Report

Kibo Energy (KIBO) Flash Note ACF Equity Research 23092022

Kibo Energy Plc (KIBO.L: AIM) is a portfolio company with a renewable energy and critical metals transition strategy. Today’s 1H21A results describe Kibo heading in the right direction operationally, which in our assessment is a tribute to its new strategy and execution. Inevitable hold ups in such a meaningful transition meant that Kibo missed our YE21E numbers. However, management is addressing these issues with e.g. Pieter Krugel’s appointment as CEO of MAST.L (stake raised to 61.27%). 1H22A highlights include the Framework agreement with Enerox (CellCube) to deliver LDES solutions, the 51% stake acquisition in NBS (LDES projects), coal assets slated for sale and the WTE 10yr, 2.7MW take-or-pay conditional PPA with Sustineri Energy (Kibo 65% stake). This week’s Southport deal looks another inflection point.

Underlying
Kibo Energy

Kibo Energy PLC Formerly known as Kibo Mining PLC. Kibo Energy PLC, formerly Kibo Mining PLC, is engaged in exploration for and development of coal and other minerals in Tanzania. The Company operates through two segments: mining and corporate. The mining segment operates in Tanzania. The corporate segment operates in Ireland, Cyprus, South Africa, Canada and the United Kingdom. Its projects include Mbeya Coal to Power Project, which is located in southern Tanzania, over 70 kilometers north of the regional town of Mbeya; Lake Victoria Project, which Imweru Mineral Resource located in northern Tanzania at the western side of the Geita Greenstone Belt within the Lake Victoria gold field, and Morogoro Gold and Pinewood Uranium Projects, which are located in central and southern Tanzania. It also holds a portfolio of earlier stage gold licenses and applications located within gold productive greenstone belts in the Lake Victoria Gold project. Through its subsidiary, Mast Energy Developments Ltd, it constructs power and communication line.

Provider
ACF Equity Research
ACF Equity Research

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Analysts
ACF Energy

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