JOHANNESBURG – Kibo Mining has said that it was not fazed by the ongoing changes and restructuring at the Tanzanian Electric Supply Company (Tanesco) which were seen as threatening to its Mbeya Coal to Power Project (MCPP).
This comes after Tanzania president John Magufuli promptly sacked Tanesco MD Felchesmi Mramba, after the country’s Department of Energy and Minerals revoked an 8.5% increase in power charges that was to come into effect on Sunday.
Kibo is on the brink of developing a 250 MW to 350 MW mouth-of-mine thermal power station in its power and coal mine elements, the MCPP in south-western Tanzania.
Kibo said it viewed the latest announcements regarding management changes and tariff reviews as part of an ongoing reform and restructuring process.
The Tanzania-focused mineral exploration and development company said Tanesco had been undergoing policy changes and restructuring under the new Tanzanian government.
Kibo Mining CEO Louis Coetzee, said the latest announcements with regard to Tanesco would not in any way affect the MCPP.
“The latest announcements with regard to Tanesco are not directed at any of the utility’s development projects or business development policies, nor are there any indications that the latest announcements will in any way affect the Mbeya Coal to Power Project (MCPP), or any of the work streams currently underway in this regard,” Coetzee said.
“Through our close and transparent relationship with the Tanzanian government, we will continue to diligently progress the further development of the MCPP and we will promptly update shareholders should any changes materially impact the current work programme of the MCPP.”
Edited by: Creamer Media Reporter
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