.9 million tonnes (257.5 Mt attributable to Kibo on an 85% basis) as per the SAMREC categories below; Results from simple washability indicate that there is potential to lower the ash content, increase the calorific value and lower the total sulphur content by washing the coal at an appropriate density (de-stoning) to maximize coal yields for use in a thermal power plant and Further testing from bulk samples obtained from existing and recently drilled large diameter hotels across the coal deposit (includes MCR and KMCR) by Shumba Energy, has yielded results which demonstrate that favorable coal quality can be achieved through industry standard beneficiation processes. This will provide suitable coal products for coal to power generation with low sulphur content.

Kibo CEO, Louis Coetzee, said: 'With a SAMREC compliant 303Mt coal Resource and a confirmed coal quality we have a key pillar completed for the BFS for the MCIPP. We are working closely with Shumba and have already made progress in bringing this project to fruition. With water and land use permits and environmental certification in place, as well as a PFS on the coal mine and scoping study on the power plant, we see a clear development path with deliverables that will increase the inherent value of the Project. We now have three energy projects and are building our strategy of becoming a significant energy player in Africa, utilising our international network of blue-chip companies with the ability to deliver turnkey projects to address the acute African power deficit.'

Technical Summary

Gemecs (Pty) Limited was commissioned by Kibo to undertake a CPR and maiden Resource Statement on the approximate 300 Mt coal resource in which the Company holds an 85% interest obtained from Shumba Energy Limited in a transaction completed in April 2018. This 300 Mt coal resource (KMCR) was excised from Shumba Energy's larger Mabesekwa Coal Resource (MCR), reported at the time of the transaction to contain 777 Mt. Gemecs used the original existing geological model for the MCR to calculate a maiden Resource Statement for the KMCR to the SAMREC standard as well as reporting on coal quality and other technical tests applicable to processing of both the MCR and KMCR. These tests were enabled following the recent drilling of 11 wide diameter boreholes for bulk sample collection across the coal deposit.

Technical Notes

Minimum coal seam thickness cut-off = 1 metre

Dry Ash Free Volatile cut-offs (in-situ raw qualities = 26%

Coal quality and processing tests were recently undertaken by Shumba Energy on samples from 18 historic drill holes on an approximate 1 km spacing across the coal deposit included ultimate analysis (C-H-N-O), ash fusion temperature (AFT) reducing and oxidising, ash composition analysis (by XRF) and 45 trace elements plus chlorine and fluorine. Additionally, a total of 23 samples were taken of the six most economical coal seams, from large diameter core holes that were drilled next to existing slim diameter boreholes. The combined samples yielded a bulk sample mass of 4,459.50kg. This bulk sample was split into three batches so that various analytical tests could be performed on each and sent to appropriately credited laboratories in Botswana.

The bulk samples were also subject to Dense Medium Separator Tests comprising Cyclone, Drewbody and Spiral tests. All these tests concluded that a high-quality product for feed to a thermal power plant can be readily obtained with a high product yield of about 85% at a 1.8 g/cc. A promising result from this work was that sulphur washes out very effectively to a very low percentage at this density.

Contact:

Andreas Lianos

Tel: +27 (0) 83 4408365

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ('MAR').

Notes to editors

Kibo is a multi-asset resource development and energy company with a long-term goal of becoming a leading power producer in Sub-Saharan Africa. The Company aims to tackle the acute power deficit which is severely hindering economic development in the region.

Furthermore, Kibo also has a Joint Venture agreement with Mozambique energy company Termoelectrica de Benga S.A. ('Termoelectrica') to participate in the further assessment and potential development of the Benga Independent Power Project ('BIPP'), including the right to construct and operate a 150-300MW coal fired power station. Kibo and Termoelectrica shall hold initial Participation Interests in the unincorporated joint venture of 65% and 35% respectively.

(C) 2018 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
KIBO ENERGY PLC -18.75% 0.65 End-of-day quote.-39.25%
SHUMBA COAL LTD --End-of-day quote.
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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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