Kibo finalises collaboration with General Electric

21st Nov 2016 09:42

(ShareCast News) - Kibo Mining, a Tanzania-focused mineral exploration and development company, has entered into a collaboration agreement with General Electric International (GE) to help with the development of the Mbeya coal power project.The agreement follows the memorandum of understanding announced on 16 September 2016 and sets out in detail the terms and conditions of said collaboration into a binding agreement.GE will supply equipment, technology and services to the MCPP power plant alongside assisting and co-operating with Kibo on implementing the project, under the agreement.Kibo chief executive Louis Coetzee said: "As one of the largest and technologically advanced international companies, we are looking forward to growing this relationship. By working closely with GE, we will benefit from their experience and reputation and this will expedite the remaining work required to reach successful financial close on the MCPP."GE steam power systems sales executive for Africa said: "GE is delighted to partner with Kibo for the Mbeya power project. We offer the best in class power generation technology and services that employ GE Digital and Environmental Control Solutions making our steam plants smarter and cleaner to meet today's and tomorrow's power needs for our customers."The share price rose 3.49% to 7.11p at 1108 GMT on Monday.