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Ncondezi encouraged by initial search for joint partner for power project

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World Coal,

In June 2017, Ncondezi launched a new strategic partner process to identify a potential partner to develop the 300 MW thermal coal-fired power project jointly with the company. Although the process is still at an early stage, the company has been encouraged by the quality of the participating parties, which represent a combination of leading international power companies and regional power developers.

During July 2017, Ncondezi received Letters of Interest from several potential strategic parties, which has allowed the company to narrow the process down to a smaller select group for the second phase.

For the second phase of the process, potential partners will be expected to complete their necessary due diligence, Q&A and deal structuring work to submit non-binding offers to the company. Based on the non-binding offers received from the parties, the company will then narrow the process to a few preferred parties who will be further supported by the company to complete their detailed due diligence for submission of the binding offers.

The process is currently targeting submission of binding offers before the end of 3Q17 with transaction close during 4Q17.

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