JOHANNESBURG – Mining firm Kibo said on Thursday it had agreed to acquire an 85% interest in the Mabesekwa Coal Independent Power Project in Botswana from local company Sechaba.
Kibo said this was a major part of its drive to reposition itself as a strategic regional electricity supplier on the back of its flagship Mbeya Coal to Power Project in Tanzania.
“This is a fantastic opportunity for Kibo as we focus on building an energy business with producing assets in multiple geographies,” Kibo’s CEO Louis Coetzee said.
“We are pleased that the project is ideally located in Botswana, which has one of the best credit ratings in sub-Saharan Africa and a business-friendly environment.”
Kibo Mining primarily works in the exploration for and development of coal and other minerals in Tanzania.
The company operates through two mining and corporate segments, with the mining segment operating in Tanzania while the corporate business operates in Ireland, Cyprus, South Africa, Canada and the United Kingdom.
