By Patience Radisoeng
Kibo Energy has announced that efforts on fast tracking the remaining technical work to complete an integrated bankable feasibility study for Botswana’s Mabesekwa Coal Independent Power Project is a top priority for this year.
Chief Executive Officer of the London and Johannesburg listed coal-to-power development company, Louis Coetzee, said that they acquired an 85 percent interest in the Mabesekwa Coal Independent Power Project which currently has: obtained water and land use permits and environmental certification, completed a Pre-feasibility study, submitted an application for a mining license on the coal mine, undertaken a Scoping Study on the power plant and a clear development path with deliverables that are expected to increase the inherent value of this project.
“Our strategy remains focused on the delivery of these energy projects to address the critical energy deficit in sub-Saharan Africa. With approximately 580 million Africans still reliant on inefficient, unreliable and expensive energy sources, this remains a socio-economic imperative and therefore a key market opportunity,” Coetzee stated.
He said that in 2018, through strategic acquisitions and divestments, the company successfully repositioned as a purely energy-focused company, and their projects are now positioned to be critically important in efforts to provide power to more Africans.
However he said even though they were disappointed that the Mbeya Coal to Power Project (MCPP) in Tanzania did not progress as planned in 2018, the company did report very positive news during the year regarding the advancement of their equally important energy projects in Mozambique (Benga) and Botswana (Mabesekwa) as well as their first foray into the United Kingdom (UK) energy sector.
“It is disappointing that the substantial milestones we have reached during 2018 have not been reflected in our share price, but we are confident that this should be corrected by the market over time,” he noted.
Meanwhile shares in the company are 64 percent down on a 12-month basis despite it having bought control of Shumba Energy’s Mabesekwa coal prospect.