Kibo receives first payment from Sepco III

September 5, 2016

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AltX- and Aim-listed Kibo Mining has received the first payment of $1.8-million from Chinese contractor Sepco III. This follows the signing, last month, of a new, redefined agreement allowing Sepco III to earn the right to become the sole bidder for the engineering, procurement and construction (EPC) contract to build the power plant component of Kibo’s Mbeya coal-to-power project (MCPP), in Tanzania, in return for refunding 50% of the total development costs on the project incurred by Kibo to date.

Category: General