Kibo Mining has received proof of payment for the amount of $1,800,000.00 from SEPCO III.
This payment was received in settlement of the first fixed payment due under the new agreement with major international China based EPC contractor, SEPCO III, announced on 25 August. Kibo Mining chief executive Louis Coetzee said: "SEPCO III's prompt and diligent performance with regard to the first payment due under the Agreement demonstrates great enthusiasm for and belief in the MCPP as well as in the company.
"We believe that all the remaining conditions in the agreement will be met with the same diligence and that the Kibo/SEPCO III relationship will play a pivotal role in the further development and ultimate delivery of the MCPP."
At 9:35am: (LON:KIBO) Kibo Mining share price was +0.01p at 5.88p