The EconomicPost

Kibo's Mbeya Coal to Power Mine J OHANNESBURG – Aim- and Alt-X-listed Kibo Mining has agreed to a three-week extension for the determination of the final development amount still due by China -based contractor Sepco III as part of a redefined agreement for the progression of Kibo ’s Mbeya coal -to- power project (MCPP), in Tanzania . The agreement, which was signed in August, allowed Sepco III to earn the right to become the sole bidder for the engineering , procurement and construction (EPC) contract to build the power plant component of MCPP in return for refunding 50% of the total development costs on the project incurred by Kibo to date. A new deadline of October 14 will replace the initial September 22 deadline by which the parties would need to agree on the final development cost amount, the total refund amount and the payment due date. This followed both parties’ underestimation of the amount of work involved in undertaking an independent audit of t

Bank of Tanzania headquarters By Mnaku Mbani The Tanzania current account narrowed by more than half to a deficit of $1.885 billion during the year ended in June this year from $4.34 billion recorded during the year ended in June last year. According to the Bank of Tanzania Monthly Economic Review for July shows that the narrow of the current account is a result of improved performance of non-traditional exports and services coupled with a decline in imports, particularly oil.

By Mnaku Mbani Tanzania has been named as among of the largest two-wheeler (bodaboda) market in Africa and the number is expected to double in the next five years. According to the new report published by Market Watch the two-wheeler market in Africa is forecast to cross US$ 9 billion by 2021. The report shows that South Africa, Nigeria and Tanzania are the largest two-wheeler markets in Africa, followed by Kenya, Algeria, Uganda, Egypt, Morocco, Angola and Ethiopia.

DSE Chief Executive Officer Moremi Marwa By Mnaku Mbani The Dar es Salaam Stock Exchange   (DSE) turnover increased by 800 per cent to Tsh16.2 billion during the end of last week, from Tsh1.7 billion recorded during the previous week. According to the DSE weekly report released today shows that number of shares traded also increased 14 times to 4.8 million last week from 347,147 shares traded during the previous week.