Kibo’s Mozambican coal power plant gains coal supply security
Term sheet with Vale to turn into definitive deal once state utility gets on board
Kibo Energy, an Africa-focused power project listed on the JSE and London’s Alternative Investments Market (AIM), has signed an agreement to secure coal supply from miner Vale for its Benga power plant in Mozambique.
Kibo on Tuesday said it has secured a mutually binding “coal supply term sheet” with the multinational resources giant Vale. The term sheet sets outs basic terms and conditions and in this case, Kibo said, it will be converted into a definitive coal supply agreement at the time that a power purchase agreement is finalised with Mozambique power utility, Electricidade de Mocambique (EDM)...