Kibo Mining said Tanzania's ministry of energy (ME) has called a meeting on Monnday with the company and Tanzania Electric Supply Co to finalise the Mbeya coal to power project memorandum of understanding.
The company said it remained optimistic that the MOU would be completed as announced on 18 Dec and pointed out that the Tanzanian holidays differed from the UK, with fewer 'working days' over the Christmas period.
Chief executive Louis Coetzee said: 'Given the continued urgency by the ME to fast-track the MCPP as the Tanzanian government focuses on delivering 5GW installed generation capacity by 2020 with a further 7GW to be added in the following five years, we remain optimistic for 2018.
'During the year, we anticipate hitting various value trigger points regarding the MCPP including the completion of the MOU and the final Power Purchase Agreement during Q1, and look forward to building Kibo as a strategic regional electricity supplier.'
At 8:22am: (LON:KIBO) Kibo Mining share price was +0.5p at 6.25p