Excalibur Alpha Data Sheets

Overall Progress
69%

The project teaser is being provided to potential strategic and financial equity partners for the purpose of gauging market interest in the 300MW Mbeya coal fired project in Tanzania. The Project teaser specifically provides a high level overview of the Project, the Project Sponsors and highlights some brief details of the key contractual agreements

  • Kibo Mining PLC (“Kibo” or the “Sponsor”), is a Tanzania focused mineral exploration and development company that was incorporated in 2008
  • Kibo holds a thermal coal deposit at Rukwa in Tanzania, and is developing a mouth-of-mine thermal power plant, the Mbeya Coal to Power Project (“MCPP”), currently 100% owned by Kibo
  • MCPP will consist of a 1.5Mtpa open pit mine integrated with a 300MW coal fired power plant, proposed to be 2 X 150 MW Circulated Fluidized Bed (“CFB”) units
  • The total project cost is estimated at USD 750 million

 

Development Status

  • The Sponsor has appointed Shandong Electric Power Corporation III (“SEPCO III”) (the largest thermal power, substation and transmission line construction group in China), as the Engineering, Procurement and Construction (“EPC”) contractor
  • The Project is assessed to be commercially viable and technically feasible and is expected to lead to significant socio-economic development in the southern part of Tanzania

 

Competitive Advantages

  • Strong Government support and appropriate credit enhancement under discussion for the Offtake obligations of the utility
  • Easy access to the grid
  • Sufficient thermal grade coal reserves of the right quality for current and future planned expansion
  • Optimal utilization of Tanzanian natural resources for the sole benefit of the Tanzanian population
  • Ability to supply Tanzania’s current and growing electricity demand
  • Ability to diversify reliance away from heavy fuel oil & diesel as a fuel source, thus significantly reducing average tariffs for the country

Country Sector & Overview:

Feasibility Study:

  • These studies form the basis of the EPC Contracts and final designs of the Coal Mine and Power Station
  • The Definitive Feasibility studies for both the Coal Mine and the Power Station is complete and approved

ESIA:

  • MCPP filed an Environmental Social Impact Assessment (“ESIA”) application for the Project with the Tanzania National Environmental Management Council (“NEMC”)
  • The application goes through a 3-stage process and currently MCPP’s application has been approved at 2 of the 3 stages and is at present being assessed for certification

Land:

Land will be negotiated during the Power Purchase Agreement negotiations and will be on the mine-mouth, for which mining rights already exist.

EPC:

  • An advanced draft has been signed between the two stakeholders, with input from Sponsor’s Legal Counsel (Norton Rose Fulbright) and their Financial Adviser (Barclays) with regards to bankability
  • Lenders would, in due course, have the ability to comment and provide input later before the document is finalized
  • The two coal-fired CFB units will be procured, manufactured, erected and commissioned by SEPCO III
  • MCPP is finalising a fixed price Lump Sum Turn Key (“LSTK”) contract with SEPCO III
  • An advanced draft has been signed between the two stakeholders, with input from Sponsor’s Legal Counsel (Norton Rose Fulbright) and their Financial Adviser (Barclays) with regards to bankability
  • Lenders would, in due course, have the ability to comment and provide input later before the document is finalised

O&M Contract

  • Advanced discussions have been had with 2 leading international O&M contractors
  • However, the O&M contract and contractor have not been appointed and finalised yet, and are open for consideration by an incumbent SEP who is desirous on assuming the O&M contractor role

Coal & Supply Contract:

  • The power plant will utilise the thermal grade coal from the Mbeya coal mine as primary fuel and light diesel oil for startup operation
  • MCPP will sign a coal supply agreement with Mbeya coal mine for the supply of coal for the life of the power plant
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