Tanzania-based minerals exploration and development company, Kibo Mining, has signed a Strategic Development Agreement (SDA) with China-based SEPCOIII, one of the world’s largest power engineering, procurement and construction contractors, the company has announced.
In a statement, SEPCOIII says it is partnering to work with Kibo towards enhancing its strategy and the development of its portfolio of energy projects.
The equity investments will provide Kibo with the funds necessary to fulfil its capital requirements over the short to medium term and also serve to endorse Kibo’s strategy to become a leading regional energy player in Africa.
Commenting on the development, Chief Executive Officer, Louis Coetzee, says, “This is excellent news for Kibo on multiple levels: it is a major endorsement by one of the world’s largest power EPC contractors of both our portfolio and strategy aimed at alleviating the acute energy deficit in Africa
“It provides us with short to medium term cash stability; and it further strengthens our network of key partners and institutional investors to support us as we advance our portfolio of energy projects.”
Source: Mining Capital